Review these key reports monthly:

1. Profit & Loss Statement (P&L): Shows revenue, expenses, and net profit. Identifies trends and helps with pricing decisions.
2. Balance Sheet: Shows assets, liabilities, and equity. Indicates financial health and liquidity.
3. Cash Flow Statement: Shows cash coming in and going out. Predicts cash shortages and helps manage growth.
4. Accounts Receivable Aging: Shows who owes you money and how long invoices are outstanding. Helps prioritize collections.
5. Budget vs. Actual: Compares actual results to budget. Identifies overspending and revenue shortfalls.

Best practice: Review by the 10th of the following month and compare to prior periods.