Discussion: Chart of Accounts HCA 620

Discussion: Chart of Accounts HCA 620

Discussion: Chart of Accounts HCA 620

Search the GCU Library on the following topics: Chart of Accounts, General Ledger, and Accounting System. Notice how much detail can be included in various financial statements. What accounting data is required for you to write your CLC Business Plan? How can you present just enough information for your reader to get a clear understanding of the financial concerns of your proposal?

Strategic planning addresses the short-term and long-term goals of a business. The information contained in the strategic plan thus strives to explain the manner in which a business is going to achieve these objectives. In a strategic plan, the financial data essentially entails the description of the equipment, materials, resources, and activities necessary to achieve the objectives of a company. Therefore, in the present class’s business plan, several pertinent information from the strategic plan may be incorporated into the business plan (Barasa,  Molyneux, English, & Cleary, 2015). The amount of labor as related to physicians and surgeons has already been calculated. Therefore, in the business plan, information related to the total costs of hiring and maintaining the personnel will be included in the expenses of the plan’s balance sheet.

Moreover, the identification of the cost as mentioned above will precede the creation of a budget. The functionality of the strategic planning tool as used in business plan has a value-chain analysis that entails activity based costing. The above tool will make the healthcare organization to determine its major costs using the balance sheet methodology. Therefore, the strategic plan helps a company to conduct future projections (Arend, Zhao, Song, & Im, 2017). Utilizing the information contained in such undertakings, the business plan for the organization will use the assessment to not only plan but also predict the future. As such, the financial information will help the health care organization to help control its financial performance. Therefore, it is possible to use the information from the strategic plan to make a business plan so as to control the finances of an organization in a strategic manner.

References

Arend, R. J., Zhao, Y. L., Song, M., & Im, S. (2017). Strategic planning as a complex and enabling managerial tool. Strategic Management Journal, 38(8), 1741-1752.

Barasa, E. W., Molyneux, S., English, M., & Cleary, S. (2015). Setting healthcare priorities at the macro and meso levels: a framework for evaluation. International journal of health policy and management, 4(11), 719.

As you have noted, the general ledger offers all the financial information concerning the financial transactions of a company. A general ledger is employed by a business that employs double-entry bookkeeping. When this happens, an accounting equation that states that assets-liabilities= stakeholder’s equity. The liabilities and assets columns exist in a dibble-entry format. The format discussed above is adopted by the balance sheet, which then demonstrates the information in a detailed manner. For instance, the balance sheet shows several asset accounts, including cash and accounts receivable, in its short-term assets section.

A general ledger is a foundational accounting system that plays a crucial role in the storage and organization of financial data. The data enclosed in a general ledger is them used to formulate the financial statements of a firm. These statements will then be saved to an individual sub-ledger account as will have been defined by the chart of accounts of the company. The information gleaned from the chart accounts is then used to summarize o closed out to the general ledger to generate a trial balance that is then used to report the account balance of each ledger.

Yes, the economic value added approach that you have alluded to will be beneficial to the organization. Remember, the CLC entails a community hospital that work to make profits out of the services that they offer much as they pursue efficiency and customer satisfaction through reduction of costs. However, the application of the EVA will indicate just how profitable the CLC proposal is going to be for the organization, which will be a reflection of the performance of the management, which established the need for the project.

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HCA 620 Week 5 Discussion 2 Latest-GCU

Search the GCU Library on the following topic: Strategic Planning. Many strategic plans contain financial data. Discuss how you might include this type of financial data in your CLC Business Plan.

HCA 620 Week 5 Discussion 1 Latest-GCU

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