MIS Reports

A Management Information System is a system that provides information needed to manage organizations efficiently and effectively. Further, it is regarded as a subset of the overall internal controls procedures in a business, which cover the application of people, documents, technologies, and procedures used by management accountants to solve business problems such as costing a product, service or a business-wide strategy.

Benefits of Financial Management Information System (FMIS) and Accounting Information System (AIS)

  • Monthly accounts of transactions
  • Cash Flow
  • Sources & uses of funds
  • Ledger & Journal
  • Monthly Return and Statement Processing
  • Trial Balance & Balance Sheet
  • Payroll Accounting

Financial MIS

Provides financial information to all Financial Managers in the Organization Provides reports with fixed and standard formats – Hard and soft copy reports Strategic Plan or Corporate Policies – Contains major financial objectives and often projects financial needs

Accounting MIS

Provide aggregated information on

  • Accounts Payable
  • Accounts Receivable
  • Payroll

Transaction Processing System (TPS)

  • Important financial information collected from almost every TPS – payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger.
  • External sources
  • Annual reports and financial statements of competitors and general news items

Financial MIS Subsystems and Outputs

  • Profit/loss and cost systems
  • Auditing
  • Internal Auditing
  • External Auditing
  • Uses and management of funds

Elements of usable MIS

  • Timeliness
  • Accuracy
  • Consistency
  • Completeness
  • Relevance

MIS Reports

Scheduled Report

  • Produced periodically (daily, weekly, monthly) or on a schedule

Key-indicator Report

  • Summarizes the previous day’s critical activities
  • Typically available at the beginning of each day

Demand Report

  • Gives certain information at a Manager’s request

Exception Report

  • Automatically produced when a situation is unusual or requires management action

MIS Software

  • GnuCash, Home Bank, TurboCASH
  • Microsoft Office Accounting Express
  • Banana Accounting, FlexAccounting
  • Microsoft Dynamics AX, NAV, SL
  • Microsoft Accounting Professional
  • Microsoft Small Business Financials