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oUR eXPERTISE YOUR mIS
Thus MIS report provides information on the day to day accounting activities, help to make business decisions and track the progress of the business. Business managers at all levels of an organization rely on these reports.
Components of MIS report in accounts
- Cost reports, (classification of direct, indirect, variable and fixed costs)
- Variance reports which have differences between what ideation and the actual result.
- Profitability factors and value drivers report, which tell the management what happened with the key factors in their business (sales quantity, sales price, cost per unit, profit per unit)
MIS has no standard format as it only depends on what the company management wants to see at that point in time.
Importance of MIS reports in accounts
• It helps to track the company’s financial growth, analyze and report the business income.
• The analyzes of data from sources like employees, personal knowledge, documents, management, raw data, business models and executives. So, it can identify and solve problems as well as help the company to take decisions.
• The data gathered from different outcomes are then presented in graphs, charts, and tables etc.
• It helps to maintain communication between employees and also between the employer and employee.