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Reporting Practices and Ethics Paper
Milagros GarcĂa
HCS/405
November 28th, 2011
Professor Larry Gonzales
Reporting and Ethic Practices within a Health care Organization
In the health care field companies always work around the financial and ethical ways that help organizations meet company goals. This is important within all companies because the better understanding one has about his or her finances the more business and clientele will be produced to make that company succeed. A challenge that health care managers face is the day to day management of the organizations finances with the use of basic accounting skills combined with the overworked burden of accuracy and meeting ethical requirements of the company. If the financial manager can manage to report and run the organizations finances with the help of its ethical procedures it can lessen fraud and illegal activities to happen that may cause an organization to be wrongful accused of doing. In this paper I will discuss two articles that address the reporting and ethical practices that is uses as generally accepted accounting principles, corporate compliance and a summary of the four elements of financial management with the use of examples from the articles.
Financial Management: Four Elements
There are four elements that are used to manage finances. These four elements are essential to follow so organizations report the most accurate financial data. The four elements are as follows: planning, controlling, organizing/directing, and decision making. Planning is the strategic process regarding important goals that organizations have in mind to pursue. Controlling is ensuring that the plan that has been agreed upon is followed as planned. The third element organizing/directing is to make sure that each employee is following and doing his or her part to make the plan easier and understanding for one another. The last element is decision making and this is where the manager should have the...