Don't prepare reports out of routine, be accountable!
All organizations prepare routine MIS reports. These reports serve the purpose of reporting the financials and the overall health of the organization. The financials are prepared monthly and are prepared to make year-end accounting easy and quick. However, it is observed that the MIS is prepared as a routine activity and the profits reported do not match the audited profits. This defeats all the efforts of preparing monthly financials. Lean accounting ensures alignment of internal reporting so that it can serve as a base for external reporting and ensure accuracy and swiftness.
Monthly reporting must serve not only the management but also all other stakeholders.
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