Monthly performance reporting is essential to ensure determinations have substantial backing and adequate data.Compare the remaining budget using the approximate budget and the actuals.Using monthly reporting also helps with corrective action in achieving company goals and creating strategies.It is also instrumental in identifying ideas and resources and alleviating risks.Without this data, lending institutions may deny the support of valuable tools.Some retail businesses use day-to-day, week-to-week, and month-to-month sales and averages to set sales goals for the next year based on that day, ignoring holidays or special events.Historical trends are another reason to monitor monthly.A question for the class.Do you think, in this retail example, this is beneficial? It is practical, but not in this case, it seems not to be.Example:Thanksgiving may fall on the 22nd or 27th, but if your sales are based on the date and not the holiday, the sales projections will be off.This business has been around since 1961; therefore, it must average out because longevity is proof.