How MIS Reporting Empowers UK Accounting Practices to Track Client KPIs Effectively
In a competitive accounting market like the United Kingdom, accounting practices are required to make multiple small and big decisions to stay relevant. While experience and instinct can give you guidance, you will need a good amount of data to make important and strategic decisions. Therefore, having the correct data in your hand is important, and in this endeavour, Management Information Systems (MIS reporting) will be quite helpful.
These days, all the relevant data are available from multiple sources, and MIS will gather and store the data for you. These data will then be used to prepare customised reports for your clients. By having a well-designed MIS, you will be promoting efficiency and accuracy for your clients. Your accounting practice also has the job of tracking the KPIs for your clients, which can be a difficult task if you have data stored at multiple sources.
MIS reporting is done through multiple tools, to understand these tools and its importance you can check out our blog on Top 5 MIS Reporting Tools Every Business Should Use. For now, let’s focus on MIS reporting and how it will aid in tracking KPIs for your clients.
Centralised Data Access and Real-Time Insights
MIS reporting will help your accounting practice in gathering financial and operational data from multiple sources in a single central location. Thus, ensuring that your accountants can get real-time information about their client’s financial health and performance. Getting real-time KPIs such as cash flow, revenue growth, and profit margins will help your practice monitor trends and identify and solve issues quickly.
To get such centralised data access, you will require MIS reporting tools, but integrating it with your systems and then running it requires expertise which your in-house team will lack. To overcome this problem, you must choose outsourced accounting services offered by accounting service providers. These service providers use multiple MIS tools to provide single-point data access, such as the Power BI tool offered through Power BI Consulting & Development Services by numerous service providers. To learn more about the best MIS reporting tools, check the blog on the Top 5 MIS Reporting Tools Every Business Should Use.
Customised Reports for Better Decision-Making
Reports can be customised by focusing on specific KPIs that are applicable for your clients. For example, if your client is in the construction business, then its main focus will be on project profitability. At the same time, an eCommerce client will focus on sales performance and inventory turnover. By making the reports client-specific, you are focussing only on the relevant KPIs, meaning offering your clients relevant information and advice, thus helping them in making important decisions.
Tracking Financial KPIs
It’s a big responsibility for your accounting practice to ensure your clients are fully compliant with UK tax regulations set by HMRC and to find growth opportunities for them. For that you will have to maintain a close eye on financial KPIs such as revenue, gross profit, and working capital. MIS reporting will help you in tracking these KPIs accurately and will enable you to provide your clients with the data required for doing tax filings, making loan applications, and doing performance evaluations.
Reducing Errors Through Automation
Tools and software prepare MIS reports, allowing your practice to eliminate the risk of manual errors in data entry and calculations. Tools such as Power BI can automate the process of report generation, thus saving time and allowing your accountants to focus on analysing the data generated and on other core activities. Using MIS reporting tools, you will be able to create accurate reports in less time for your clients, thus helping them make informed decisions.
Forecasting and Trend Analysis
MIS reporting is not only about generating reports based on historical data but it also helps in making forecasting. It can analyse trends and help your in-house accounting team to project the future based on your clients current KPIs. This will help them in getting a clear picture as to where they are heading.
Maintaining Transparency and Better Client Engagement
Your clients will surely prefer reports that are precise, consistent and to the point and MIS reporting will help you in achieving that. Your clients will get access to dashboard view to monitor their KPIs, this will foster better engagement. With regular reporting you are building the trust with your clients and maintaining full transparency on key metrics.
Benchmarking Client Performance
Through MIS reporting you will be able to benchmark your client’s performance against the latest UK accounting standards or the best performing competitor. Through this comparison you will be able to identify where your client is excelling and where it is underperforming. The benchmark will assist your accountants to advice your client, thus helping them in remain competitive.
Conclusion
In conclusion, we would say that accounting practices in UK already have tough time in dealing with multiple complex regulations and highly competitive business environment and MIS reporting is here to make things better. In this blog, we have explained how MIS reporting will strengthen the capability of your accounting practice to monitor KPIs efficiently, optimise client performance, and enhance decision-making.
We are highly confident that your in-house team is highly capable of handling MIS reporting and its related tools. However, it requires a significant amount of training and investments in integration, leading to a substantial burden on the budget. You should also consider that other accounting tasks will occupy your in-house accounting team, leaving them with less time for MIS reporting. Hence, it will be wise to find alternatives that improve your practice efficiency and, at the same time, be budget-friendly; only outsourcing can achieve this.
Multiple outsourced accounting service providers in the United Kingdom currently offer MIS reporting services to various accounting practices, but Corient UK stands out as the most proactive. Outsourcing accounting service provider based in Coventry, UK. We focus on offering efficient services with the perfect combination of high-tech and expert professionals. We offer Power BI Consulting & Development Services that will take care of your MIS reporting along with other accounting services in bookkeeping, payroll, year end, and VAT. Remarkable qualitative changes to the operations of multiple practices and can achieve the same for you. State your doubts or requirements on our website contact form, and our executive will get in touch with you at the earliest. We are looking forward to a lasting and productive partnership.