Week 2 Individual Reporting

In: Other Topics

Submitted By cstanley
Words 864
Pages 4
Reporting Practices and Ethics
Your Name
University of Phoenix
Health Care Financial Accounting
HCS/405
Ashonta Tharps
May 26, 2012

Reporting Practices and Ethics Revenue’s and expenses of any organization require the four main elements of financial management. These elements are planning, controlling, organizing and directing, as well as decision making. The reporting practices of the financial department has improved over the years with new and improved principles and general financial ethical standards being put into place. This paper will give the reader a better understanding of the four elements of financial management, acceptable accounting principles, and financial ethical standards. Any organization will have a Chief Financial Officer. These management personnel will follow these four basic elements to manage the financial process of the organization they work for. The first step is to plan the objectives of the organization and each step needed to complete their goals. The planning process is important to how the financial manager will keep track of money spent on projects and how they are accomplished. The controlling process is used to manage each step in the planning process to make sure the projects are on target and budget for completion. Managers use past reports to help them figure out what areas of the organization are in need of assistance and what the issues are. They are also used to determine what kind of assistance is needed or if something else needs done for that area of the organization. The element of organizing and directing gives the managers a way to effectively carry out the planning process. The directing element gives the managers the ability to verify that all resources being used are effective in the way they were intended to be. This element also gives the manager the ability to see that employees are…...

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