Reporting Practices and Ethics

Reporting Practices and Ethics Paper

HCS405

Reporting Practices and Ethics Paper

Introduction

In the health care industry organizations have to create guidelines and principles in order to successfully succeed. Implementing the four key elements of financial management and federally enforced principles are not enough. Ethics has also played a big role in the success of an organization. Many companies set up their own professional guidelines so that all employees maintain the same goal and success. However, as individuals every person has their own perception of personal ethics and sometimes can cause a struggle in certain workplace situation.

Developing structure in an organization allows each department to operate to its fullest potential. In a health care organization the accounting department is considered the backbone of the organization. In accordance to, (Hicks, 2013) without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner.

The key elements of Financial Management

There are four key elements that are recognized and implemented by financial management. The four elements are: Planning, Controlling, Organizing and Directing and Decision Making. An organization can become successful and accomplish goals by setting guidelines utilizing the element of planning. The second element used to succeed is controlling which ensures for all areas of an organization to follow previous planned goals and guidelines. Controlled guidelines also allow opportunity to fix any situation, issue or problem that may arise. Organizing and directing are very important to financial management because the element guarantees that the organization is operating to its full potential. Organizing over sees that the organization is working at its best and directing gives the organization the opportunity to work on financial management daily procedures and fix any problems that may occur. As for the final element...