How to Create MIS Report in Tally
This blog post will teach you everything you need to know about MIS reports and how to create them in Tally.
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One of the most crucial tools for any organisation is the MIS report. It provides you with a clear picture of where your company is and where it needs to progress. This blog post will teach you everything you need to know about MIS reports and how to create them in Tally.
Full Form of MIS Report: A management information system is abbreviated as MIS. Executives and senior management from all departments refer to MIS reports, which are generated after gathering, comparing, and analysing data linked to daily tasks and overall company processes.
What is MIS Report?
The MIS report gives a bulleted summary of the several verticals that must be monitored for the effective operation of your firm. The primary purpose of this report is to compare the performance of business activities to defined parameters.
How MIS Report Works?
They provide a brief perspective of a company's performance in terms of revenue, orders, customer queries, human resource indices, employee performance, and attrition. It aids in the identification of issues, pressure points, and bottlenecks.
MIS is essentially an integrated solution of systems, hardware, processes, storage, and report generation for efficient organisation management. Businesses might implement new practises that result in greater performance by analysing the variation between the estimated target and the achieved results. These reports' key contribution is to compress different figures in order to provide insights into the business model.
Types of Management Information System Reports
The following are examples of management information system reports. These MIS reports are simple to create in Excel and Tally. Among them are:
- Sales MIS Reports: The sales and marketing teams develop and manage sales MIS reports for transactional analysis of various products and services. The study is based on variance, which is the difference between expected and actual sales
- MIS Reports in Accounts: Accounts reports give information on assets, liabilities, expenditures, and income. Developed for a variety of objectives by the production, marketing, and sales divisions. Cash flow statements, production reports that include production targets, and sales variation reports are all appropriate examples.
- Budget Reports: A budget report is required in any organisation to manage assigned funds and decrease expenses. Production budget, expense budget, cash budget, and other standard budget reports can be generated.
- Production Reports: The manufacturing department is in charge of producing production reports that compare specified production targets to the final production count. The difference between the targeted and delivered output helps to quantify the overall process efficiency.
- Cashflow Statement Report: The business operations department can use this Management Information System report to examine the inflow and outflow of cash during a specific time period. It also aids in tracing the sources of funds used for the outflows.
- Trend Reports: Trend reports allow you to compare historical and present performance. These reports show how a business unit or product category is doing. Such management information system reports are necessary to compare actual performance to predicted numbers.
Benefits of MIS Reports
Management information reporting is an essential component of business administration. Here are some of the benefits of reports for top management.
Data Administration and Trend Analysis
Mathematical tools are used in management information systems to assist with data administration, analysis, and storage. Such information provides precise insights for trend analysis, strategic planning, and company forecasting.
Goal Setting
Setting goals is made easier by MIS reports, which provide detailed data insights and analysis. Detailed studies assist in analysing current market patterns and forecasting future outcomes.
Identifying Problems
MIS system reports assist in calculating labour working hours and machine operating hours. The idle hours of both the machine and the crew are also mentioned in these reports. Thus, MIS reports come in handy if there is a problem with resources, work hours, or time management.
Increased & improved efficiency
MIS reports aid in increasing the efficiency of machinery and labour. Everything can be tracked, from sales, inventory, production, and cashflows through profits, losses, and so on.
Reduced costs & errors
MIS reports are built using OLTP, or online transaction processing, which allows for quick data collecting and processing. This helps businesses save time and money on data processing, which leads to faster decision making and goal planning.
MIS Report in Tally
There is no limit to the amount of reports that Tally can generate for management. However, depending on how the report is generated and the unique demands of the report, it can be divided into two major types.
Generic/Preset MIS Reports
These are standard reports that top-level management frequently uses to analyse corporate performance. These MIS reports are simple to create in tally because users can access them immediately from the tally windows. Balance Sheets, Profit and Loss Statements, Inventory Valuation, Ratio Analysis, and many more common MIS reports are among the most popular.
Steps to Generate Standard/Preset MIS Report in Tally Prime
- Log in to Tally Prime and open the Company for which you want to generate the MIS report.
- Go to the Gateway of Tally
- Select the required MIS Reports.
- Click F2
- Enter the required period for which you want to generate the report
- Click F12: Configure
- Configure the required options as per your need and click enter
- The required MIS report will be displayed. Customized MIS reports
- You can either print it by pressing “Ctrl +E” or export it by Pressing ” CTRL +E”
Customized MIS Reports
Customized MIS reports are those that are prepared to provide precise details about an item, ledger, account, or balance. To create a customised MIS report, first analyse the business requirements and then construct the report in tally accordingly.
For example, debtors with a past-due balance of more than six months, negative account payable balances, sales/purchases of specific items, and so on.
Steps to generate customized MIS Reports in Tally Prime
- Log in to Tally Prime and open the Company for which you want to generate the MIS report.
- Go to the Gateway of Tally
- Select Display
- Select the required Account Books, Ledgers, Day Book, Voucher, etc.
You can choose any statement, account or books based on your requirements
- Click F2 and Enter the required period for which you want to generate the report.
- Click F12 and Configure the required options as per your need and click enter.
- Click Alt + F12 and Set rules to generate required specifics using filter
- Press Enter to generate the Report
You can either print it by pressing “Ctrl +E” or export it by Pressing ” CTRL +E”
Examples of MIS Reports in Tally
Tally MIS reports ERP 9 aids with both excellent decision-making and strategic planning. Some good Tally MIS report examples are:
- Comparative and exception reports in a multi-columnar format
- Debtors’ payment performance
- Stock aging and movement analysis
- Ratio & job costing analysis
- Scenario management
- Income and expenditure statements
Factors to Keep in Mind While Developing MIS reports in Tally
- Create report templates in MS Excel and make sure that you are well-aware of how to use an excel sheet.
- Prepare MIS templates that are easy to read and comprehend for other staff and upper management.
- Collect all relevant data from the concerned departments.
- Mine the data so that all unnecessary information is removed.
- Use the Excel formula for connecting the above data with the MIS template.
About Jordensky
At Jordensky, we are committed to providing an experience of the highest caliber while specializing in accounting, taxes, MIS, and CFO services for startups and expanding businesses.
When you work with Jordensky, you get a team of finance experts who take the finance work off your plate– ”so you can focus on your business.
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