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MIS and Financial Statements

A Management Information System is a system that provides information needed to manage organizations efficiently and effectively. Further, it is regarded as a subset of the overall internal controls procedures in a business, which cover the application of people, documents, technologies, and procedures used by management accountants to solve business problems such as costing a product, service or a business-wide strategy

Financial Management Information System and Accounting Information System

Accounting MIS

Provide aggregated information on
  • Accounts Payable
  • Accounts Receivable
  • Payroll Accounting
Transaction Processing System (TPS)
  • Important financial information collected from almost every TPS payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger
  • Annual reports and financial statements of competitors and general news items
Elements of usable MIS
  • Timeliness
  • Accuracy
  • Consistency
  • Completeness
  • Relevance
MIS Reports

Scheduled Report - Produced periodically (daily, weekly, monthly) or on a schedule

Key-indicator Report - Summarizes the period's critical activities & typically available at the beginning of each period

Demand Report - Gives certain information at a Manager's request

Exception Report - Automatically produced when a situation is unusual or requires management action

Monthly Reports - Open Invoices, Unpaid Vendors List, Age wise List for Customers, Payroll Summary, Pay slips, YTD Income Statements, YTD Balance Sheet, Cash flow Statement, Bank & Reconciliation Statement, Forecasts, Budget vs. Actual Review Reports

Quarterly, Half Yearly and Yearly Reports - Trial Balances, Financial Statements, Finalization Report

Review & Compilation: We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:

  • Review - some analytical procedures conducted with limited assurance
  • Compilation - based upon client information provided and used primarily for internal use
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