I don't make financial statements, perse, cause I don't really have profit margins and such to observe and maximize. I'm salaried, so I have the same income every month, and basically the same expenses.
However, I do keep a budget, and track it faithfully. I have an Excel spreadsheet into which I enter every transaction that goes through my bank account. It's got a column for the transaction amount and the bank balance, and then the next several columns are for the different budget classifications, and the last column ensures that the amount allocated to the various budgets matches the amount entered against the bank account. This allows me to do things like save up for property taxes or auto insurance (which I pay twice a year) on a monthly basis, and not accidentally spend that money, since it's classified under “Auto Ins” or “Prop Tax” on the spreadsheet, and I can see at a glance that there's $15 left allocated to groceries or $30 left allocated to free/fun spending.
When I had various liabilities, I tracked them closely, with anticipated payoffs, total interest spent, etc. Now that I'm debt-free, I track assets, but not as closely. My asset tracking spreadsheet links to my budget spreadsheet, with the budget items categorized into “required” and “extra” (like, utilities are required; free/fun spending isn't). This is used on the asset sheet to track how much I have in savings after subtracting 6 months' minimum living expenses, and how many months' minimum living expenses are held in savings. Right now, my MBA tuition etc. consumes most of my monthly savings, so there's little change in net assets, and because of that I haven't been tracking the assets as closely (maybe just updating every couple months). But, the budget is still tracked closely, and every month I know how well I did or didn't meet it. My budget rolls over, too, so if I overspend the food budget by $50, then the next month I've got $50 less to spend on food, so that over several months it averages out to meeting budget.
If I worked hourly with overtime available, or if I had a source of self-employed income, then I think things like a modified income statement would be more practical, showing a different “profit” or “loss” for each month depending on how much overtime I worked etc.
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