GC0191: Unit 14 Managing financial resources in health and social care
Explain the regulatory requirements for managing financial resources
Regulation is the controlling procedure of something issued by the government in the form of legislation in order to control the conduct of individuals or organizations. So, in order to reduce the breakdown of regulation accountability, honesty and equality, integrity, and consumer protection should be ensured. In health and social care, sector clinicians must be maintained policies and procedures. For example, the company act in 1985, which requires a yearly account of the company (Bracci and Llewellyn, 2012).
Care Quality Commission (CQC)
The responsibility of CQC is to monitor the policies, procedures, and quality of services of HND health and social care. All regulations, legislation should be maintained by health and social care to satisfy CQC. They will take the necessary steps to train their nurse and staff adequately. The main role of the Care Quality Commission (CQC) is the independent regulator, which is to register the health and social care service providers in England as well as to evaluate whether or not the ethics are being achieved.
HMRC
The responsibility of HMRC is to prepare rules and regulations of tax and tax collection from the business organization. HND Health and social care should prepare books of records under the proper costing method and pay the all tax in due time.
Healthcare Sector Regulator Monitor
NHS foundation gives license who wants to commence a health and social care. This trust also monitors the patient’s security, pricing and financial constraints of patients.
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GAAP
GAAP stands for generally accepted accounting principles that are the standard accounting method that helps to record and report the accounting records of HND health and social care.
Company House
Every firm should give company houses along with proper accounting records.
Regulation is the controlling procedure of something issued by the government in the form of legislation in order to control the conduct of individuals or organizations. So, in order to reduce the breakdown of regulation accountability, honesty and equality, integrity and consumer protection should be ensured. In health and social care, sector clinicians must be maintained policies and procedures. For example, the company act in 1985, which requires a yearly account of the company (Bracci and Llewellyn, 2012).
Care Quality Commission (CQC)
The responsibility of CQC is to monitor the policies, procedures, and quality of services of HND health and social care. As Bedos et al. (2015) note, all regulations, legislation should be maintained by health and social care to satisfy CQC. They will take the necessary steps to train their nurse and staff adequately. The main role of the Care Quality Commission (CQC) is the independent regulator, which is to register the health and social care service providers in England as well as to evaluate whether or not the ethics are being achieved.
HMRC
The responsibility of HMRC is to prepare rules and regulations of tax and tax collection from the business organization. HND Health and social care should prepare books of records under the proper costing method and pay the all tax in due time. HMRC is a type of tax regulation for a sole corporation. Thus, it is the key responsibility of health and social care to pay all of its taxes in the proper way (Bracci and Llewellyn, 2012)………….
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