What is MIS report?

MIS reports are reports generated from multiple departments of a company to assess the performance and plan the next actions. Different levels of management require different set of MIS reports to make successful decisions.

MIS Report : explained in detail

Management Information System (MIS) is a powerful system to assist decision-makers take smart decisions. A part of this well-organized system is MIS reports, the assistant behind the decisions. The reports encompass data from all the divisions of a company, from sales to HR, to provide insights. These reports are prepared for a specific period and for a specific decision maker. A store’s weekly sales report is for the concerned store manager while the monthly sales report of all stores is for the owner.

Why do organizations need MIS Reports?

Convert data to insights

Our supermarket with 750+ type of items in the shelf has made sales of Rs. 30 Lakhs for the month is raw data. 75% of sales in the supermarket are from the grocery and health care sections is an insight. Based on this, a manager can make a profitable decision: Let’s allocate an extra 25% budget for the purchase of these fast-selling products. Not just for purchase, MIS can be prepared for all departments.

Predict the future

If data is pooled, we can see a pattern emerge. For instance, a spike in sales of sunscreen lotion from the health care section in the last week of April can mean a lot. It helps you make a range of decisions. From what to purchase next month to which brand to focus and from planning for petty expenses to exploring big-ticket investments. You can predict your cash flow and ensure control over your bottom line (profits).

Communicate clearly across company divisions

Each level of management demands a different set of insights. Day to day sales till employee attrition rate have to be communicated to different levels of management. There is another set of influencers namely, distributors and customers, who demand data periodically. Credit balance to be collected has to be constantly notified to customers once the dead line reaches.

Our supermarket with 750+ type of items in the shelf has made sales of Rs. 30 Lakhs for the month is raw data. 75% of sales in the supermarket are from the grocery and health care sections is an insight. Based on this, a manager can make a profitable decision: Let’s allocate an extra 25% budget for the purchase of these fast-selling products. Not just for purchase, MIS can be prepared for all departments.

If data is pooled, we can see a pattern emerge.
For instance, a spike in sales of sunscreen lotion from the health care section in the last week of April can mean a lot. It helps you make a range of decisions. From what to purchase next month to which brand to focus and from planning for petty expenses to exploring big-ticket investments. You can predict your cash flow and ensure control over your bottom line (profits).

Each level of management demands a different set of insights. Day to day sales till employee attrition rate have to be communicated to different levels of management. There is another set of influencers namely, distributors and customers, who demand data periodically. Credit balance to be collected has to be constantly notified to customers once the dead line reaches.

How does MIS Reports work?

MIS reports give an overall picture of all the happenings in a company viz orders, revenue generated, queries raised by customers, performance of employees etc . These reports will determine the performance by comparing the target achieved with the target planned for a particular period. After analysing what's working and what's pulling them down, businesses can adopt the best practices that would give better results. This is the fundamental purpose of MIS reports.

Types of MIS Reports

Summary MIS report

As a summary of the company performance, across various divisions, it makes top management understand the performance of their investment

Cash flow statement MIS report

Inflow and outflow of cash report will be reviewed daily or weekly by the middle level management. Factors such as sales, credit receivables from customers contribute to inflow and purchases, credit payments to customers contribute to outflow. The cash flow statement MIS report brings out every penny that’s moved around through the company

Profit MIS report

As the sole purpose of determining performance, this report gives profit earned after taxes against the target planned for a period. Quarterly profit MIS reports can be analysed to identify the company’s growth over last year. Major decisions in budget will be taken thanks to these profit MIS reports

Accounting MIS report

Accounting comprises of four components namely, assets, expenditure, liabilities and income. The performance of these components determines the financial position of the company. Usually, it’s prepared by accountants

Trend MIS report

Segment wise, item wise, category wise performance of the past and present constitute trend MIS report. Investments can be planned accordingly

Sales MIS report

One figure that’s the subject of many a meeting is revenue. Sales MIS report showcases precisely that. It also goes much deeper and shows the region that's contributing the most, the products that are performing and other growth factors. Thus, helping the company know what to cut, where to add and which one to focus on

Exception MIS report

Analysing what's working is equally important as analysing what's not. For example, something that's pulling us down will definitely incur an expense. To understand the growing expense compared to previous quarter/ month data, the exception reports would be exceptionally useful

Inventory MIS report

To give a heads-up to the purchase manager, daily inventory MIS reports will be sent. Depending upon the fast-moving items, current stock count and distributor balances in the inventory MIS report, the purchase manager will get to decide on the upcoming purchase orders

MIS reports expected by different levels of management

The three levels of management expect MIS reports from four different departments to assess the company's performance and make smart moves

How to generate MIS Reports in Excel?

This process demands excellence in Excel and MIS Reporting.

Step 1 : Raw data from multiple departments have to collected in order to structure the report and to decide the heading for rows and columns

Step 2 : Segregate the raw data and put them under respective headings. Apply filters to remove unnecessary information that won’t contribute to decision-making

Step 3 : Goal is to prepare a dashboard template. It can be created with Excel formulas and pivot tables. However, the segregated data needn’t be floating around the dashboard template. Create a new sheet in the report and move the segregated data to the depository sheet. Formulas can help you showcase the final results in the dashboard template

Note : Ensure headings are in the required format. E.g., the revenue column should have a currency format. Also, re-check the formulas applied at least thrice to avoid errors.

How to Prepare MIS Reports with Gofrugal?

Unlike the tons of manual effort and re-checking issues involved with Excel, almost all type of MIS reports can be readily exported from Gofrugal software.

An example - ‘Margin acquired from sale of products - distributor wise’ export ready report is shown below

Note : These reports have direct insights and can be exported in required format from anywhere at anytime. However, to generate a MIS report by the amalgamation of two other exported reports has to be done in excel sheet only. Combining two insightful reports would require less than 10% of manual effort put in the first process.

Why should you choose Gofrugal for creating MIS Reports?

Of all the things explained, here are three summarized reasons why Gofrugal MIS is the best of the lot

Almost all type of MIS reports can be readily exported and widely shared

MIS reports can be accessed from anywhere at any time, from browser to mobiles

Certain MIS reports have to be sent to management daily or on specific days. Gofrugal will do it for you as you require, with one-time scheduling process. Just the email ids, date and time need to be fed

Experience + Gofrugal = Delight

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We are sure you will be convinced about MIS and, importantly, Gofrugal's MIS automation. To make it easier for you, click on the link below and you get a FREE trial of Gofrugal ERP and other apps for a full month. Now this is one insight you surely don’t want to miss!