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financial and accounting analysis

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Financial and Accounting Analysis

First of all, it is necessary to say that legal strategy and planning should take into consideration internal and external factors (Mintzberg, 1994). Therefore, it is crucial for the management to choose the aptiest variant, which will include less influence from outside of the company, for instance, political changes, chaos, strategic actions from competitors, unexpected economical instability and many other factors, which diminish success and maximize losses. Taking it into account, it is necessary to say that the company should choose an experienced partner for developing an application for clientele of the hospital and its branches. It may involve some extra costs, but it guarantees the quality of the performed work and motivation of enthusiasm for the application designers. Moreover, it makes sense to search for some support from the government. As the application is to be unique, it will probably make a contribution into scientific field. That is why the government is likely to support the company for many reasons. Further, after establishing the reasonable partnerships and being funded by the state, it is necessary to hire a special team, which will control the network of active applications on a regular basis. It is worth admitting, that this department should be working in several shifts as the help of doctors may be needed in any time in case of emergency. Finally, there is a strong requirement to advertising. First of all, it should be noted that the application is free for any customer of the hospital. They just need to verify their information on a special website. Needless to say, that some clever commercials need to appear on the iStore and any other websites with applications. Moreover, the application can be advertised in the commercial concerning the hospital in general. All in all, that is the basic step for the planned strategy for incorporation of the application into the hospital as a mean of customer-doctor communication.

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Speaking about the actual work of the application, it should be noted that it was supposed to work without any failures even due to some technical conditions. Needless to say that health and even lives of the customers depend on the efficiency of application. Further, it is to be said that the application should be in constant development for the sake of better customer service. It means that management has to consider a special separate plan for investing in the application upgrade. In a nutshell, the improvement of application may fund itself. The incorporation of application is expected to attract more customers, so that the profit rates will be higher. Consequently, some percentage of extra profits will be spent on the development of updates for the application.

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Having covered the major points of the plan, it is necessary to describe some general and basic principles of making the plan work. First of all, it is highly recommended to establish a certain succession of actions, which are to be taken. In addition, a particular position of an action in a sequence should be underpinned according to the objectives which are to be met. Further, it is desirable to get an experienced advice about succession and make necessary corrections. Moreover, it is important to comprehend that successful plan is a result of the day-to-day operation, so staff should definitely know that success of the company depends on their quality of work (Fishkind & Kautz, 2001).

Finally, it is worth saying that after the strategy and plan are submitted, it is necessary to perform financial accounting analysis, which is also important in this case. Creation of such application may involve some expenses, so it is necessary to estimate them and compare with possible profit outcomes of the incorporation of application.

As the creation of the application is not a deal of single company, but their partners as well, it is necessary to say that it would be reasonable to perform a multiple financial accounting analysis. It is important to take into account that analysis should be performed for the hospital and its partners on the basis of consolidation (Schroeder, Clark, Cathey, 2011). It means that finances are to be accounted only with consideration of the current partnership. In other words, the operations, costs, profits and losses of both of the partners are not playing any role. Moreover, this analysis divides financial responsibilities according to the actions taken by both partners. Consequently, it means that requirements in the agreement have to coincide with the actual actions. In other words, the hospital is to cover costs only on its own, without any financial support of its partner. Moreover, it should be also noted that consolidation principle of financial accounting analysis specifies so-called adjusting aspects: the result of mutual attempt of partners to satisfy the requirements of the opponent and remain beneficial. Taking it into consideration, it is important to say that the hospital is recommended to pay attention to the demands of its partner. Needless to say that application software is a field which is far away from medical services section. As a result, the hospital puts itself at risk to be influenced by its partner. That is why it is necessary to watch the adjusting rates and compare them with a normal financial level.

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