Managing your business does not have to be eat-spinach drudgery. The key, of course. is to create a realistic plan with a budget. record your transactions correctly, review your results regularly, and always keep good records. Your comfort level with three basic business reports that evaluate your fiscal health is essential: the balance sheet. income statement. and cash flow statement. When is it time to do what? The following checklist lays out a recommended timeline to take care of the accounting functions that will keep you attuned the state of your business and streamline your tax preparation.