Thus, interim financial statements are prepared for management to check the status of operations during the year. Management also typically prepares departmental statements that break down revenue and expense numbers by business segment. Use the sheet for monthly, quarterly, and annual tasks. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Your profit and loss statement (also known as an income statement), both for the current month and year to date, tells you how much you earned and how much you spent. Measure it against your budget every month (or quarter). If you need any assistance with your financial reporting activities such as bookkeeping or accounting and need to schedule a consultation with us, please visit our site pages for Outsource Bookkeeping or Financial Reporting Services for more information. I have several Paypal/Ebay clients that I save for last since they involve a lot of downloads of reports and data manipulation. Restaurants I cannot finish until their psychical month end closes so I can tie out their POS to the bank accounts and file sales taxes.