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  • Financial Accounting Reporting and Analysis Essay

    Balanced scorecard

    A balanced scorecard is a strategy planning and management tool that monitors performance against strategy goals. In fact, it aligns business activities with the organization’s strategy and vision. It suggests that exclusive use of traditional measures of success is myopic and ill-advised since they are an account of past events. In essence, it is a performance measurement framework that managers can use to gain an understanding of an organization’s performance in both the financial and non-financial arenas. This implies that it retains the traditional business evaluation tools for measuring performance even as it includes other factors critical to success. The other factors include relationship with stakeholders (such as customers) and capabilities. To facilitate performance measurement, the balanced scorecard views the business model from four perspectives: learning and growth perspective; business process perspective; customer perspective; and financial perspective (Sare & Ogilvie, 2010). The present analysis makes use of a balanced scorecard to evaluate the success factor of a proposed business model. Financial Accounting Reporting and Analysis Essay

     

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    The first perspective is the learning and growth perspective whereby the business model has made provisions that include personnel training geared towards improving cultural attitudes. This is based on the understanding that personnel are the most important knowledge repository. The rapid technological advances have made it necessary for medical personnel to be in a perpetual learning mode thereby heightening personnel importance as a knowledge repository. In addition, the model includes a matrix that aids the management in allocating funds towards training activities that are anticipated to result in the most benefit for the business. In any case, learning constitutes the foundation for success for any business entity that anticipates to grow and succeed. It is important to note that training is only one aspect of learning, which will include other aspects such as technical tools (computer systems), tutors and mentors, as well as facilitating good communication that allows personnel to get aid whenever problems arise (Kollberg & Elg, 2011).

    The second perspective is the internal business processes perspective that will allow the managing personnel to know how well the business is being run, and whether it is in line with the mission and vision stated in the business model. It evaluates whether the products and services offered by the business conform it promised to provide and what the mart expects. It includes matrices that have been prudently deliberated and presented by the personnel most knowledgeable about the business since external consultants would be unable to develop effective matrices (Jeffs et al., 2011; Groene et al., 2009). Financial Accounting Reporting and Analysis Essay

    The third perspective is the customer perspective, which recognizes the increasing importance of customers and the need to satisfy them to ensure business success. With this in mind, the business model includes indicators of customer satisfaction with the awareness that failing to satisfy the customers will cause them to switch companies to others who are able to meet their needs. As such, good performance within the customer perspective will act as an indicator that the company has a good future, while poor performance in the customer perspective will act as an indicator that decline is likely to occur in the future. This is true irrespective of the current financial results. In developing the customer satisfaction matrix, the business model recognizes that there are different customer groups who have diverse product and service needs (Fields & Cohen, 2011). Financial Accounting Reporting and Analysis Essay

    The final perspective is the financial perspective, which reinforces the need for traditional financial data in evaluating the performance of any business entity. The business model recognizes that accurate and timely financial data is always a priority, making it clear that this need cannot be overemphasized and adding that there can never be enough processing and handling of data of any kind. Through implementing a company database and cloud-based system, the business model intends to automate and centralize data related activities. The point is that the financial perspective has been given the same emphasis as the other three perspectives to result in a balanced situation, although there are situations when the financial perspective will be overemphasized, particularly when analyzing cost benefits and risk assessment (Sare & Ogilvie, 2010). In this respect, the balanced-scorecard is prevented form four perspectives to facilitate business success evaluation efforts.

    References

    Fields, S. & Cohen, D. (2011). Performance enhancement using a balanced scorecard in a patient-centered medical home. Family Medicine, 43(10), 735-739. Financial Accounting Reporting and Analysis Essay

    Groene, O., Brandt, E., Schmidt, W. & Moeller, J. (2009). The balanced scorecard of acute settings: development process, definition of 20 strategic objectives and implementation. International Journal for Quality in Health Care, 21(4), 259-271.

    Jeffs, L., Merkley, J., Richardson, S., Eli, J. & McAllister, M. (2011). Using a nursing balanced scorecard approach to measure and optimize nursing performance. Nursing Leadership, 24(1), 47–58.

    Kollberg, B. & Elg, M. (2011). The practice of the balanced scorecard in health care services. International Journal of Productivity and Performance Management, 60(5), 427-445.

    Sare, M. & Ogilvie, L. (2010). Strategic planning for nurses: change management in health care. Sudbury, MA: Jones and Bartlett. Financial Accounting Reporting and Analysis Essay

    Developing a strategic plan
    Section 6: Evaluation plan
    Presenting the problem and solution
    The problem has been presented as a transport and logistics difficulties faced by medical organizations in the state. To address this problem, a solution has been presented in the form of creating a third-party logistics firm that would act as an independent business entity that addresses the logistics needs of medical facilities within the state.
    Evaluation method
    Following the operations of the new third-party logistics firm to address the transport and logistics needs of medical facilities in the state, financial information and business statistics will be collected and scrutinized to determine if the business has been effective in addressing the solution and if it remains financially viable. Focus will be on net profit and loss performance to indicate the continued financial viability of the solution, as well as the feedback for medical facilities that patronize the firm’s logistics services to determine whether their problem has been solved. Firstly, financial information will be evaluated to determine whether the return on investment justifies the firm’s continued existence in terms of current earnings and projects. This will rely on the profit and loss figures, and the investment in assets and existing liabilities. Secondly, medical facilities that use the firm’s logistics services will be subjected to questionnaires to determine their perceptions concerning whether or not the firm has solved their transport and logistics problems. They will be subjected to questionnaires because the exhibit above overage knowledge concerning the subject. Finally, the logistics and transport situation in the medical facilities will be compared for the period before and after the firm began operations. This will involve checking the transport and logistics statistics for the medical facilities to ascertain which period had the least number of problems. Financial Accounting Reporting and Analysis Essay
    Variables
    The variables of interest when evaluating the new third-party logistics firm in terms of solving the existing transport problems as experienced by medical facilities in the state have been determined based on the key informants and the evaluation method. The information on financial performance includes the profit and loss figures, assets, and liabilities. These will act as the second variable. The opinions of the medical facilities will act as the second variable. Their views will offer a subjective perspective on the firm’s capacity to solve their logistics problems. The transport situation before and after the firm begins operations will act as the third variable, explaining how the firm has been effective in solving the problem and comparing it to the previous situation. The three variables will present empirical evidence on the firm’s effectiveness in solving the existing logistics problem.
    Developing assessment tools
    Three assessment tools have been considered appropriate for the evaluation. The first evaluation tool focuses on financial performance in terms of how money flows within the firm. Financial performance will evaluate the computable interpretations of the firm’s business aspects that drive profits and earnings. Through using the tool, the evaluation will capture the nature of expenses and earnings controls by indicating how changes to management and business features affect the bottom line and profit/loss margin. These figures would also capture how efficiently the firm is managing its assets by indicating how the value of the existing assets correlate with earnings figures to influence the return on investment (Maynard, 2013). Financial Accounting Reporting and Analysis Essay

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    The second evaluation tool is a questionnaire that is offered to the key informants. The questionnaire will present the informant with a set of sequentially articulated questions. The questions will collect the informants’ opinions and experiences with transportation and logistics problems in the medical industry to include the exact nature of the problem and whether any changes have been experienced (Creswell, 2013).
    The final evaluation tool is a structured table that coalesces transport and logistics figures. The periods will be compared for before and after the firm become operation to show the figures when the problems existed and changes noted after the firm become operational as a solution. Ultimately, the differences between the two periods will ascertain which period had the least number of problems. Financial Accounting Reporting and Analysis Essay
    Section 7: Executive summary
    The project intends to address the transportation and logistics issues that medical facilities experience within the state. It notes that an operational ineffectiveness existing in medical facilities as a result of logistics inefficiency. To address this issue, the project proposes that a third-party logistics plan should be created. The first would offer three types of services to address the existing need. These services include financial-based, distribution and warehousing, and transportation services. A SWOT analysis of the proposed firm shows that it has the potential for being successful as a new business venture since potential markets that are suited for the firm’s services exist in the form of medical facilities in the state. To improve the odds of the firm’s success in solving the existing problem, a balanced scorecard will be used that applies four perspectives to include learning and growth, internal business processes, customer, and financial perspectives. At the conclusion of the study, an evaluation of the firm will be conducted whereby financial information and business statistics will be collected and scrutinized to determine if the business has been effective in addressing the solution and if it remains financially viable. Financial Accounting Reporting and Analysis Essay

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