Reporting Practices And Ethics Paper

1111 Words5 Pages
Reporting Practices and Ethics Paper Reporting Practices and Ethics Paper Tricia L. Bond HCS405 June 13, 2011 University of Phoenix Reporting Practices and Ethics Paper. Financial Management is important in all the parts for health care financial planning. Many financial decisions are made on a day to day basis from all the accounting records and all the business transactions which occur. Some are the decisions made according to the organizations fiscal objectives although some are made on generally accepted accounting principles. Different sources refer to elements or principles of financial management and some sources discuss up to 10 principles. Baker (2011) identifies four elements important to health care organizations reporting practices. Planning Financial managers must know the short-term and long-term objectives of their organizations to create plans for meeting those objectives. One must identify the objectives and identify the steps necessary for reaching those objectives. Planning is more than the upper management of an organization deciding what it wants to accomplish. Effective planners define strategies when planning and seek the input of everyone involved in the process, and ensure everyone supports the plans and understands their roles in executing the plans. (Baker, J. J. and Baker, R. W., 2011, p.5) Controlling In controlling the finances the manager will make sure that every part of the organization is following the strategy of the corporation and all of the information has been established. In order to do this the manager will need to study the current reports and compare the reports with the earlier reports from prior periods. In this comparison the study will show where the organization may need to change because in said area are not being affective. This part of the report is called feedback, and the purpose of the controlling
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