How to Go About Registering a Domiciliary Care Service in the UK?

Domiciliary services, or in simpler words, social care services adhere to strict guidelines as per the Health and Social Care Act in 2008 and its further upgrades in 2012. Although the idea of going forward with a social care service is commendable, it is a tough proposition without a doubt.Putting the best foot forward can ease the overall process once it starts functioning. As a matter of fact, that is just where the guidelines and strictures come in. Registering a domiciliary care service in the UK is a long-tailed procedure. However, here’s your thorough guide to it.CQC Registration:Every single social care service in the UK requires registration under the Care Quality Commission or CQC. Considering that this is a £7.8 billion per annum industry, adherence is sacrosanct. 84% of the sum total functionaries in this field are private or voluntary organizations.How to Apply for a CQC Registration?

Apply and attain a Disclosure Barring Service check.

Career history or individual previous employment references.

Register as an organization, a partnership undertaking or an individual.

Comply with the Registered-Manager pre-requisites.

Provide a ‘Statement of Purpose,’ why choosing to partake in this business sector.

Await registration confirmation and functional green light.

Staff Qualification and Training Recognition:


Every single caretaker personnel in this sector needs to comply with CQC’s Common Inductions Standards policy. Without this compliance and certification, the individual is not legally fit to function as a staff in UK’s adult social care sector. Any person aiming to function as a caretaker needs to complete these standards.Satisfying Management Personnel Pre-Requisites:There are multiple other roles which the overall organization needs to maintain for the registration. It’s obvious that a social care outfit will not have just a caretaker staff managing the whole setup.Two must-have management staff requirements plus their eligibility criteria are: -

RM –

As per guidelines, a care service requires a registered-manager as part of their staff. An RM for this service sector needs to have requisite qualifications.A prospective RM must have a QCF (Quality Compliance Functionary) Diploma Level 5 via either Management of Adult Services or Management of Adult Residential Services.For an individual without this diploma, he/she has to complete it within 2 years of the commencement of duty.

RI –

Although referring conclusively to an RM functionary, RI is the individual responsible for running a care setup. Functions rarely involve directly providing the service in concern. Instead, it concerns managing the end-to-end functionality of the setup.Financial or Funding Guarantees:Financing or funding a social care setup increasingly depends on tenders. A setup in this industry sector which is not functioning to its optimal performance can end up as a loss-making venture.Attracting or inviting tenders requires filling up the Pre Qualification Questionnaire (PQQ). Along with this, there are certain other pointers of mandatory providence: -

CQC registration proof.

Financial viability evidence.

Mentioning prosecutions, insolvencies, etc. if any.

Incorporation certificate.

Why Referring to Quality Compliance Systems will prove beneficial?


Quality Compliance Systems provide a holistic one-in-all solution to these services.You can obviously see that there are numerous pointers you need to cover for getting your social care start-up running. A QCS can provide you with every single pointer of these pre-requisites in a single format sequentially to ensure that your initial stages of implementation go through without a single hiccup.An in-depth procedural knowledge about CQC guidelines, step-by-step methodology and legal aid compile just an overview of what you will get from a professional QCS service provider.Referring to the best QCS means that you’re solving every single one of these requirements in one go. Furthermore, they will help you in integrating quality assessment audits for optimal functionality of your setup.Take help from a leading QC provider and get your social care start-up set and running smoothly.

Sources of Business Finance

Sources of business finance can be studied under the following heads:

(1) Short Term Finance:

Short-term finance is needed to fulfill the current needs of business. The current needs may include payment of taxes, salaries or wages, repair expenses, payment to creditor etc. The need for short term finance arises because sales revenues and purchase payments are not perfectly same at all the time. Sometimes sales can be low as compared to purchases. Further sales may be on credit while purchases are on cash. So short term finance is needed to match these disequilibrium.

Sources of short term finance are as follows:

(i) Bank Overdraft: Bank overdraft is very widely used source of business finance. Under this client can draw certain sum of money over and above his original account balance. Thus it is easier for the businessman to meet short term unexpected expenses.

(ii) Bill Discounting: Bills of exchange can be discounted at the banks. This provides cash to the holder of the bill which can be used to finance immediate needs.

(iii) Advances from Customers: Advances are primarily demanded and received for the confirmation of orders However, these are also used as source of financing the operations necessary to execute the job order.

(iv) Installment Purchases: Purchasing on installment gives more time to make payments. The deferred payments are used as a source of financing small expenses which are to be paid immediately.

(v) Bill of Lading: Bill of lading and other export and import documents are used as a guarantee to take loan from banks and that loan amount can be used as finance for a short time period.

(vi) Financial Institutions: Different financial institutions also help businessmen to get out of financial difficulties by providing short-term loans. Certain co-operative societies can arrange short term financial assistance for businessmen.

(vii) Trade Credit: It is the usual practice of the businessmen to buy raw material, store and spares on credit. Such transactions result in increasing accounts payable of the business which are to be paid after a certain time period. Goods are sold on cash and payment is made after 30, 60, or 90 days. This allows some freedom to businessmen in meeting financial difficulties.

(2) Medium Term Finance:

This finance is required to meet the medium term (1-5 years) requirements of the business. Such finances are basically required for the balancing, modernization and replacement of machinery and plant. These are also needed for re-engineering of the organization. They aid the management in completing medium term capital projects within planned time. Following are the sources of medium term finance:

(i) Commercial Banks: Commercial banks are the major source of medium term finance. They provide loans for different time-period against appropriate securities. At the termination of terms the loan can be re-negotiated, if required.

(ii) Hire Purchase: Hire purchase means buying on installments. It allows the business house to have the required goods with payments to be made in future in agreed installment. Needless to say that some interest is always charged on outstanding amount.

(iii) Financial Institutions: Several financial institutions such as SME Bank, Industrial Development Bank, etc., also provide medium and long-term finances. Besides providing finance they also provide technical and managerial assistance on different matters.

(iv) Debentures and TFCs: Debentures and TFCs (Terms Finance Certificates) are also used as a source of medium term finances. Debentures is an acknowledgement of loan from the company. It can be of any duration as agreed among the parties. The debenture holder enjoys return at a fixed rate of interest. Under Islamic mode of financing debentures has been replaced by TFCs.

(v) Insurance Companies: Insurance companies have a large pool of funds contributed by their policy holders. Insurance companies grant loans and make investments out of this pool. Such loans are the source of medium term financing for various businesses.

(3) Long Term Finance:

Long term finances are those that are required on permanent basis or for more than five years tenure. They are basically desired to meet structural changes in business or for heavy modernization expenses. These are also needed to initiate a new business plan or for a long term developmental projects. Following are its sources:

(i) Equity Shares: This method is most widely used all over the world to raise long term finance. Equity shares are subscribed by public to generate the capital base of a large scale business. The equity share holders shares the profit and loss of the business. This method is safe and secured, in a sense that amount once received is only paid back at the time of wounding up of the company.

(ii) Retained Earnings: Retained earnings are the reserves which are generated from the excess profits. In times of need they can be used to finance the business project. This is also called ploughing back of profits.

(iii) Leasing: Leasing is also a source of long term finance. With the help of leasing, new equipment can be acquired without any heavy outflow of cash.

(iv) Financial Institutions: Different financial institutions such as former PICIC also provide long term loans to business houses.

(v) Debentures: Debentures and Participation Term Certificates are also used as a source of long term financing.

Conclusion:

These are various sources of finance. In fact there is no hard and fast rule to differentiate among short and medium term sources or medium and long term sources. A source for example commercial bank can provide both a short term or a long term loan according to the needs of client. However, all these sources are frequently used in the modern business world for raising finances.

Who’s Financing Inventory and Using Purchase Order Finance (P O Finance)? Your Competitors!

It’s time. We’re talking about purchase order finance in Canada, how P O finance works, and how financing inventory and contracts under those purchase orders really works in Canada. And yes, as we said, its time… to get creative with your financing challenges, and we’ll demonstrate how.

And as a starter, being second never really counts, so Canadian business needs to be aware that your competitors are utilizing creative financing and inventory options for the growth and sales and profits, so why shouldn’t your firm?

Canadian business owners and financial managers know that you can have all the new orders and contracts in the world, but if you can’t finance them properly then you’re generally fighting a losing battle to your competitors.

The reason purchase order financing is rising in popularity generally stems from the fact that traditional financing via Canadian banks for inventory and purchase orders is exceptionally, in our opinion, difficult to finance. Where the banks say no is where purchase order financing begins!

It’s important for us to clarify to clients that P O finance is a general concept that might in fact include the financing of the order or contract, the inventory that might be required to fulfill the contract, and the receivable that is generated out of that sale. So it’s clearly an all encompassing strategy.

The additional beauty of P O finance is simply that it gets creative, unlike many traditional types of financing that are routine and formulaic.

It’s all about sitting down with your P O financing partner and discussing how unique your particular needs are. Typically when we sit down with clients this type of financing revolves around the requirements of the supplier, as well as your firm’s customer, and how both of these requirements can be met with timelines and financial guidelines that make sense for all parties.

The key elements of a successful P O finance transaction are a solid non cancelable order, a qualified customer from a credit worth perspective, and specific identification around who pays who and when. It’s as simple as that.

So how does all this work, asks our clients.Lets keep it simple so we can clearly demonstrate the power of this type of financing. Your firm receives an order. The P O financing firm pays your supplier via a cash or letter of credit – with your firm then receiving the goods and fulfilling the order and contract. The P O finance firm takes title to the rights in the purchase order, the inventory they have purchased on your behalf, and the receivable that is generated out of the sale. It’s as simple as that. When you customer pays per the terms of your contract with them the transaction is closed and the purchase order finance firm is paid in full, less their financing charge which is typically in the 2.5-3% per month range in Canada.

In certain cases financing inventory can be arranged purely on a separate basis, but as we have noted, the total sale cycle often relies on the order, the inventory and the receivable being collateralized to make this financing work.

Speak to a credible, trusted and experienced Canadian business financing advisor as to how this type of financing can benefit your firm.