It is best practice to review financial data regularly. It is up to the business to determine how often it is reviewed. The U.S. Small Business Association recommends reviewing data weekly. This data should include profit and loss, balance sheet, cash flow statement, accounts receivable and accounts payable, and inventory. The purpose of regular review is to understand if a business is collecting all monies, managing inventory well, and using the money in the bank wisely.
Reference: https://www.sba.gov/sites/default/files/articles/9am_FinancialDisciplineSystem.pdf