When to prepare financial statement?

Prepare them Monthly. Most of the time financial are prepared by your in-house bookkeeper, CPA or chartered accountant.

Don't ever prepare them...Learn to use them monthly. Preparing them sounds like you are going to present them as your trusted outside adviser like your acct does for you. Use them on a monthly basis to tell you if your GPM pricing formulas are in line. Use them to calculate and forecast labor and material costs. Use them to calculate inventory turns. Use them to tell you what working capital is available to you and much, much more.

The bottom line is that you don't have to be a financial guru to do this.

Find someone that can teach you these "Business" principals and your business will thrive.

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