Harun Raaj & AssociatesHarun Raaj & Associates
+91 93008 97008Contact
Operations & CFO Services

MIS & Management Reporting

MIS Reporting

Start — upload documents, pay when ready →Talk to a CAWhatsApp us
SCOPEConfirmed in writing

Overview

MIS reporting is the preparation of the periodic management reports that translate a business's financial and operational data into the information its decision-makers use — the monthly P&L against the budget, the cash flow and the working capital, the receivables and the inventory, the sales and the margin analysis, the variance explanations. The reports are built from the books and the operations, and they are the bridge between the accounting and the management.

The management report is the business's dashboard, and its value is in its discipline — the same reports, on the same calendar, against the same benchmarks, so the trends are visible and the variances are questioned. The P&L that is compared with the budget, the cash that is forecast, the receivables that are aged — each turns the data the business already has into the decisions it needs to make.

The cost of an unreported business is the decision made without the numbers: the price cut that the margin analysis would have stopped, the credit extended that the ageing would have flagged, the cash crisis that the forecast would have seen coming. The reporting is the cheapest form of control a business has.

This service is for businesses that want their performance visible. We build the MIS reports — the P&L against the budget, the cash and the working capital, the receivables and the inventory, the margin analysis — deliver them on the management calendar with the variance explanations, and review the numbers with the leadership so the decisions are made on the reports, not around them.

How It Works

  1. 1

    Reporting Framework Design

    We design the reporting framework around the business's metrics.

    Harun Raaj & Associates does this1 week
  2. 2

    Data & Book Integration

    We integrate the books and the operational data into the reports.

    Harun Raaj & Associates does this1-2 weeks
  3. 3

    Report Preparation

    We prepare the P&L, the cash, the receivables and the margin reports.

    Harun Raaj & Associates does thisMonthly
  4. 4

    Variance Analysis

    We analyse the variances against the budget and the prior periods.

    Harun Raaj & Associates does thisMonthly
  5. 5

    Management Review

    We review the reports with the management and support the decisions.

    Harun Raaj & Associates does thisMonthly

Frequently Asked Questions

What statutory framework governs the financial statements that feed into our monthly MIS pack?
For companies, the financial statements underlying your MIS must be prepared in accordance with Schedule III of the Companies Act 2013, which prescribes the format for the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement. The Accounting Standards notified under Section 133 of the Companies Act 2013 — specifically AS 3 for cash flow statements and AS 17 for segment reporting — govern how figures are classified and disclosed. For listed companies, Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 apply. Your monthly MIS pack is typically a management-use condensed version of these statutory formats, adapted to your operational KPIs and cost centres. We align the MIS structure to the statutory chart of accounts so that year-end audit adjustments do not create reconciliation surprises.
How should our MIS pack handle the treatment of deferred tax when presenting management P&L?
Under AS 22 (Accounting for Taxes on Income), companies following AS must recognise deferred tax assets and liabilities arising from timing differences between book profit and taxable income. For MIS purposes, most management teams prefer to see both a 'book profit before deferred tax' line and a 'book profit after deferred tax' line so that operational performance is not obscured by non-cash deferred tax movements. Listed companies under Ind AS must follow Ind AS 12, which uses the balance-sheet liability method and requires recognition of deferred tax on virtually all temporary differences. We build the MIS pack to show a tax waterfall — current tax estimated under Section 115JB (MAT) or the regular provisions of the Income Tax Act 1961, plus the deferred tax movement — so management has a clear view of the effective tax rate each month.
Can our monthly MIS variance analysis be used as supporting evidence during an income tax scrutiny assessment?
A well-prepared MIS pack can serve as contemporaneous management evidence during scrutiny proceedings under Section 143(3) of the Income Tax Act 1961, particularly where the Assessing Officer raises queries on revenue recognition timing, unexplained expense spikes, or profitability dips. The MIS should be date-stamped and circulated to management via a documented process (board packs, email distribution) so it has evidentiary integrity — an MIS prepared only after a notice is issued carries little weight. Under Section 133(6) of the Income Tax Act 1961, the AO may call for books, registers, or documents, and a consistent MIS series demonstrates that management accounts reconcile to the audited financials. We specifically design variance commentary in the MIS to address material deviations in a manner that is audit-defensible, referencing the relevant cost-centre or project code that explains the movement.
We have subsidiaries in two states with different GST registrations — how should the MIS consolidate revenue without double-counting intercompany transactions?
Each GSTIN-registered entity must account for inter-unit supplies as a supply under Section 25 read with Section 7 of the CGST Act 2017, and an invoice or ISD credit note must be raised for cross-charge or common services; these inter-company revenues and costs must be eliminated at the consolidation layer of the MIS. Under Schedule III of the Companies Act 2013 (as amended in 2021), even for management accounts, intercompany balances and transactions must be identified separately and eliminated to avoid inflating group revenue and costs. The GST Input Tax Credit flow between registrations — governed by Rule 36 and Rule 54 of the CGST Rules 2017 — must also be reconciled monthly so that the MIS cash flow statement reflects the actual net GST outflow and the ITC ledger balance. We design a consolidation worksheet that maps each GSTIN's trial balance to the group chart of accounts and eliminates intercompany entries before building the consolidated P&L, cash flow, and KPI dashboard.
What KPIs should a manufacturing company with export revenue include in its MIS pack from a transfer pricing and tax perspective?
For a manufacturer with export revenue, the MIS should track the segmental operating margin separately for export versus domestic sales, because under Section 92 of the Income Tax Act 1961 any international transaction with an associated enterprise must be at arm's length, and a consistent MIS showing arm's-length pricing strengthens transfer pricing documentation required under Rule 10D of the Income Tax Rules 1962. The MIS should also track the Export Turnover ratio monthly, since Section 10AA deductions (for SEZ units) and the deemed export benefits under the Foreign Trade Policy 2023 are turnover-linked. Working capital KPIs — debtor days, inventory days, and creditor days — should be presented by currency, because FEMA Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations 2015 requires export proceeds to be realised within nine months (or fifteen months for project exports). We include a monthly FEMA repatriation tracker and an ECGC utilisation summary in the MIS pack for clients with significant export receivables.

Ready to get MIS & Management Reporting?

File a request in under 2 minutes. Our team contacts you within 24 hours.

Start — upload documents, pay when ready →