It does not matter when you flash your bios.
You can do it before you even install a operating system, buy you will need to create a boot able Usb flash drive, or one that contains the new bios firmware on the root of the drive.
Or you can install a OS of your choice, most motherboard manufacturers provide with the motherboard driver dvd that comes with the motherboard a program to run in windows for you to flash or upgrade the bios of the motherboard for ease of use and access to doing so.
The only real times you should update a bios firmware to a higher revision number is if you experience problems with the motherboard, or a required to upgrade the bios firmware to support the model of cpu you have in some cases.
If the board runs...