What is MIS Report?
When it comes to the MIS report, it offers a detailed and bulletin image of distinct verticals that are needed to be observed for the appropriate operations of your business. The main purpose of MIS reports is to set parameters and make a comparison with the performance of the business undertakings.
How to make MIS Report?
Primarily know that the MIS report full form is the Management Information System report. If we talk about making a report of MIS, it presents two primary methods for different tasks, Excel and Tally. Let us check out the two methods, which are as follows:
MIS Report in Excel
- Firstly, let us check out the method of preparing the MIS Report in Excel format. However, it is essential to have good MIS reporting skills as well as knowledge of Excel to make MIS Excel reports based on certain requirements. Therefore, there are several stages needed to prepare MIS reports in MS Excel, which are given below:
- Before getting into the process, it is crucial to accumulate all the essential raw information needed to make the report from various departments. Every report is prepared based on a particular department like operations, sales, manufacturing, accounts, marketing, and so on.
- Jumping onto the next step is to clean up or mine the raw data for the purpose of filtering the information needed for a specific report.
- Maintain a separate sheet for data repository from where you can collect data and be involved in the main report. It acts as a back-end database and assists in minimizing the scope of errors, thereby making the entire process systematic.
- Connect the back-end database to the template of MIS on the spreadsheet with the help of Excel formulas. Excel would further grab the data from the database to turn it into a well-organized report.
- Lastly, you have to check whether there are any null values or errors in the report like #value or #N/A, making the report imprecise.
MIS Report in Tally
When it is about the MIS report in Tally, there are preset templates of different kinds. Most of them can be categorized into four major parts.
- Finance: As it is controlled by the department of finance, these reports help manage the assets and investments of creditors and shareholders. This category comprises reports like fund statements and financial statements.
- Accounting: The reports used by the accounts department come under this category such as Fund and Profit statements. This can be processed using Tally ERP 9’s accounting templates as it renders the data of the financial components of the business undertakings.
- Management Control: This category includes the preparation of reports for different tasks associated with management control like sales, budget, costing, statistics, etc. This category helps in effective logistics management in the business.
- Inventory: The category of inventory involves the operations related to the management of order reports, stock, and manufacturing. It helps in the comparison of machinery and goods that are bought, sold, and procured for manufacturing.
With the use of preset MIS templates given in Tally, you can prepare specific reports for distinct departments like HR MIS reports, sales, etc. You have to just enter the particulars that you need in the report. The formulas of Tally would help you to link the back-end database (Excel spreadsheet or any other DBMSs) where your data is kept. Moreover, the formulas in Tally grab the unarranged information from the spreadsheet to Tally and you can assemble your report as per the requirements.
Types of MIS Reports
Budget Reports: Preparing a budget report is essential in any business in order to minimize expenses and manage allotted finances. A few of the common budget reports are expense budget, production budget, cash budget, income budget, and more.
Income Statement Reports: Reports for the balance sheet, ledgers, and income taxes are important for evaluating the financial data of investors and shareholders. Using income statement reports, accountants can examine the concurrent financial stage of a business.
Sales MIS Reports: Sales MIS report is formed and managed by the marketing and sales departments for transactional analysis of different services and products. The analysis depends on the difference between the estimated sales and actual sales.
Inventory Reports: When the raw material is in surplus and needs to be replenished, MIS offers inventory reports. It further helps in maintaining quarterly, monthly, weekly, and daily statements of stock and production.
Costing Reports: Costing reports are one of the most crucial aspects of MIS as it analyses overall costs incurred by various departments that are to be reduced no matter if it is a small business or a huge enterprise.
Cashflow Statement Reports: The department of business operations analyses cash flow with the use of a cash flow statement report. It has been done to check the overall transactions at a particular period. In addition, it helps in tracing fund sources that have been used for the outflows.
Abnormal Losses Reports: These reports are made to help businesses reduce expenditure. Few of the abnormal losses are defects in raw material or natural calamities, spillage or breakdown of machinery, and manufacturing defects.
Components of MIS Report
As you understand the MIS report meaning, have a look at the major components of the report which are as follows:
- Data – the information or data that is recorded by the management information system.
- People – the individuals who make use of the information system.
- Hardware – it involves networking equipment, servers, printers, workstations, and so on.
- Business Procedures – business procedures are placed on how to analyze, store, and record data.
- Software – these are used to manage the data, including database software, spreadsheet programs, and more.
MIS Report Format
Now let us discuss preparing an MIS report with the use of reporting software. The management information system can be generated using specialized tools which are even known as reporting tools. In fact, the reporting software can aggregate and encapsulate the required data if the system has to capture the same in place. It has been found that reporting tools are a more ideal tool in the stream of enterprise reporting as compared to excel. To create the report, you just need to set the tool once, and then it continues with the process and it is easier than in Excel. There are softwares that support integration with different business systems as it is robust and flexible java software.
With this tool, you can extract the required data in a few clicks. While using this tool, you can make use of ETL to clean up your data. Then you can design the on-demand reports on your own or select the in-built MIS reports templates. Once you design a report in your own way, it would save as templates and can be reused again. Software will help you to create MIS reports periodically at a specified frequency. It offers a decision-making platform with a function of powerful automation that lets users set up annual, quarterly, monthly, and daily reports easily as well as quickly. The server will accomplish the set tasks automatically at the prescribed time. With the reporting software, creating MIS reports is now time-saving. Above all, it helps the managers to make the latest decisions and track real-time business operations.