I am asked that question quite often and my answer is always, "it depends" =)
The biggest factor to consider when deciding which reports to create for your organization, is your "audience"!
If you are creating them for a financial institution such as a bank or lending institution, ask them which financial statements they require and in what format.
For the board, I recommend creating enough reports to help them in the important financial decisions that they have to make, BUT not too many that will overwhelm them and cause their eyes to glaze over =) If you have a budget, a BTA (Budget to Actual) is a must for them.
For the congregation, a "condensed" SOA (Statement of Activity) is usually the best.
For department heads, a specially created SOA or BTA (you don't need both for any audience) just with their department details is usually all they need.
Review what reports are usually created for a church and nonprofit and what each one consist of by clicking the "read more" link below...
If there is a tip I can give you that will stick in your mind above all else, it would be the importance of reconciling your books!
That is one of the easiest and fastest way to catch any bookkeeping errors!
Most importantly, it should be one of the first steps you perform BEFORE creating reports. I cleaned up a file a few months ago that had not been reconciled since 2018. I found multiple errors that made not only the reports they had been issuing to their board inaccurate, but also made their 990s incorrect =(
Read more on reconciling your books and what additional steps you should take prior to creating reports by clicking on the "Read More" below...