Hcs 405 Financial Reporting Practices And Ethics Research Paper

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Reporting Practices and Ethics Paper Keyva Strickland March 4, 2013 HCS/405 Instructor Ashonta Tharps In today’s health care financial plans, financial management is very important. Organizations are not able to function without the proper financial planning. There are various financial decisions handled from day-to-day referencing accounting records and the business transactions that occur within the organization. It is important to keep the accounting records up-to-date so that they follow the specific guidelines. This helps keep track of how well the organization is doing, where their money is going and if they are making a profit or losing money. A concern that may arise is the honesty of the health care organization’s financial…show more content…
The best way to watch how the organization operates is to study all existing reports and evaluate them against other reports from previous months or years of the business. By studying these reports, managers can determine the area where they need to focus the most attention on to make it more effective. The purpose of organizing and directing is to ensure effective resource use and provide daily supervision. Organizing and directing is recognized as a separate part of financial management, mostly because it takes more time for managers to perform these duties. The financial manager is the person who decides how to use the resources of the organization to most effectively carry out the plans that have been established. They also make choices among available alternatives. Decision making happens to fall side-by-side to planning, organizing, and controlling. All types of decision making are dependent on the information given and the primary tasks that are analyzed and evaluated. The purpose is to make informed…show more content…
Health care organizations need to continue to attain an appropriate level of professional information and skill in finance. It is the responsibility of the organization to perform professional tasks in good faith and in accordance with technical, legal and regulatory practices, as well as the letter and spirit of the law in the field of finance. Organizations must maintain and protect confidential information needed and acquired in the course of professional actions and releasing secured information when lawfully required to do so. Honesty is the best policy and is why all types of organizations must practice integrity and accuracy in all transactions without engaging in any action that would be unfair and compromise the ability to implement professional responsibilities competently and

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