Compares budgets and plans to actual performances and figures.Helps in cost control by pointing out turnovers, idle times, wastage of resources etc.This allows the management to make decisions about the future. MIS reports allow for evaluation of the performance of employees, machinery, and even money (investment).Capabilities of Computer System and Limitations of Computer Systems.Evolution and Features of Computerised Accounting Systems.Meaning and Elements of Computer System.This helps managers evaluate progress and delegate work more efficiently, raising the overall efficiency of the organization.īrowse more Topics under Application Of Computers In Accounting MIS scientifically collects, stores, process and communicates information relating to various activities across the organization. The old management system which was at times random, based on intuition and unscientific approaches has been replaced by MIS. MIS generally focuses on accounting and economic aspects of a firm, analyzing problems and providing solutions. It has software (that help make the decisions), users (managers), databases, all hardware necessary and applications (people and project management applications) as well. Since it is a computer system, it includes elements of the computer system as well. MIS helps organize such information, so decision making becomes easier right from simple low-level decisions to strategic plans made at the top level of management. This also helps the managers make decisions based on the information and analysis the MIS provides.Īs a business grows in size, the management of information and the decisions based on such data get more complicated. MIS actually helps the organization, especially the managers, to organize and evaluate information and data, and provide information in a timely and efficient manner. Management Information System, more commonly known as MIS is a computer-based system.
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