MIS Report: Definition, Types and Example

Home Accounting MIS Report: Definition, Types and Example

Pratibha Devasenapathy | May-04-2020 Filter

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What is MIS?
MIS Reports are reports required by the management to assess the performance ERP Software GST
of the organization and allow for faster decision-making. A Management
Information System, often simply referred to as MIS, can be understood by Inventory Tally Technology
looking at each of the words that make up the name. There is the management,
the information, and the system. At the heart of it, such a system is one that will
provide important information to the management of the company.

The complexities of running businesses, have made us more reliant on advanced Latest Blogs
technologies which will remove any room for errors. On one hand, it accurately
states what a management information system does for the management of the Kerala Flood Cess to End
company. On the other hand, it cannot be overemphasized that management on 31st July,2021
information systems are very important to the smooth running of a business. It is Yarab A   Jul-30-2021
crucial that businesses opt for an automated management information system is
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What is the need for MIS?

The following are some of the justifications for having an MIS system

Decision makers need information to make effective decisions.

Management Information Systems (MIS) make this possible.
MIS systems facilitate communication within and outside the organization
– employees within the organization are able to easily access the required
information for the day to day operations. Facilitates such as Short
Message Service (SMS) & Email make it possible to communicate with
customers and suppliers from within the MIS system that an organization
is using.
Record keeping – management information systems record all business
transactions of an organization and provide a reference point for the
transactions.

Components of MIS
The major components of a typical management information system are;

People – people who use the information system

Data – the data that the information system records
Business Procedures – procedures put in place on how to record, store and
analyze data
Hardware – these include servers, workstations, networking equipment,
printers, etc.
Software – these are programs used to handle the data. These include
programs such as spreadsheet programs, database software, etc.

Types of information system

 

Management information systems find their way into just about every aspect of a
company. They work with the people in the company, the technology in the
company, its products, and the inter-relationships between all of these on a day-
to-day basis. If you implement an MIS in your company, then the levels of
efficiency you could potentially achieve with it are mind boggling.

Types of MIS reports in Tally.ERP 9

·       Accounting reports
To obtain information on the financial position, operational performance and
economic activities of the business.

·       Financial reports

To determine the financial condition of an organisation as required by
shareholders, creditors and government units.

·       Inventory reports

To manage the Inventory effectively since the actual status of stock items is
obtained.
·       Management control reports
To utilise budgets, cost centre reports, scenario reports etc. for controlling
activities.

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