MIS reporting sounds technical. In practice, for a startup or a small business, it means one thing: a short set of reports, every month, that shows how the business performed and where it stands.
What goes into a monthly MIS pack
- Profit and loss. Income and costs for the month, compared with last month and with budget.
- Balance sheet. What the business owns and owes at month end.
- Cash flow. Where cash came from and where it went, which often tells a different story from profit.
- Budget vs actual. The variance against the plan, with the big movements explained.
- Receivables and payables ageing. Who owes you, whom you owe, and for how long.
- Compliance status. Which GST and TDS filings were made for the month.
Who reads it
- Founders and owners, to decide on hiring, spending and pricing.
- Investors and boards, who usually expect a monthly or quarterly update after a raise.
- Lenders, who may ask for regular financial statements.
- Department heads, who need to see their own spend against budget.
Why MIS only works on closed books
An MIS pack is only as reliable as the books underneath it. If the bank accounts are not reconciled, cash in the report will not match cash in the bank. If the month has not been closed, accruals are missing and profit is overstated or understated.
That is why good MIS starts with bookkeeping, reconciliations and a month-end close, and only then moves to reporting.
How often, and how fast
Monthly is the usual rhythm. The useful question is how soon after month end you receive it. That depends on how quickly the books are closed, which in turn depends on how quickly documents arrive.
Getting a monthly MIS pack
FigureWise prepares MIS from books it has closed and reconciled, in a format agreed with you and kept the same every month. MIS can be taken on its own or with bookkeeping and compliance under one retainer.
