prakash_mdl Started The Discussion:
dear friend , pl. tell about financial MIS REPORT AND cluse , section ,act, for the calculation of RM COST ( all of P&L CONTENTS) PRAKASH
MIS is monthly,Quarterly,Six monthly and yearly statements and records to Management of Company to make them aware of Financial and Non Financial Information.
M Management - Senior-Middle-Bottom level management
I Information - Financial - Nonfinancial
S System - Method of Communication and Network of Info.
System can be automated or Manual
Statement Includes for Eg.
Profit and Loss account
Budgeting - Periodic & Product wise
Standard costing - Marginal costing data.
Day to day current asset and current liability.
MIS is important to Management as they are not day to day involved in management and this information is Basic Rawmaterial to Make Strategic decesions.
A management reporting system can be defined as an organised method of providing each manager with all data and only those data which he needs for his decisions, when he needs them and in a form which aids his understanding and stimulates his action.
Modes of reporting
reports may be presented in any of the following forms.
Kinds of reports
1. According to purpose
a. external reports, b. internal reports
2. According to period
a. routine reports, b. special reports
3. According to function
a. operating reports, b. financialreports
Reports meant for the top management.
Board of Directors
1. quarterly balance sheet and P/L account
2. quarterlt funds flow statement
3. quarterly production cost statement
4. quarterly machine and labour utilisation statement
1. monthly production cost stetement
2. montly machine utilisation-department- wise
3. montly labour utilsation stetement- department wise
4. montly material scrap stetment-department wise
1. montly reports of orders received, order executed, order pending-division wise.
2. montly reports of finished goods, stock position
3. montly reports of selling and distribution cost-division-wise
4. montly reports of credit collection, arrears and bad debts-division-wise
1. montly funds flow statement
2. montly abstract of receipts and payments
Reports meant for the middle management
1. weekly reports of idle time and idle capacity-dept wise
2. weekly reports of scrap- dept wise
3. weekly reports of production costs
4. weekly production statement
Sales Divisional Manager
1. fortnightly report of budgeted and actual sale area wise
2. fortnightly report of cradit collection, out standig and bad debts
3. fortnightly report of orders booked, orders executed and orders outstanding.
4. fortnightly reports of stock position
Reports meant for junior level managment
1. daily reports of idle man time and machine utilisation
2. daily scrap report
3. daliy report of production- budgeted and actual
Sales area supervisor
1. weekly reports of sales - sale man wise
2. weekly reports of orders booked, executed and outstanding
3. weekly reports of cradit collection, outstanding and bad debts.
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