reporting pratice and ethics paper hcs405 Reporting Practices and Ethics Paper

By
Ben Parks

Introduction

Every successful business has considered a role in reporting practices and ethics to be a significant part to their success. For many companies it can be a difficult burden when faced with the ethical compliance and accuracy for financial management. In this paper we can discuss the basic elements of financial management reporting practices and ethical standards in a health care world that is reforming as we speak. With great amount of changes will comes accountability to everyone inner and outer of the organization. This subject will explain the elements of financial management, general financial ethical standards, and will oversee some corporate scandals involving ethics, fraud, and abuse.

The way an organization correlates, organizes, and prepares the reports for its financial information is part of its financial practices that it adheres too in order to accomplish the goals for its ethical standards. Today’s health care plans play a very important role in financial management. A company would be unable to operate without proper financial planning. The importance of storing and tracking all accounting records while being up to date will be the main factor as to whether the guidelines are being followed. This also allows the outer management to determine how the company is doing as a whole and also be aware as to where most of the funding is going. With new procedures coming out with new equipment the overhead cost need to be turning a profit in order for it to be an economical situation.
Four Elements
To understand the four elements of financial management you must first understand this management covers an overview of finances for the organization. The goals for financial management are to achieve objectives that can be broken down into four