Leveraging Salesforce’s native linked report functionality lets you quickly access your reporting data that is specific to the screen you are currently on. An example of this is shown in the screen shot. This shows a specific Accounting Period within the Accounting Period object. The custom links will take you directly to the corresponding report, specifically for that Accounting Period. The filters will be automatically applied and you are able to quickly see your data.
Another area that this would be especially helpful is within the Projects object. You can set up a linked report to your project profitability, and with a click of a button see if the specific project is profitable.
This does require some initial set up, but after doing so you are good to go! This article describes the steps to set up a linked report in your Salesforce instance.