MIS Reporting & Fixed Asset Register Services
A monthly MIS pack tells owners how the business actually did last month. A fixed asset register tells the auditor what you own and where it sits. Our MIS reporting services build and maintain both, so your numbers are ready for the bank and the auditor.
What it is
MIS (management information system) reporting turns your books into a short monthly pack: profit and loss against budget, cash position, receivables and payables ageing, stock, and the key ratios your lender watches. It is built for decisions, not for filing. A fixed asset register (FAR) is a list of every asset the business owns, with cost, date put to use, location, tag number, useful life and depreciation.
This page covers MIS reporting services: the reporting itself. If you want a finance head who also runs budgets, cash flow and funding conversations, see our virtual CFO services. Both rest on clean books kept on accrual basis under the double entry system, as Section 128(1) of the Companies Act, 2013 requires.
Who it applies to
Owner-run companies
Promoters who see audited numbers only once a year and want a monthly view of margins and cash.
Businesses with bank limits
Borrowers filing stock and book-debt statements with the bank. For working capital limits above ₹5 crore, the auditor checks those quarterly statements against your books under CARO 2020.
Asset-heavy companies
Manufacturers, hospitals and logistics firms with machines and vehicles spread across sites.
Why it matters
Decide on this month’s numbers
A monthly pack shows a falling margin or a slow-paying customer within weeks. Not a year later.
Keep your CARO report clean
CARO 2020 clause 3(i) asks whether the company keeps proper records of property, plant and equipment, with quantitative details and location, and verifies them physically at reasonable intervals.
Get depreciation right twice
Book depreciation follows Schedule II; tax depreciation follows the block-of-assets method. One register that feeds both avoids errors in your accounts and your return.
Documents required
For the MIS pack
- Accounting software access or monthly trial balance
- Budget or last year’s figures for comparison
- Bank statements and loan schedules
- Stock statement, if you hold inventory
For the fixed asset register
- Purchase invoices and capitalisation entries
- Last audited fixed asset schedule
- Installation or put-to-use dates
- Disposal and scrap sale records
For verification
- List of locations and the person in charge at each
- Title deeds for land and buildings
- Lease agreements
How it works
Agree the numbers that matter
We agree with you the eight to twelve numbers that drive your business, such as gross margin, debtor days and cash in hand.
Clean up the books
We map your ledgers to the MIS format and fix misclassified entries, so each month compares like with like. If the books themselves are behind, our online book-keeping team brings them current first.
Build the fixed asset register
We list each asset from invoices and the last audited schedule, assign a tag number, split major components with different lives, and compute depreciation under Schedule II and the Income-tax Act.
Verify assets on the ground
Your staff match tags with the register at each site, and we can join the count where agreed. Take a Faridabad auto-component maker that has moved machines between its two plants over the years: the count shows where each one really is. Missing or idle items go on an exception list for the board.
Deliver the monthly pack
Each month you get the pack with a one-page summary and a short call to walk through it. The FAR is updated for additions and disposals.
Book vs tax depreciation
| Companies Act (books) | Income-tax Act (return) | |
|---|---|---|
| Basis | Useful life of each asset, Schedule II | Block of assets, written down value, prescribed rates |
| Examples | Laptops 3 years, servers 6 years, furniture 10 years, general plant 15 years, factory buildings 30 years | One rate for the whole block |
| Residual value | Not more than 5% of original cost | Not applicable |
| Part-year rule | Pro rata from the date put to use | Half the rate if put to use for less than 180 days in the year |
| Components | Significant parts with different lives depreciated separately | Not required |
From tax year 2026-27, tax depreciation sits in Section 33 of the Income-tax Act, 2025, which replaces Section 32 of the 1961 Act. The method is unchanged. One register carrying both sets of numbers simplifies the deferred tax working and the tax audit report.
Timelines
MIS within the first ten days
We aim to send the pack within ten days of month-end, before GSTR-3B falls due on the 20th.
Bank statements every quarter
Stock and book-debt statements go to the bank on the schedule in your sanction letter. The MIS uses the same figures, so they match.
Asset verification every year
CARO asks for physical verification at reasonable intervals. Most companies verify every asset once a year, close to 31 March.
What happens if records fall short
The auditor flags your records
Without a proper register or physical verification, the auditor reports it under clause 3(i). Lenders read those remarks.
Bank figures stop matching the books
Here is the catch: stock statements are often made in a hurry from the godown register, while the books follow later. For working capital limits above ₹5 crore, CARO clause 3(ii)(b) makes the auditor report whether those quarterly statements agree with the books.
Officers face a Section 128 fine
Books must be kept properly and preserved for eight financial years. A contravention of Section 128 can draw a fine of ₹50,000 to ₹5 lakh on the officers responsible.
Frequently asked questions
Is MIS reporting mandatory for a company?
No law prescribes an MIS format. What the law does require is proper books on accrual basis under Section 128, and in many cases CARO reporting on fixed assets, inventory and bank statements. A monthly MIS pack is how most companies keep those records reliable through the year. Lenders often ask for it too.
Is a fixed asset register required by law?
For companies covered by CARO 2020, yes in effect. Clause 3(i)(a) asks the auditor whether the company keeps proper records showing full particulars, quantitative details and location of its property, plant and equipment, and separate records for intangible assets. Small companies and OPCs are outside CARO, but a register still supports depreciation and insurance claims.
How is MIS different from virtual CFO services?
MIS is the report; a virtual CFO is the person who acts on it. Our MIS reporting services deliver the monthly pack and the fixed asset register. A virtual CFO engagement adds budgeting, cash flow forecasting, funding and board-level advice on top. Many clients start with MIS and move to a virtual CFO as they grow.
How often should fixed assets be physically verified?
CARO 2020 clause 3(i)(b) asks for physical verification at reasonable intervals, without fixing a number. Most companies verify all assets once a year, near 31 March. Tagging every asset with a number makes the count quick. The auditor also reports whether material discrepancies were properly dealt with in the books.
What useful lives apply under Schedule II?
Schedule II Part C gives the lives. End-user computers such as laptops get 3 years, servers and networks 6 years, general furniture 10 years, general plant and machinery 15 years, factory buildings 30 years and RCC-frame buildings other than factories 60 years. Residual value is normally capped at 5% of cost. You may use a different life if you justify and disclose it.
What goes into a monthly MIS pack?
A typical pack is short. It covers profit and loss against budget and last year, cash and bank position, receivables and payables ageing, stock levels, key ratios and a short commentary. Manufacturers often add production and cost per unit; an exporter might add orders in hand and foreign currency receivables. The first page is a one-page summary.
Can you build a register for assets bought years ago?
Yes. We start from the last audited fixed asset schedule and work back through purchase invoices and ledgers. Where invoices are missing, we use the book values already in the audited accounts, so totals still agree. Physical tagging then confirms what actually exists. Old or scrapped items are listed for write-off with board approval, so the register starts clean.
Does the MIS help with bank loans?
Yes. Banks ask for stock and book-debt statements, and under CARO clause 3(ii)(b) the auditor of a company with working capital limits above ₹5 crore checks those statements against the books. When the same figures flow into your MIS, the two always agree. Our MIS also feeds straight into a project report for a bank loan when you need fresh limits.
What it costs
Our fee plus the government fee that applies to your case, quoted before you commit. Tell us the situation and we will price it exactly.
There is no government fee for MIS reporting or a fixed asset register.
Ready to begin?
Send last month’s trial balance and your fixed asset schedule, and we will show you your first MIS pack and register, built through our MIS reporting services.