MIS Reporter Jobs

MIS and MIS Report

MIS stands for Management Information system. It is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization.

MIS report is an overall performance report of an organization that contains information from multiple departments.

MIS reports consist of several types of reports to analyze the company's performance and plan the next set of actions.

It is a powerful system to assist decision-makers to take smart decisions. A part of this well-organized system is MIS reports, the assistant behind the decisions. The reports encompass data from all the divisions of a company, from sales to HR, to provide insights. These reports are prepared for a specific period and for a specific decision-maker. A store’s weekly sales report is for the concerned store manager while the monthly sales report of all stores is for the owner.

How do MIS Reports work? 

MIS reporting gives an overall picture of all the happenings in a company viz orders, revenue generated, queries raised by customers, the performance of employees, etc. These reports will determine the performance by comparing the target achieved with the target planned for a particular period. After analyzing what's working and what's pulling them down, businesses can adopt the best practices that would give better results. This is the fundamental purpose of MIS reports.

An MIS report can be described as a system that provides important information for the management of your company. MIS collaborates with people, technology, and business processes within an organization. It also describes how the relationship with other organizations and people affect your company.

An MIS report is used to highlight the day to day business activities, which enables you to monitor your organization's progress. These reports provide critical insights during decision making. It serves as a reference point to monitor your business and communication. In this new era of emerging technologies, management information systems have become a vital part of successfully running a company.

MIS Reports are reports required by the management to assess the performance of the organization and allow for faster decision-making. 

A Management Information System is often simply referred to as MIS. There is the management, the information, and the system. At the heart of it, such a system is one that will provide important information to the management of the company.

The complexities of running businesses, have made us more reliant on advanced technologies which will remove any room for errors. On one hand, it accurately states what a management information system does for the management of the company. On the other hand, it cannot be overemphasized that management information systems are very important to the smooth running of a business. It is crucial that businesses opt for an automated management information system is set up for better decision-making.

What is the need for MIS?

The following are some of the justifications for having an MIS system

• Decision makers need information to make effective decisions. Management Information Systems (MIS) make this possible.
• MIS systems facilitate communication within and outside the organization – employees within the organization are able to easily access the required information for the day to day operations. Facilitates such as Short Message Service (SMS) & Email make it possible to communicate with customers and suppliers from within the MIS system that an organization is using.
• Record keeping – management information systems record all business transactions of an organization and provide a reference point for the transactions.

Components of MIS

The major components of a typical management information system are;

• People – people who use the information system
• Data – the data that the information system records
• Business Procedures – procedures put in place on how to record, store and analyze data
• Hardware – these include servers, workstations, networking equipment, printers, etc.
• Software – these are programs used to handle the data. These include programs such as spreadsheet programs, database software, etc.

Types of information system

Management information systems find their way into just about every aspect of a company. They work with the people in the company, the technology in the company, its products, and the inter-relationships between all of these on a day-to-day basis. If you implement an MIS in your company, then the levels of efficiency you could potentially achieve with it are mind boggling.

How MIS report is prepared?

Essentially, MIS reports involve preparing a condensed and indexed list of various aspects and parameters of one or more departments such as orders, revenues, workforce data, attrition details, and other HR-related data to compare it with a predefined set of matrix sets for a particular organization.

Some HR and Accounts Terms and their Meanings

Cost to Company (CTC)

Cost to Company (CTC) is the yearly expenditure that a company spends on an employee. Each employee spend depends on their salary and variable. CTC is calculated by adding salary and additional benefits that an employee receives such as EPF, gratuity, house allowance, food coupons, medical insurance, travel expense and so on. CTC in colloquial terms is the cost an employer bears to hire and sustain its employees.

Formula: CTC = Gross Salary + Benefits.

If an employee's salary is ₹40,000 and the company pays an additional ₹5,000 for their health insurance, the CTC is ₹45,000. Employees may not directly receive the CTC amount as cash.

1. What is Cost to Company (CTC) and gross salary?

   Gross salary is the aggregate amount of compensation discharged or spent by an employer or company towards the employment of an employee, before any deductions. The aggregate compensation would be the Cost to Company or CTC to employees.

2. How is Cost to Company (CTC) calculated in salary?

   CTC = Direct Benefits + Indirect Benefits + Savings Contributions

   • Direct Benefits: This refers to the employee's take-home or net salary or the amount paid to the employee monthly by the employer and is subject to government taxes.
   • Indirect Benefits: These refer to the benefits that employees enjoy without paying for them. While the company pays them on behalf of the employee they are added to the employee’s CTC since it is an expense from the company’s point of view.
   • Savings Contribution: This refers to the monetary value added to the employee’s CTC, for eg: EPF.
     
     

3. What does Cost to Company (CTC) include?

   CTC contains all the monetary and non-monetary amounts spent on an employee. These include:

   • Basic Pay
   • Dearness Allowance (DA)
   • Incentives or bonuses
   • Conveyance allowance
   • House Rent Allowance (HRA)
   • Medical allowance
   • Leave Travel Allowance or Concession (LTA / LTC)
   • Vehicle Allowance
   • Telephone / Mobile Phone Allowance
   • Special Allowance
     
     

4. What is expected Cost to Company (CTC)?

   Expected CTC is a term used to understand what a candidate is expecting from the organisation in terms of his/her CTC.

5. Is Cost to Company (CTC) the same as take-home salary?

   Take-home pay is the net amount of income received by the employee after the deduction of taxes, benefits, and other voluntary contributions from their paycheck.

   Whereas CTC or Cost to Company is the sum or total amount a company is spending on an employee in a year. It includes the Take Home Salary along-with other benefits and allowances.

6. What is Cost to Company (CTC) breakup?

   The CTC is made up of several different components including the take home pay, benefits, allowances, and more. Here are the crucial components of the CTC break-up:

   1. Basic Salary: This is the largest part of the salary structure usually comprising 40-45% of CTC.
   2. HRA: The employer provides house Rent Allowance to the employee to meet accommodation expenses in the city of employment.
   3. Medical Allowance: It is a fixed amount paid by the employer to the employee irrespective of the actual expenses incurred for medical treatment.
   4. Employee Contribution to EPF: It is a contribution of 12% of basic salary along with dearness allowance (if any) and is deposited in the employee’s EPF account.
      
      

7. What are the Cost to Company (CTC) Benefits in India?

   There are two kinds of benefits, direct and indirect:

   1. Direct Benefits: These are paid to the employee monthly and form part of their take-home pay after deducting income tax plus any additional state taxes.
      
      
   2. Indirect Benefits: Benefits (also called Perquisites in legal Indian government terms) that an employee enjoys without paying for them. The company takes care of these however they are added to the monetary value to an employees CTC since it is an expense for the company.
      
      

8. How to make the most of Cost to Company (CTC) being offered?

   When negotiating, make sure to try and increase the direct benefits component as much as possible. Here are a few ways:

   1. Ask for conveyance allowances rather than a pick-up or drop facility, since this is tax -free.
   2. Ask for food allowance and the option to convert your subsidized food bills to it.
   3. In case the company is offering ESI benefits, ask if the health cover can be converted into into medical reimbursements.
   4. Ask for health cover for family members.
      
      

9. What is the difference between CTC and in hand salary?

   In-hand salary is the net amount of income received by the employee after the deduction of taxes, benefits, and other voluntary contributions from their paycheck.

   Whereas CTC or Cost to Company is the sum or total amount a company is spending on an employee in a year. It includes the In-hand salary along-with other benefits and allowances.

Gross Salary

Gross salary is the amount of money paid to an employee before taxes and deductions are discounted. It is the gross monthly or annual sum earned by the employee.

Gross salary is determined by the employer when the job is offered. This gross salary might come from different sources such as wage, commissions, tips, bonuses and any other economic incentive received as part of the wage and it is the baseline for any calculation made regarding the employee’s income.

The gross salary doesn’t take into account deductions or taxes that are taken out after the payment is issued, because it is the pre-negotiated amount of money stipulated at the job contract. Later on, the gross salary will be reduced by these deductions, to comply with federal or state laws or also, to pay for any other financial commitments taken by the employee that are directly taken off its gross income.

The gross salary figure helps the employee compare its level of compensation with the market average to see if his salary is competitive and rewarding, in relation to similar industry peers. On the other hand, gross salary serves as a measure to determine the employee’s payment capacity, to engage in any debt commitment.

1. What is meant by a gross salary?

   The gross salary or the CTC, is the compound salary that is entitled to the employee before all kinds of deductions are made to it.

2. How to Calculate Gross Salary?

   Gross Salary will come down to the addition of the basic salary along with all the special allowances the employer or the manager offers to the employee. This, of course, does not take into account any kind of tax deductions or any other cuts.

3. What are CTC and Gross Salary?

   CTC and Gross salary are interchangeable terms. They both have the same meaning and both can be calculated as the sum of an employee's basic salary and all the special financial allowances that they receive from the employer.

4. What is the difference between Gross Salary and Net Salary?

   The difference between Gross salary and the net salary is that while the gross salary is the sum of all the special allowances along with the basic salary, the net salary will also consider all the tax deductions and pay cuts that also come with the same.

5. What are the components of Gross Salary?

   Base Salary: The basic monthly salary that is not subject to any deductions, does not take into account any kind of allowance or benefit.

   Prerequisites: Like the bonuses or the fringe benefits an employee is entitled to by the org that they work for.

   Special allowances: Like Mobile allowance, Wi-Fi and network allowance, house rental allowance, and more.

Net Salary

Net salary is the ‘take home’ salary of an employee after statutory deductions such as taxes are made from the gross salary. Net salary is the amount an employee receives after the statutory deductions. Net Salary is the actual amount which is credited to the bank account of an employee. Income Tax is based on the Gross Pay of an employee.

Net Salary = Basic + Additions (Bonuses, Allowances) – Deductions.

Salary calculation in India

Ideal components of salary structure in India

1 .Basic salary + allowance

It is central component and the core of the salary structure. This is usually the largest component of the CTC that represents 40-45% of the total CTC. The base plays an important role in the definition of salary because other components such as Provident Fund, Gratuity and ESIC depend on it.

The high cost allocation (DA) was introduced as part of the salary to reduce the burden of inflation on salaried employees. This amount is generally established around 5% of the total CTC and, like the base component, also has an effect on PF, ESIC, etc.

2. Housing Allowance (HRA)

3. Leave the trip allowance (LTA)

4. Transportation allowance

The transportation allowance was eliminated as of April 2018. Employees do not need to collect or present proof of transportation.

5. Medical allowance

The exemption from the medical allowance was eliminated as of April 2018. Employees do not need to collect or present medical evidence.

6. Childrens education allowance

This component is paid for employee school fees and is tax deductible up to Rs. 100 per month for up to two children. Therefore, this amount is generally set to no more than Rs. 2,400 per year for an employee.

CTC calculation formula

In CTC Salary Distribution will be

(1) Basic Salary + HRA + DA

(2) Conveyance allowance+ Medical + Other / Special Allowance if any

(3) Employers Contribution for PF (12% of Basic)

Employers Contribution for ESIC (4.75% of Gross)

(4) Employees Contribution for PF (12% of Basic)

Employees Contribution for ESIC (1.75% of Gross)

Gross Salary = (1) + (2)

CTC = (1) + (2) + (3)

Net in Hand = (1) + (2) - (4) ...

Salary breaks up as:

Basic-30%

HRA- 30%

Conveyances- 25%

Medical- 10%

other- 5%...

Calculation of basic salary from CTC

Jobs to Work Remotely

1. Customer Sevice Job:

Nowadays, companies are searching for employees who can work from home also for their customers. You have to attend to customer queries and resolve their problems and communicate via phone call, email, chat, etc. You must have skills in the retail sector, customer service, and marketing field. Good communication skills will help you a lot.

2. Entry Level Computer Job:

There are some jobs which you can do on your computer. These job does not demand higher qualification or technical qualification. These jobs are like Data Entry and Virtual Assistant. You must have basic knowledge of computer software like MS Word, MS Excel, etc. The companies will give you work and a time limit for the job. When you complete the work, you will get paid for the task assigned.

3.Computer Programming Job:

Computer programmers need software to do coding, a laptop, knowledge of languages like C. C++, Java, Javascript, SQL, etc., and tools. If you have prior experience of tools/software used by the companies, then you can apply for these jobs and can do work remotely. Programmers get a decent salary package being while working from home.

4.Sales:

Companies hire sales associates, account managers, and sales managers to promote their products and increase sales, revenue. Sales jobs are mostly target-based. You are going to achieve the sales target within the time limit. This job can be done from home. You have to attend phone calls, meetings, do some research, work on the computer. The sales job is one option to work remotely and get paid a fair amount for the work.

5.Teacher and Tutor Job:

Online coaching and tutoring are in a trend now. Kids need one-to-one attention that they do not get during classroom study. Demand for an online tutor has increased, and there are many starts up hiring tutors and are giving good salary packages. The jobs can be a curriculum developer, a writing coach, and an online professor. If you have any skill you can teach then, this can be a good option for you. Talent may be a subject, dance, yoga, etc.

6.Data-Entry, Coding, and Transcription Job:

For data entry jobs, search for a genuine company because many fraud companies give works but never give payment for the work done. Legitimate companies provide a good salary for the work done. In a transcription job, you are given audio files and video files, and your task is to convert them into documents by listening to audio and video. It would be best to have a laptop and a good internet connection for these types of jobs.

7.Translation Job

In a translation job, your work is to convert one language into another language. So you required language knowledge. This is the most straightforward job you can do from the comfort of your home. There is a requirement for the documents to be written in many languages, so there is a demand for Translators. And this type of job can be done remotely.

8.Medical Billing and Coding Job:

Medical Biller and coder do the billing task and also manage the company’s insurance department and insurance payments. Payments should be made promptly and via proper channels. Their primary mission is to convert doctor notes into billing codes. This work can be done from home.

9.Web Developer and Graphic Designer:

Web developer and Graphic Designer needs skills and must know how to operate software and tools like Unbounce, Word Press, etc. This job gives a high salary. You can work as a freelancer and can be your boss. You build websites, advertisements, icons for the companies and clients. The requirement is to have a skill and laptop with a good internet connection.

10.Freelance Writer Gigs:

Blog writing, article writing is some of the jobs that require writing skills and knowledge of a language. Your grammar should be correct for this. You will get a good salary for the job, and the right part of this job is that you can work from home. When you work as a freelancer, you will get paid on per article basis.

11.Teaching English as a Second language:

If you have a good command of the English language, you can earn well by teaching English. Numerous platforms hire professionals to teach the English language to other people. Here you will get a salary on an hourly basis. You are going to teach international or national students or even professional employees.

12.Android or iOS Developer

Android, iOS developer, or app developer needs a good knowledge of software development, languages, tools, etc. If you have that kind of expertise and a working laptop with a good internet connection, then you are eligible for this job. You can do it from your home also and can get the right salary package.

Platforms to Find Work From Home Jobs

• Those who want to work as freelancers can try sites like Fiverr and Upwork.
• You can check out websites like Indeed, Glassdoor, CareerBuilder.