SEU Unique Aspects of Health Services & Financial Management Response

I’m working on a public health question and need the explanation and answer to help me learn.

NOURA ALSOUAAN

Unique Aspects of Health Services & Financial Management

COLLAPSE

Unique Aspects of Health Services & Financial Management

Accounting functions are essential in healthcare organizations. The main accounting functions are financial accounting and managerial accounting. Financial accounting is the method of recording, summarizing, and reporting the financial transaction of an organization. Financial accounting aims to offer financial information to external users like creditors, government agencies, and investors (Habbash & Haddad, 2019). Besides financial accounting, another accounting function is managerial accounting. Managerial accounting recognizes, gages, examines, interprets, and communicates financial material to support internal planning, controls, and decision-making.

Financial and managerial have vital insight into operational oversight since they offer managers vital information on an organization’s performance. For instance, financial accounting has a significant role in financial reporting. Through financial accounting, managers access vital financial statements like cash flow, balance sheets, and income statements that summarize an organization’s position and financial performance (Habbash & Haddad, 2019). On the other hand, managerial accounting assists managers in controlling the organization’s operations by offering information about performance metrics and budgets (Ebaid, 2021). This information assists managers in settling on informed decisions on performance evaluation and resource allocation.

The unique features of accounting functions have a vital role in the financial management of numerous organizations. One of the features of the financial accounting function is standardization and regulation. For instance, financial accounting assists managers in accessing reliable and consistent financial information, allowing them to make informed decisions based on standardized and accurate financial information (Ebaid, 2021). In addition, another feature of financial accounting is internal controls. For example, accounting functions like managerial accounting assist financial managers in maintaining and establishing internal controls to ensure the reliability and accuracy of financial information.

References

Ebaid, I. E.-S. (2021). Employers’ Perceptions of Generic Employability Skills of Accounting Graduates: Evidence from Saudi Arabia. Journal of Management and Business Education, 4(2), 136t9. https://doi.org/10.35564/jmbe.2021.0008

Habbash, M., & Haddad, L. (2019). The impact of corporate social responsibility on earnings management practices: evidence from Saudi Arabia. Social Responsibility Journal, 16(8), 1s. https://doi.org/10.1108/srj-09-2018-0232

this is was qostion

There are a number of unique factors relating to the health services sector:

Compare the two types of accounting functions.

Describe how the accounting functions affect operational oversight.

How do these unique features affect the financial management of the sector?