While my initial recordings were all mono, in the meantime I figured out how to do stereo. Of course, the final result after mixing is stereo with all the mono sources placed around the soundfield. Yet the instruments have an isolated range in that field. Going to stereo expands the individual instrument fields and produce a nicer effect when mixed.
My gear can produce stereo sounds for the keyboard, drums, guitar and bass. Only the vocals are mono.
Since I currently record only covers, I start with a track containing the song's original recording.
Then record individual tracks:
MIDI for piano and drums - offers massive opportunities to correct notes and tweak/change the instruments at mixing time
dry sound for guitar and bass - allows me to change the tone with effects at mixing time
I tend to re-record the vocals with only my tracks to not be distracted by the original vocals and so that I better hear my performance (and mistakes)
I record at least 2 takes for each track so that I can combine the best regions with comp at mixing time.
I always record a video as well (see Producing video).
I'm really doing only some basic things with powerful tools:
Correct the tracks with MIDI editing or comping (split and combine the multiple takes)
Adjust the track volume and panning
Apply effects with Izotope Nektar (vocals) and Izotope Neutron (instruments)
Edit the tracks' volume envelopes (regional volume adjustments)
Master with Izotope Ozone
I export to a lossless FLAC format that I feed into my video production workflow.