You can compare the sales, gross profit, and net profit at, say, the end of May, with prior years and get a good idea of how the current year will finish. You can compare the total accounts receivable or payables with prior years to spot problems and then quickly take corrective action.
Here are some common business ratios you should monitor on a month-by-month and a year-by-year basis:
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Current ratio - Current assets divided by current liabilities will measure your ability to pay your current debts.

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Debt to equity ratio - Total liabilities divided by net worth will provide you with a year-to-year comparison of your ownership in the company.

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Receivables outstanding - Receivables divided by average day's sales will give you the number of days' sales on the books.