What reports should businesses review monthly?

Essential Monthly Reports for West Virginia Businesses

Reviewing key reports every month is critical for maintaining accurate bookkeeping and ensuring smooth business operations in West Virginia. These reports help track financial health, support compliance, and inform decision-making.

Key Monthly Reports to Review

• Profit and Loss Statement (Income Statement): Summarizes revenues, costs, and expenses to show net profit or loss for the month. This helps monitor business performance and identify trends.
• Balance Sheet: Provides a snapshot of assets, liabilities, and equity at month-end. It is essential for understanding financial stability and managing cash flow.
• Cash Flow Statement: Tracks cash inflows and outflows to ensure sufficient liquidity for payroll, taxes, and operational expenses.
• Accounts Receivable Aging Report: Lists outstanding customer invoices by due date. This report supports timely collections and improves cash management.
• Accounts Payable Aging Report: Details unpaid bills and vendor invoices. Reviewing this helps avoid late payments and maintain good supplier relationships.
• Payroll Summary Report: Shows total wages paid, taxes withheld, and benefits for the month. This report is vital for accurate payroll processing and tax compliance in West Virginia.
• Sales Tax Report: Summarizes taxable sales and tax collected. As of 2026, West Virginia businesses must remit sales tax monthly or quarterly depending on volume, so accurate reporting is essential.

Operational Tips

• Automate report generation: Use bookkeeping software to schedule monthly reports, reducing manual errors and saving time.
• Reconcile bank statements: Match monthly bank statements with bookkeeping records to catch discrepancies early.
• Maintain accurate records: Keep detailed invoices, receipts, and payroll documents organized to support reporting and compliance.
• Plan for tax filings: Use monthly reports to estimate tax liabilities and prepare for quarterly or annual filings with West Virginia tax authorities.