Reporting Ethics

Reporting Practices and Ethics Paper

Brandee Robinson

HCS 405 Week 2

July 27,2015

Instructor

Financial management and stability is a very important factor of every health care facility. Financial planning needs to be taken into account very accurate and deal with care as well as seriousness. It is important to keep everything that involves finances in a company recorded properly in order for it to function properly watching every move a company make financially. By doing this it will help to keep track of how a company is doing whether its good or bad. The financial planning also helps give the finance department a look inside the company to see where their money is going as to see and if they are have gained profits or suffered from a lost. From this information being provided a company can then decide if changes need to be made in order to avoid any more loss from within the company.

Accounting in any company is the vital part of an organization. It is very important to have a good accounting team in the finance team. Why, because the finances is what runs the business, and without the tracking and upkeep of funding, a company cannot run properly. According to "Healthcare Financing And Accounting " (2015), “the great thing about working in accounting is that everybody counts”. This information pretty much states and says that it doesn’t matter what part of a health care facility you may work in, all employees are a vital part of the day. Financial management involves handling routine financial operations, such as negotiating contracts, making cash available for expenses such as payroll, and maintaining a cash cushion for unexpected costs. The accounting department has a lot of responsibility and needs to be done with care, dedication, and seriousness.

The Generally Accepted Accounting Principles (GAAP) are rules in which regulations and guidelines are follow in the United States by accountants to make sure that they are legal and ethical in their...