What is a Management Reporting System?
A management reporting system is a part of a management control system that provides business information. This information can be in the form of reports and/or statements. The system is designed to assist members of the management by providing timely pertinent information.
Why do we need an effective management reporting system?
* Constant need of reports for decision making and analysis of trends *Reports being unavailable with the right stakeholders at the right time *Lack of visibility and a single holistic view of the enterprise performance
How an Effective MIS Helps?
*Improve decision making *Improves management effectiveness *Improves responsiveness to issues *Improve efficiency of resources in the delivery of organizational services *Competitive Advantage
Five essentials of an effective management reporting system:
- The system should be flexible enough to adjust to all the requirements that are made by the user
- Management Reporting system is expected to be accurate
- MIS is Effective only when Basic Accounting and Process are effective
- high-level of consistency
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