MIS stands for Management Information System. Business managers at all levels of an organization, from managers to executives, rely on reports generated from the systems to help them evaluate their business’ daily activities or problems that arise, make decisions, and track progress.
MIS is used by most organizations worldwide for transforming data into useful information for better decision making.
Requirements for MIS Reporting:
MIS requires ARTS to be matched to have efficient & effective outcome.
- A- Accurate: MIS report prepared with accurate information leads managers and others to take right decisions.
- R- Relevant: MIS reports need to be specific to the business area that they address.
- T-Timely: Managers need to know what’s happening now or in the recent past to make decisions about the future.
- S- Structured: Complicated information need to be structured & presented in such manner that helps management to understand what the report is saying.
Some of the Reports would be as under :
- Comparative analysis of Balance Sheet
- Comparative analysis of Profit & Loss
- Comparative statement of Sources and Uses of Funds
- Assessment of net working capital employed
- Ratio analysis
- Age analysis of Sundry Receivables and Payables
- Overdue Sundry Receivables and Payables