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Staying Relevant Stimulation Answer Essay

988 words - 4 pages

Reporting Practices and Ethics paper |
HCS/405 – Louis Eubank |

Reporting Practices and Ethics
Financial Management
This paper will go over the various steps involved in financial reporting practices as well as the ethical standards in healthcare financing. Financial management is a major part of the health care facility running smoothly. There are numerous financial decisions made on a daily basis regarding business transactions and even some accounts (patient accounts, accounts concerning revenue). There are some ethics that those that are managing and reporting financial information should keep in mind. They are often referred to as the generally accepted accounting principles ...view middle of the document...

This will be the time where adjustments can and will be made if needed to be sure that the goals are being met.
Organizing and Directing: This is the stage where it will be decided on how the resources of the organization will be used to carry out the established objectives efficiently. This is a crucial step in making sure that the organization is well organized and running smoothly.
Decision Making: The final step where the information gathered from the previous steps will be used in making decisions regarding the way that the organization is handling things at the current time as well as in the future. Alternative options are considered if necessary.
Generally Accepted Accounting Principles/Practices
These standards are implemented by the Financial Accounting Standards Board and it determines how accountants in the United States conduct and format their reports. In order to keep things as transparent as possible the accounting records must be seen by a number of people outside of the organization.
Competence: In order to be competent accountants and finance professionals must have secured education and practice that prepares them for their positions. They also have to continue their education by learning new information that may pertain to their practices. They also have to be sure that they are up to date with GAAP. Above all else they must be honest and display integrity.
Objectivity: Accountants must be objective to be sure that they are avoiding any conflicts of interest. An example would be them staying away from performing any type of accounting service for a firm that they have a vested interest in. Helping out with a relatives company would be similar to a company that you have a vested interest in. Although you may able to be objective it would not look good and may cast doubt on your intentions so it is best to avoid that if possible. The main thing to remember is to stay away from any sort of dishonest practices.
Confidentiality: This position puts a lot of the client’s personal information out there. It’s not limited to their...

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