Overview
Management information systems (MIS) turn accounting data into a monthly view that owners can act on: profitability by product, customer or branch, cash position, receivables ageing and variance against budget.
A good MIS is short, consistent every month and ready within days of month end.
Who needs this service
Owner-managed businesses
Management teams and boards
Businesses with multiple branches or product lines
Legal and regulatory framework
- No statutory format; based on management needs and lender requirements
Scope of services
Design
- KPIs and report formats
- Dashboards
Monthly reports
- Profit and loss by segment
- Cash flow and working capital
- Receivables and payables ageing
- Budget versus actual
Analysis
- Cost and margin analysis
- Commentary on variances
How the engagement works
- DefineKey decisions and KPIs.
- DesignFormats and data sources.
- ProduceMonthly reports.
- ReviewDiscussion with management.
Documents typically required
Monthly books of accountBudgetsOperational data (sales, production)
Key forms and due dates
| Item | Timeline |
|---|---|
| Monthly MIS | Within 10 to 15 days of month end |
Deliverables
- Monthly MIS pack
- Dashboard
- Variance commentary
The scope of each engagement is agreed in writing and depends on the nature, size and regulatory requirements of the entity.
Frequently asked questions
How is MIS different from financial statements?
Financial statements follow statutory formats for external users. MIS is designed for internal decisions and can be as detailed as management needs.