BIS/221T: Introduction To Computer Applications And Systems
Wk. 2 Discussion – Documentation Style [due Thur.]
Discussion Topic
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to classmates or your faculty member. Due Thursday
Respond to the following in a minimum of 175 words:
Most schools and businesses require some standard style of documentation for written reports. Discuss why that might be.
What disadvantages, if any, might there be to insisting that all reports conform to a certain style?
Due Monday
Post 2 replies to classmates. Be constructive and professional in your responses.
In my line of work, we review various types of financial documentation from a vast array of business types and industries. However, we are always reviewing these documents for the same kind of information regardless of the style.
Therefore, we are provided forms, spreadsheets, and other tools that allow us to take the information we find and input it into a spot that provides financial clarity.
For example, we may be working a deal with two borrowers in the same industry (for the purpose of this illustration let’s
assume they are both residential contractors by trade) one contractor is a sole proprietor that typically does residential remodeling and have 3 – 5 employees; the second contractor also does remodels but has more clientele that want him to build a custom home, or spec homes in developing subdivisions. This business owner employs 25 – 50 seasonally, and
his company is a S-Corporation. The documentation provided for verification by these two individuals typically is prepared by a hired CPA, however in many cases the contrast is in their Profit & Loss statements and their balance sheets. While they both use a software program like QuickBooks, to track revenue and expenses the presentation is different due to the preparation.
The disadvantage in these situations comes from the ambiguity in the details and if there were more clarity the information would not only be easier to find, but it would cut down underwriting timelines, and potentially change decisions.
