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NU 727 Fiscal Management

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This NU 727 Fiscal Management course introduces financial management principles in healthcare, including financial and management accounting, cost analysis, budgeting, planning, and control. The result of this course is to prepare nursing management to understand the financial management of healthcare facilities.

The primary accountability of the finance manager is to keep the organization running on a budget. The finance manager is responsible for overseeing the organization's income and expenses, including accounting operations, payroll functions, financial reporting and regulatory compliance, and adherence to financial plans. A key element of a finance manager's job is establishing internal controls to detect and prevent fraud by employees or unauthorized persons.

From a governance perspective, fiscal managers play a leading role in developing fiscal policy for government agencies. According to the Keynesian fiscal policy approach, any increase or decrease in revenues (in the form of taxes) and expenditures (government spending) will affect inflation, employment and the money supply in the economy. The two main types of fiscal policy are expansionary, aimed at developing the economy. The type of reduction, its purpose is to slow down economic growth in order to prevent high inflation. Expansion policies require an increase in government spending, tax cuts, or both. In contrast, austerity policies include government spending cuts and tax increases.

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