MIS reporting is concerned with the analytical reporting on basis of informational data received related to the business. It covers the overall aspects of the company in addition to its financial statements and provides a crystal-clear picture to management which enables them to facilitate decision making. MIS reports integrate all the activities and departments of a company and ensure absolute coordination within the departments and proper implementation of plans and strategies.
MIS reporting involves detecting, monitoring, and evaluating all the day-to-day activities of a business. It focuses on providing a concise view of the performance of the business, its employees’ performance, financial position, customer relationship management, etc. which ensures continuous monitoring of the activities of the business to avoid costly errors. It detects the variations between the planned performance and the actual performance and it suggests the solution to tackle the variations.
Working of MIS is given below
Usually, the MIS reports of different types may be prepared periodically which can be weekly, monthly, half-yearly, or annually. The MIS report may include the report of the different departments which may be provided to the management and present them with significant insights into the working of the various departments. The MIS report collects all the data such as statistical, raw business data, recent trends in the business, etc. and it simplifies such data and presents it systematically. It also includes the following components which are important for its smooth functioning: – people, data, hardware, software, and business procedures.
