Unit Title: 526 Manage finance in health and social care or children and young people
Assessor Use Only- Assessment Criteria Met
Candidate to provide narrative under each statement of how they meet the criteria and list the number of the piece(s) of evidence supplied to demonstrate this. (See also possible examples of evidence sheet). You must provide answers to each question that allow your examiner to properly assess what work duties you are doing or what role you have within your work. It expected that you will need approximately 200 words per question. The more detail you provide the less likely your account will be sent back for more clarification.
You must answer each question in your own words and written in the first person meaning “I do this”. A tip is always to keep in mind the “who, why, how, where and when” in each answer.
Learning Outcome 1- Understand financial management in own work setting
1.1 Explain the importance of effective financial management systems within own work setting
The financial management within my work setting is focused primarily on the individuals. Due to the support being and independent living support, all the individuals have funding as their source of income. This pays for their support hours, housing budget and personal use monies. There are 3 individuals in the support 2 of which are under court protection by Local authority and one service user where the parent has control. Due to the nature of independent living it is extremely important manage their finances so that they have enough food, beneficial housing needs and daily activities.
1.2 Outline sources of funding that are used to construct the budget for own work setting
Within the support all individuals have different sources of income. The service users qualify for DVLA (PIP), housing benefits, job seekers allowance and Enhanced Daily Living Component of Personal Independence Payment
1.3 Outline the roles, responsibilities and accountability of all those involved in financial management of the budget for own work setting
All staff are fully accountable for the financial management.
The local authority is responsible for 2 of the individual’s bank accounts, rent payments and bill payments. For the other individual it is the parental responsibility.
The Home Manager and I are responsible for collecting their weekly living allowance from the local authority or family member. We are then responsible for entering the monies and deciding if this is enough money for the planned activities the individual undertakes in that week. If not it is our responsibility to place requests with the local authority and parent. On a weekly basis we check all receipts, outgoing and incoming money. We balance the household and personal accounts and look upon the budget plan to check to see that we are meeting the budgets for travel, house shopping, activities and extra spending. The Managers role is also to focus upon the cynical maintenance plans for 5 years and yearly plans. If the Manager is on Holiday or long term sick this process falls to myself
Support Workers are responsible in the spending of the monies on activities. They monitor daily spending that they have enough money for the rest of the week and to assist the individual in their chosen purchases. And record receipts and make sure the monies are balanced. Each month the documents are then sent to the companies finance department for further checking.
The Individual has control on what they spend the money on and new activities they would like to try or purchases they would like to make.
Learning Outcome 2- Be able to plan budget requirement for own area of responsibility
2.1 Explain how you work with others to calculate the financial resources required to meet objectives within own area of responsibility
Firstly it is looked upon with the individual through their key worker