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
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Accounts Receivable
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Payroll
Transaction Processing System (TPS)
- Important financial information collected from almost every TPS – payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger.
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External sources
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Annual reports and financial statements of competitors and general news items
Financial MIS Subsystems and Outputs
- Profit/loss and cost systems
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Auditing
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Internal Auditing
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External Auditing
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Uses and management of funds
Elements of usable MIS
- Timeliness
Accuracy-
Consistency
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Completeness
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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
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