What is MIS Report: Need, Types & Examples

MIS report in full form is Management Information Systems Report. The management uses these reports to gauge how the organization performs so it can make intelligent decisions. MIS reports are a computerized database of a company’s financial information designed to produce regular reports from various departments and divisions.

MIS Reports provide important information to the higher management and usually involve collecting data from different reliable sources, and then processing the information that will be shared with their respective divisions.

Need for MIS Report

MIS Reports are prepared and created to provide management with reliable information about their business operations and the current market trend. These reports enhance the organization’s productivity, profitability, and overall performance.

These are some of the reasons why companies need MIS Reports:

• Business data needs to be maintained and managed to help management make complex, more deliberate, thoughtful decisions.
• MIS Reports are necessary for analysing trends to make it easier for the management to prepare forecasts and determine the business goals for the future.
• Help in strategic planning; this is about creating specific business strategies, implementing them, and measuring the results.
• The company management can set goals with information from the MIS Reports.
• With MIS Reports, problems can be easily identified, including the source and the appropriate solutions.
• The organisation, including its management, employees can become more efficient in discharging their duties.
• Can easily compare the current and past performances since the data are stored in the MIS database that is very accessible. The company’s growth can be measured by comparing the previous year’s achievement with the present.

Types of MIS Reports

There are as many types of MIS Reports as there are units and sectors within a business.

For example, total sales for the past year would be helpful to Marketing and Sales; reports on production, inventory, and shipping can go to Warehouse Division; and Finance and Accounting need revenue and business expenses.

Here are the types of MIS Reports:

1. Sales Reports:

Shows the budgeted sales and the actual sales made during a specific period. It also includes the complete analysis of products sold in the geographical areas.

2. Budget Reports:

Let the organisation’s management compare their spending with what was budgeted for.

3. Production Reports:

Shows the production target successfully achieved by the department/division.

4. Cash Flow Statements:

Financial statements show aggregate data regarding all cash inflows received from its ongoing operations and cash outflows when cash flows out of business.

5. Income Statements:

Financial reports summarise the company revenues, expenses, and profits/losses over a period.

6. Machine Utilization Report:

Gives the details of machine hours utilised for various job assignments and the number of hours when the machines were idle.

7. Financial Statements:

A set of documents, including a balance sheet, shows the company’s financial status at a specific time.

In addition to the above MIS reports, many other reports and statements can be used, like the Cost Reports, Statistical Publications, Daily Production reports, Orders on Hand, and others.