Can someone please describe how you would prepare & generate a monthly financial report for your management?

Financial Reports at a minimum consists of:

Balance Sheet
Income Statement
Statement of Cash Flows

Additional reports are based on your business and what management wants, such as:

A/R and A/P aging
Stock positions
Cash Summary
Bank Reconciliations
Sales Reports
Head Count
KPI's ... etc.

Some accounting systems make many of these reports easy (push of a button), others not so - requiring Excel skills...