Business executives are responsible for developing and implementing various financial tools for risk minimization and opportunity forecasts. A financial controller helps the executives manage all finances and accounting operations through effectual digitization, and by adopting innovative technological skills to meet future demand.
Management Information System – MIS Reporting is a set of reports that give a clear picture of an organization’s accounts, finances, and inventory and further helps the management to assess the business’s performance and ensures prompt decision making.
Features Of MIS Reporting
1. Cost center-wise profitability
The cost center (like Accounting, HR, or IT departments, etc.) does not directly add to the organization’s profits, but its function helps the managers in keeping their costs in line or at least within the budget effectively.
Benefits
- Fixes better fiscal responsibilities among the managers and teammates
- Ensures better customer experience through service departments in direct contact with customers to generate revenue.
- Improve the decision-making of the managers.
- Identify the current deficit and plug the loopholes.
2. Management Accounting
Management accounting is an internal system of accounting that generates statements, documents, and reports of the business easing out the decision-making process for the management. Its main objective is to raise profits and avoid losses.
Benefits
- Better planning
- Prompt and accurate decision making
- Controlling business activities efficiently
- Analysing Financial Reports
- Explore the problem areas of the business and resolve the issues accordingly
- Motivate the employees for better performance
- Cost transparency
3. Branch-wise Profitability
Branch-wise profitability reports evaluate the overall performance and profitability of the business.
Benefits
- The responsibility of the branch managers can be fixed through data analysis by top-level management, thereby holding them accountable for their decisions.
- The profitability of each branch is compared with the planned strategies, thus felicitating the overall growth of the business.
- Identify and improve the staff’s efficiency in a branch.
4. Cashflow management
Cash flow is a system in management that tracks the inflow of funds and their distribution for paying bills, salary, etc., and allocating funds to obtain desired profits. It gives a complete picture of Cost vs Revenue.
Benefits
- Cash flow analyses and evaluates the working capital of the business.
- Cash flow analysis enables the management to divest the outstanding and generate profits thereon.
- Helps in short-term planning
- Provides details of expenses under various heads
- Convincing the investors based on the goodwill earned by the business.
- Proper planning of the funds avoids overspending.
5. Budgeting
Budgeting is the process of preparing a plan to manage the monetary expenditure of the business. It is a financial activity that estimates income and expenses over a certain period and ensures an effective tool for the executives in managing the business funds.
Benefits
- Availability of funds and resources to effectively manage the finances of the business.
- Monitor the business performance while setting future goals.
- Improve decision-making process
- Helps in motivating the staff
- Improves clarity and focus in the business activities
- Prepare the management to deal with finances during emergency
- Enhances credit worthiness, thereby attracting investors
- Allocating money for paying taxes
- Ensure adequate working capital to pay debts.
6. Working Capital Management
It is a process by which a business entity enhances its current assets and liabilities effectively to achieve its goals.
Benefits
- Improve liquidity
- Earn short-term profits
- Maximise operational efficiency
- Better inventory management and management of accounts receivables and accounts payable.
- Helps to tackle cash crunches
- Strengthens the work culture
Financial Controllership through MIS reporting is crucial for the growth and success of the business. Azalea Advisors specializes in providing MIS reporting services that enable businesses to make informed decisions. With the cooperation of efficient Chartered Accountants and financial planners in Pune that use digital technology to aid organizations in managing their people and take decisions in a better way.
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Director - Expert Academic Help Services LLP
Payroll was never a problem when we had about 50 employees. However, when the strength increased to 100+, processing payroll became increasingly difficult to manage in-house. The number of man-hours spent on it was too much then we decided that it was the right time to outsource payroll to expert Payroll management consultancy. The relationship with Azalea Advisors has been excellent. Team Azalea has taken care of our company's end-to-end payroll right from employee master creation to processing salary. The implementation process was smooth and efficient and they were able to migrate the entire excel data into the application in weeks time. Their account management team and support team are very responsive. I will definitely recommend them for their payroll services. Looking forward for a continued relationship.
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CEO – Grand View Research Private Limited
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Director – Global Market Insights Research Private Limited
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Director – Global Market Insights Research Private Limited
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Director - Involute Metal Powder Technologies LLP
