Reporting Practices and Ethics Paper|
University of Phoenix|
Reporting Practices and Ethics Paper
Health care managers have many important roles and procedures they must follow to sufficiently run an organized business. One of these important roles is establishing good financial reporting along with ethical decision making. Without the correct reporting being completed, many crimes such as embezzlement, fraud, and theft can occur. The way a business handles its reporting and daily operations can reveal the ethical balance that is portrayed there. The financial management must have an error proof system to keep a business successful which involves having set ethical standards and having flawless reporting practices. If completed correctly, all the information should help evaluate cash flow, revenue, equity, and any changes in resources. There is many simples steps for management to take that will ensure valuable reporting practices and ethical behavior. There are four basic elements for financial management to follow to prevent any unethical decision making and have a flourishing business. These four basic elements are as followed: 1) Planning, 2) Controlling, 3) Organizing and directing, and 4) Decision making. These four elements are made to help the management make ethical decisions with standards. Step one; Planning is when a manager is in charge of identifying and seeking tasks to improve the overall look of the business. Step two, controlling is placing the planning and making sure each section of the business is on the same page. Each section of the business must fully understand the goal of the tasks and know how to complete them ethically. Step three, organizing and directing, is where the management is in charge of assigning certain tasks to employees and organizing the staff according to the different tasks at hand. One major task that needs to be...