MIS As mentioned by the others here, is Management Information Systems, and basically it is the process within an accounting software or system that allows you to create reports that simplify the information in an accounting program to allow managment to make key decisions. Features such as budgeting, cashflow managment, Aging details of recievables and payables, as well as standard BS and P&L statements.

Larger systems will also allow you to look at detailed project by project costing and process costing.

Always remember though, that only by doing good detailed entries and a properly arranged chart of acounts, can you reap the benefits of MIS.