Accounting Theory

What is the 'Accounting Theory'

The accounting theory is a set of assumptions, methodologies and frameworks used in the study and application of financial principles. The study of accounting theory involves a review of both the historical foundations of accounting practices, as well as the way in which accounting practices are verified and added to the regulatory framework that governs financial statements and financial reporting.
     

BREAKING DOWN 'Accounting Theory'

Accounting as a discipline has existed since the 15th Century. Since then both businesses and economies have greatly evolved. Accounting theory is a continuously-evolving subject, as it must adapt to new ways of doing business, new technological standards and gaps that are discovered in reporting mechanisms. Organizations such as the International Accounting Standards Board help create practical applications of accounting theory, and professionals such as CPAs help companies navigate accounting standards.  read more..

 

Modern Management Theories

Modern Management Theories 

1. 1. MODERN MANAGEMENT THEORIES THE LATEST OF EVOLUTION
2. 2. Theories and approaches to explain management in modern era 2
3. 3. By: Haniiful Wahib Su’ud (13210039) Bimadanta Prakosa (13210060) Iqbal Novramadani (13210063) Angga Pratama Putra (13210072) 3
4. 4. Definition Modern : Relating to the present or recent times. Characterized by or using the most up-to-date techniques, equipment, etc. Management : The process of managing: administer and regulate (resources under one’s control). Theory (pl. Theories) : 1. A supposition or a system of ideas intended to explain something, especially one based on general principles independent of the thing to be explained. 2. A set of principles on which an activity is based. (Oxford Dictionary) 4 

 

1. 5. Modern Management Theories 1. System Approach
2. 6. System Approach • An organization is a system consisting four subsystems namely task, structure, people, and environment. • The subsystems are interconnected and interdependent one another. Maintaining the balance. • An organization is an open adaptive system which continuously interacts with its environment. • Management regulates and modifies the system to optimize performance. • An organization is more than just the aggregate of various parts. This is called ‘synergy’. Focus on the system. Modern Management Theories 6
3. 7. Quantitative Approach • Management = decision-making. Organization = decision-making unit. • Organizational efficiency depends upon the quality of managerial decisions. • A problem is expressed in the form of a quantitative or mathematical model. • The different variables in management can be quantified and expressed in the form of an equation. Modern Management Theories 7
4. 8. Total Quality Management Approach “..by adopting appropriate principles of management, organizations can increase quality and simultaneously reduce costs (by reducing waste, rework, staff attrition and litigation while increasing customer loyalty). The key is to practice continual improvement and think of manufacturing as a system, not as bits and pieces.“ – Dr. W. Edwards Deming Modern Management Theories 8
5. 9. Total Quality Management Approach a) When people and organizations focus primarily on quality, defined by following ratio: quality tends to increase and costs fall over time b) However, when people and organizations focus primarily on costs, costs tend to rise and quality declines over time Modern Management Theories 9
6. 10. Total Quality Management Approach • Japan (1950-1960) • US Navy (1985) • US Navy (1985) Modern Management Theories 10  read more..

How Many Staff Members Do You Need?

Many physician practices struggle long and hard with finding just the right number of members to work in just right jobs at just the right time. Few practices ever master the struggle and reach staffing “utopia.” Those that do attain favorable staffing levels and stability tend to experience it only briefly.
The mistake many practices make is adopting an oversimplified and reactionary approach: If the work falls behind or one is pleading for help, they add staff. if overhead expenses grow too high, they cut personnel costs.
This backward-looking approach seldom works, creating a pendulum effect that results in having either too many or too few staff members on board. Over-staffing brings an increase in costs, but not always a corresponding increase in efficiency or quality Under-staffing can lead to decreased patient satisfaction, reduced collections and poorer financial performance.
     
So what is the secret to successful staffing? Although the answer depends greatly on hiring people whose work ethic, experience and expertise make them well suited for the job, physicians can attain a general idea of their staffing requirements by comparing their practices to industry benchmarks and making adjustments to the numbers, as needed.

How to do it

The first step in benchmarking is to find reliable sources of data for physician practices, such as the Medical Group Management Association (MGMA), Practice Support Resources (PSR), the American Medical Association (AMA) and the American Medical Group Association (AMGA), as well as local medical societies (see "Benchmarking resources" for contact information). When comparing your practice with industry performance standards, try to find data for practices similar to yours and consult at least two sources for a broader perspective.
The next step is to determine what to measure. When it comes to staffing, most practices want to know the answers to two questions: Do we have enough individuals to do the work? And are our staffing costs in line with those of other similar practices?
To answer these questions, look for benchmarks that address the following:

1. The number of support staff per full-time-equivalent (FTE) physician,
2. The percentage of gross revenue spent on support staff salaries. read more..
   

 

THE VALUE OF PRACTICE MANAGEMENT

THE VALUE OF PRACTICE MANAGEMENT

Ninety Nine Practice Management helps healthcare providers to focus on their core skills – delivering high quality care to their patients. The daily hassles of running a business, managing personnel, tracking inventory, and navigating regulatory issues will no longer be the sole responsibility of the provider. Historically, these services have been found to be at least cost neutral, although most practices will reap cost savings from economy of scale benefits. Most providers realize higher incomes through efficient process management, proper planning, and better revenue management without experiencing major changes.

   

SERVICE OFFERINGS

Financial Services. Accounting, bookkeeping, bill payment, budgeting & planning, cash management, merchant services, practice assessment, performance evaluation, and reporting. Financial services management provides excellent cost control.
Operations. All business operations and onsite clinical operations, including office process management, staff allocation and supervision, compliance, quality control & improvement, contract negotiation, property management, and equipment maintenance. Better operations will return valuable time to the providers, allowing them the opportunity to increase productivity or spend meaningful time away from the practice.
Marketing. Traditional (door to door) promotions, direct physician networking, and internet marketing. With provider collaboration, we create growth in both value and volume that directly benefits the physician and practice.
Executive Leadership. High level decision making and strategic planning. Access to national level talent to assist with the most important decisions at no additional charge.
Information Technology. Electronic health record expertise, template modification, training, installation, hardware, and software support. Currently, eight unique electronic health records are supported.
Revenue Management. Billing, coding oversight, collections, submission, reconciliation, facility credentialing, and third party payer credentialing. Matrix approach to revenue management that has experts in platforms, third party payers, and specialty billing.
Human Resources. Benefits, co-employment, personnel management, process management, recruitment, and retirement. Providers and employees have access to better benefits at very attractive rates.
Ancillary Services. All designated health services including laboratory, imaging, physical therapy, occupational therapy, neuro-monitoring, pharmacy, and infusion services. Physician investment opportunities exist depending on the specialty.

 

Medical Practice Management and Consulting

We are dedicated to helping physicians and their practices achieve their financial goals. Every practice has a unique culture and vision. Our practice consultants work closely with your group to become a fully integrated member of the organization.

Strategic Business and Capital Planning – Whether you are considering expanding your practice, starting a new practice or considering ancillary services, a sound strategic plan ensures ongoing access to capital. We work with our clients to develop actionable business and long-term financial plans.
  
Clinic Operations – We take a strategic look at your organization from a holistic approach. Whether it is strategic planning and staffing models or assessing billing and collection results, our professionals provide guidance to help your practice attain a higher level of operational efficiency. We conduct operational assessments to identify the opportunities to increase reimbursement rates and lower operating costs without impacting your level of care.
Physician-Hospital Relationships – The financial and organizational issues that continually challenge the healthcare industry are ones we are experienced with on a regular basis. We advise on the development of joint ventures, between non-profit hospitals and private medical practices or physician groups. We are experienced with contracting, compensation and the complex negotiations that occur during the process.
Buy-ins and Buy-outs – Whether you’re merging or acquiring another medical practice, we understand that even the simplest transactions are complex. We assist with buy-ins and buy-outs, working diligently on behalf of our clients. From valuation to organizational consulting, we have the expertise to ensure a smooth transition.

Regulatory and Compliance Tools – Complying with federal and state regulations is an increasing challenge for clinicians, their healthcare organizations and the business entities that serve them. We strive to be an ongoing source of knowledge and offer consulting services to healthcare organizations and physicians on a variety of regulatory compliance matters.

Risk and Compliance Assessments – We conduct the necessary reviews and audits to assure compliance as well as assist in remediation steps.

Security Incident Investigation and Breach Notification Assistance – The stakes are high both as to the impact of a breach on an organization’s business reputation and the flow of potential financial damages. We have the resources to guide the organization through the entire process in a timely and cost effective manner.

 

EITC Due Diligence Law and Regulation

Internal Revenue Code §6695 and related regulations set out the EITC Due Diligence requirements and the penalties for failure to comply with them.
Law IRC §6695(g) states: Any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with due diligence requirements imposed by the Secretary by regulations with respect to determining eligibility for, or the amount of, the credit allowable by section 32 shall pay a penalty of $500 for each such failure. IRC$§6695(h) allows a cost-of-living adjustment. The penalty for taxable years beginning in 2015 is $505.
  

Treasury Regulation Information

There are four due diligence requirements. Generally, if you prepare EITC claims, you must ask all the questions required on Form 8867, Paid Preparers' Earned Income Credit Checklist, as well as, ask additional questions when the information your client gives you seems incorrect, inconsistent or incomplete. Complete and submit the Form 8867 for all paper and electronic tax returns and for all other EITC claims. It is required for all EITC claims, the ones with a qualifying child and the ones with no qualifying child. Also, keep a copy of the completed form. Prepare and keep the worksheet showing how you computed the credit. The table below provides more information on your record-keeping requirements.
You could be penalized for each time you fail to meet all four due diligence requirements for each EITC claim.
You can find the tax preparer due diligence regulations, (Treas. Reg. §1.6695-2), on the Government Printing Office site.

The Four Due Diligence Requirements

• Complete Form 8867, Paid Preparer's Earned Income Credit Checklist, to make sure you consider all EITC eligibility criteria for each claim you prepare.
• Complete checklist based on information provided by your client(s).
• For EITC EITC returns or claims for refund filed electronically, submit Form 8867 to the IRS electronically with the return.
• For EITC returns or claims for refund not filed electronically, attach the completed form to any paper return you prepare and send to the IRS.
• For EITC returns or claims for refund you prepare but do not submit directly to the IRS, provide the completed Form 8867 to your client to send with the filed tax return or claim for refund. read more..

 

 

Hardware and software requirements 

Overview

SharePoint 2013 provides for several installation scenarios. Currently, these installations include single server with built-in database installations, single-server farm installations, and multiple-server farm installations. This article describes the hardware and software requirements for SharePoint 2013 in each of these scenarios.

Hardware and software requirements for other SharePoint 2013 capabilities

If you plan to use capabilities that are offered through SharePoint 2013 or through other integration channels, such as SQL Server or Exchange Server, you also need to meet the hardware and software requirements that are specific to that capability. The following list provides links to hardware and software requirements for some SharePoint 2013 capabilities:

• Hardware and software requirements for Project Server 2013
  
• For eDiscovery, each front-end web server must have the Exchange Web Services Managed API, version 1.2 installed. For more information, see the following articles:
  
  • Configure eDiscovery in SharePoint Server 2013
    
  • Configure Exchange for SharePoint eDiscovery Center
    
• Software requirements for business intelligence in SharePoint Server 2013
  
• Hardware requirements for search in SharePoint Server 2013:
  
  • Step 3: Which hardware requirements should I be aware of?
    
  • Hardware requirements for search topologies for Internet sites
    
• Mobile device browsers supported in SharePoint 2013
  
  

  Hardware requirements—web servers, application servers, and single server installations

  The values in the following table are minimum values for installations on a single server with a built-in database and for web and application servers that are running SharePoint 2013 in a multiple server farm installation. For information about the deployment types that are used in this table, see the SharePoint 2013: Deployment model. You can download this model from the Install and deploy SharePoint 2013 (IT pros) resource center.
  For all installation scenarios, you must have sufficient hard disk space for the base installation and sufficient space for diagnostics such as logging, debugging, creating memory dumps, and so on. For production use, you must also have additional free disk space for day-to-day operations. In addition, maintain two times as much free space as you have RAM for production environments. For more information, see Capacity management and sizing for SharePoint Server 2010. read more..