Explain What Is Mis Report In Accounting And How Do I Prepare It?
Answers
It's a Management Information System report also called just the management report. It's usually a special purpose report that an organisation uses to communicate monthly financial information to the company's management team.
Special purpose means there is no prescribed format of how it should look, it just has to convey information relevant to the particular entity.
Some companies want it brief and highlight only the critical KPAs i.e. ratios margins and be mostly graphical instead of having a lot of waffle I.e. dashboard format. This format is required especially since the operational management team gets lost in the accounting jargon if the report has too much detail.
Others need it to go into the details i.e. Income statement, Balance Sheet, Cash flow, debtors, creditors, stock reports etc.
Some want both but instead of monthly they would want to see the quarterly detailed report and the monthly dashboard.
The best way to know what format is to discuss with the management team regarding what they would prefer. Keep in mind though that you should welcome suggestions but you cannot tailor it for each individual needs. Just make sure it covers only information that is relevant to the majority.
If you want standard templates google has plenty examples to get you started.
Hope this helps.
Answer:
It's a Management Information System report also called just the management report. It's usually a special purpose report that an organisation uses to communicate monthly financial information to the company's management team.
Special purpose means there is no prescribed format of how it should look, it just has to convey information relevant to the particular entity.
Some companies want it brief and highlight only the critical KPAs i.e. ratios margins and be mostly graphical instead of having a lot of waffle I.e. dashboard format. This format is required especially since the operational management team gets lost in the accounting jargon if the report has too much detail.
Others need it to go into the details i.e. Income statement, Balance Sheet, Cash flow, debtors, creditors, stock reports etc.
Some want both but instead of monthly they would want to see the quarterly detailed report and the monthly dashboard.
The best way to know what format is to discuss with the management team regarding what they would prefer. Keep in mind though that you should welcome suggestions but you cannot tailor it for each individual needs. Just make sure it covers only information that is relevant to the majority.
If you want standard templates google has plenty examples to get you started.
Explanation: