In the report studio, use a pre-defined filter "Last Month" in the data warehouse (e.g. Sent for Payment date) to build your report. Then you can schedule a report (click on the calendar icon) by day, week, month or more. This can help you (or those you configure to email) keep on top of a specific business metric.
Whilst there is no technical limitation stopping you from scheduling reports from Public Folders, you take on the risk of the schedule being inadvertently changed by someone else with access to the Public Folders.
Also, as per my understanding, the report schedule will use the timezone of the user that last saved the schedule. It does that when we set up the schedule.
For above reasons, the reports are usually scheduled from My Folders.
We use the public folder for scheduled reports for continuity and access.
If the report builder is on vacation or medical leave, the other team members can access the reports and make updates or re-run reports the recipient has missed.
This is also crucial should one of your team members terminate. This just happened in my group and I'm in the process of cleaning up and resaving the reports he built. We found out awhile back that even though the reports are in the public folder - and still "work", the schedule stops working once the report author is listed as Inactive in Concur.