Profit and Loss statements track income and expenses which likely matter most. There are other areas to consider such as business assets subject to depreciation and business mileage. QuickBooks Self-Employed from Intuit offers financial reports and templates to help self-employed individuals track their income, expenses, mileage, and tax information accordingly. You can run the reports at any time in real time. Keeping good records and reconciling bank/credit accounts is very important - Quickbooks Self Employed
Additional information about reporting income and deductions: Reporting Self-Employment
If you keep up with your bookkeeping it will make things much easier when it come to tax time. Depending on the complexity of your business you typically would want monthly financial statements.
The links provided assume you are self employed.
Have an amazing day. Evelyn M (CPA 20+ years)
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