MIS Report Generation - Overview
The abbreviation for MIS is Management Information System. The top tier management and executives from all the departments, refer to the MIS reports that are prepared after collecting, comparing and analysing data related to daily transactions and overall business processes.
Track Your Status
MIS report offers a summarised and bulletin display of different verticals that are required to be monitored frequently for the proper functioning of a business organization. The primary use of MIS reports is to take established and estimated parameters and compare it to the performance of business operations.
They provide a summarised and concise view of the performance of the business in terms of revenue, expenses, orders, customer queries, HR indices, employee performance and attrition.
By analysing the distinction between the estimated performance with the achieved results, businesses can adopt new practices and strategies that would result in higher performance. The primary objective of MIS reports is to condense disparate figures to give insights on the business model.
Given below is a brief idea of the different types of MIS Reports.
Sales MIS Reports:
Sales MIS report is prepared and monitored by the sales and marketing departments for transactional analysis of various products and services. The analysis is based on difference obviously which is the variance in the estimated sales and the actual sales.
Accounts and financial MIS Reports:
MIS reports in accounts present details regarding assets, liabilities, incomes and expenditures. It is developed by manufacturing, marketing and sales, etc. department for multiple purposes. Some good examples are financial statements like cash flow statements receivables, payables, production reports mentioning production targets, and sales variance reports etc.
Budget MIS Report:
In any business, creating budget report is very important to manage allotted finances and to minimise losses and expenses. Some common budget reports that can be prepared include manufacturing budget, sales budget, production budget, expense budget, revenue budget, cash budget, etc.
Production MIS Report:
The manufacturing department is responsible for the generation of production reports which include the comparison of estimated production targets and the final production count. Variation between the targeted and achieved production helps in quantifying the overall efficiency of the procedures involved.
Cashflow Statement Report:
With this MIS report, business operations department can analyse the inflow and outflow of cash, and assess the overall transactions in a particular period. It also enables in tracing fund sources that have been utilised for the outflows of cash.
Funds Statement Report:
Funds Statement Report is analyzed by the accounting and finance department to keep a track of the fund sources. It is also created to check the transactions where the funds have been utilised.
Profit reports again are prepared by the accounts department to check the difference between actual and estimated profit (or loss) during a specific time span. It also analyzes the factors which led to the profit or loss.
Income Statement Report:
Reports on income, taxes, ledgers and balance sheet are crucial for evaluating the financial data of shareholders and investors. With the help of income statement report, accountants can understand the concurrent financial status of a business.
Abnormal Losses Report:
Coming under the department of manufacturing and production, the report on abnormal losses can help business minimize expenditure. Some of the abnormal losses include manufacturing defects, spillage or breakdown of machinery, problems in raw material or can also relate to natural calamities.
Cost reports are one of the most significant aspects of MIS. Irrespective of whether it is a small business or an enterprise, overall costs incurred by different departments is analysed to see if it can be controlled.
HR MIS Reports:
HR MIS Reports help in assessing the performance of employees during a certain duration of time. It calculates the total amount of tasks, assignments or projects completed by different employees in that time period.
Inventory MIS Report:
MIS provides inventory reports summarizing amount required for raw material, whether there is surplus and what needs to be replenished. The production department takes care of this and maintains daily, weekly, monthly and quarterly production and stock statements.
Statistical publications and information are crucial for decision making and planning strategies. This MIS Report involves a thorough and meticulous analysis of overall business processes and transactions and results.
Orders in Hand Report:
The marketing and sales department is responsible for preparation of this report. This gives an idea of the quantity of orders that have been received by the business.
Report on Ideal Time:
Report on ideal MIS report highlights the time spent by every worker on different tasks and the idle time due to lack of required resources, personnel or materials. Reports on idle time are generated at the shop floor level of a manufacturing unit using time booking records.
Machine Utilization Report:
This MIS report provides the number of hours for which a machine was utilized and the amount of time it stayed unused. It is often prepared in manufacturing divisions by the supervisor in-charge.
Summary reports aggregate all information and display the data to showcase the clearer picture of finances. Some good instances include reports on value of all new purchases made and detailed information of sales.
Trend reports help differentiate past performance with the present performance. Such reports indicate how a business unit or product or service is performing. Such type of MIS report is important to analyze the actual performance with the estimated numbers.
Trend Analysis and Data Management
Management information systems make use of mathematical and methodological tools to help with data management, analysis and storage. Such data provides detailed information for analyzing trends, strategic planning and business management.
Setting of goals and targets
Setting of goals and targets are easier with MIS reports as you get access to detailed data analysis and insights. Detailed MIS reports help evaluate current market trends and predict the future results.
MIS reports help with calculating the working hours of the personnel and functioning hours of a machinery. These reports also mention the idle hours of both the workforce and the machine. Thus, in case of any problem regarding resources, work hours or time management, MIS reports are very helpful.
Increase & improve capacity and efficiency
MIS reports enable in increasing the efficiency of the machinery and personnel. Almost everything starting from sales, inventory, production and cashflows to profits, losses, etc., can be tracked with MIS reports.
Minimize costs & errors
MIS reports are generated based on OLTP or online transaction processing that helps with prompt data collection and processing. This in turn helps companies save data processing time and costs related to it, which in turn leads to quicker decision making as well as setting goals.
We at Tax Seva Kendra, have a team of experienced and expert professionals to help generate the MIS Report. We know the significance of this report and thus make sure that the report shows accurate data and information. Tax Seva Kendra will do it for you as per your requirements with one-time scheduling process. We prepare goal oriented reports with pre-planned and pre-specified reporting to management. We understand how important it is to understand the status of business conditions and mainly to understand why the conditions are improving or deteriorating.
Need Consultancy? Ask Tax Seva Kendra Expert@ Rs. FREE
- Free Consultancy
- Online Documentation
- Anywhere In India