- Monthly Information System Reporting
- Budgeting and Costing
- Policy and Process Implementation
Monthly Information System Reporting
MIS report stands for Management Information System report . They provide a concise view on the various parameters that are vital to the company . MIS Reports / Financial Reports. A financial report is an informational document about the financial health of a company or organization, which includes a balance sheet, an income and expenses statement and a statement of cash flows and many more Reports on monthly, quarterly and annual basis
MIS or Management Information System is a computer based system used by most organizations worldwide for transforming data into useful information for better decision making. It helps management make better plans and carefully organize business operations. Management information system is used for generating reports including inventory status reports, financial statements, performance reports etc. These reports are essential for analyzing different aspects of business. These reports also help to answer 'what-if' questions like what would be the effect on cash flows of a company if the credit term is changed for its customers etc. MIS reports can be prepared using Microsoft excel or by usage of specialized tools which would also act as Business intelligence tools.
What are the Types of MIS Reports
Sales MIS Reports
Sales MIS report is created and managed by the sales and marketing departments for transactional analysis of various products and services. The analysis is based on variance, which is the difference between the estimated sales compared to actual sales.
Budget Reports
In any business, creating budget report is necessary to manage allotted finances and to minimize expenses. Some common budget reports that can be generated include production budget, expense budget, income budget, cash budget, etc.
Production Reports
The manufacturing department is responsible for the creation of production reports which include the comparison of set production targets & the final production count. Variation between the targeted & achieved production helps in quantifying the overall process efficiency
Cash flow Statement Report
With this MIS report, business operations department can analyze the inflow and outflow of cash, to check the overall transactions at a certain period. It also helps in tracing fund sources that have been utilized for the outflows.
Funds Statement Report
Funds Statement Report is processed by the accounting and finance team to keep a track of the fund sources. It is also created to check where the funds have been utilised.
Profit Report
Profit reports are created by the accounts department to check the difference between actual and estimated profit (or loss) at a certain time span. It also accounts the factors which led to the profit or loss.
Income Statement Report
Reports for income, taxes, ledgers and balance sheet are crucial for assessing the financial data of shareholders and investors. With the help of income statement report, accountants can analyse the concurrent financial state of a business.
Abnormal Losses Reports
Coming under the umbrella of manufacturing department, the report on abnormal losses can help business reduce expenditure. Some of the abnormal losses include manufacturing defects, spillage or breakdown of machinery, defects in raw material or natural calamities.
HR MIS Reports
HR MIS Reports help in analysing the performance of employees at a certain duration of time. It calculates the total amount of tasks, assignments or projects completed by different employees in that duration.
Costing Reports
Cost reports are one of the most important aspects of MIS. Whether it is a small business or an enterprise, overall costs incurred by different departments is analysed to see if it can be reduced.
Inventory Reports
MIS provides inventory reports to which raw material is in surplus and which ones need to be replenished. It also helps keep daily, weekly, monthly and quarterly production and stock statements.
Budgeting and Costing
Cost is one of the important components of the project management triangle. Companywale Consultancy Serices makes it very easy to track budgeting and costing for entire projects, as well as the individual tasks. After following this simple how-to manual, you will be able to easily arrive at the realistic project budget, keeping an eye on the breakdown budgets of the individual tasks. You will also learn, among other things:
How to specify Fixed and Material cost of each task.
How to properly allocate human resources
How to track financial state of the projects and tasks through important metrics like Project/Task Estimated Cost, Actual Cost and the Visual Health Indicators.
Three Important Steps in Budgeting
- Arriving at your Project’s Budget, Find Out Actual Figures
- Track the Differences, Search the reasons of Differences
- Take the Corrective Steps
F.A.Q
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What is MIS Report?
"MIS reports are the reports generated from MIS. MIS stands for the management information system, which is an information system used by most organizations to coordinate, control, and visualize data for better decision making.
MIS reports provide business managers at all levels a concise and comprehensive view of business’ daily activities and help them to evaluate these business processes, discover problems, and make decisions. " -
How does MIS Report work?
"MIS reports focus on past information, current data, as well as trend analysis. They are prepared periodically at a specified frequency; most common would be monthly.
By tracking business operations via MIS reports regularly, managers can make informed decisions, avoid problems, and capitalize on business strategies, helping improve company performance in the long- and short-term." -
How to Prepare MIS Report?
There are two ways to prepare MIS Report: one is creating reports with Excel, the other is creating reports with reporting software.
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How we can Help you?
We have dedicated manpower force which study your financial reports, Analysis positive and negative points, helps you draft reports which will help you with decision making and in internal financial control, We can have Periodic Visit at your office place and do complete review of account and give you what all MIS report that could be useful for you.
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How Much it may cost?
This will depend upon the reports you need, what all efforts we need to put in, How often you need discussion on this reports, what all are your requirements and what value addition we can bring
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Do I require MIS Reporting?
If you are at very early Startup stage then you may not need it, however if you are at escalation stage or well settled organization which have good turnover and high growth prospects then you should take help of MIS reporting.
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what is Budgeting and Costing?
Budgeting and Costing is the accounting term which is used to forecast the future scenario and take out product Budget with respect to cost, Sales, marketing, and related costing, Comparing it with actual money spent and find out reason of variation for difference between actual and forecasted amounts, and Find out how to mitigate those differences
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