Mid-Year Financial Checkup: How to Get Your Books in Order Before Fall
Summer is winding down, and while you might still be squeezing in beach days and backyard barbecues, now is the perfect time for a mid-year financial checkup.
If you wait until the holiday rush to look at your books, you’ll miss valuable opportunities to fix mistakes, plan ahead, and finish the year strong.
Here’s how to get your bookkeeping (and your business) organized before fall hits full speed.
1. Reconcile Your Bank Accounts and Credit Cards
First things first — are your books actually caught up?
Make sure you’ve reconciled your business bank accounts and credit cards through at least June 30th.
If not, now’s the time to catch up.
Why it matters:
Catch missing transactions
Find double entries
Spot any unexpected fees or fraudulent charges
Tip: Set a reminder to reconcile monthly going forward. It’s so much easier than playing catch-up later!
2. Review Your Income and Expenses
Take a close look at your Profit and Loss report for the first half of the year.
Ask yourself:
Are you hitting your revenue goals?
Are there expenses you can trim?
Are there categories that seem too high or too low?
Sometimes a quick review can reveal hidden opportunities to save money — or help you spot red flags before they grow into bigger problems.
3. Catch Up on Outstanding Invoices and Bills
It’s easy to lose track of unpaid invoices or old vendor bills when things get busy.
Now’s the time to:
Send reminders for unpaid customer invoices
Pay any overdue bills (and avoid late fees)
Clear up any old transactions sitting in your accounting system
Tip: If you struggle to stay on top of invoicing, setting up an automated system can make a huge difference.
4. Update Your Estimated Tax Payments
If you pay quarterly estimated taxes, a mid-year review can help you adjust payments based on your actual earnings — not just guesses.
Underpaying can lead to penalties, and overpaying means you’re giving the IRS an interest-free loan. Neither is ideal!
Tip: Work with your accountant or bookkeeper to project your tax liability for the rest of the year.
5. Check In on Your Business Goals
Financial checkups aren’t just about numbers — they’re also about strategy.
Are you on track to meet your revenue goals?
Do you need to shift your marketing or service offerings for Q4?
Is it time to raise your prices or invest in tools that will help you scale?
A little course correction now can make a huge difference by December.
6. Organize Receipts and Documentation
If you’ve been stuffing receipts in a shoebox (or letting them live in your email inbox), now is the time to sort them.
Having clean, organized records makes tax prep so much easier — and protects you in case of an audit.
Tip: Use a simple app like Dext or Hubdoc to snap and store receipts digitally.
Final Thought: Small Steps Now = Big Wins Later
Taking a few hours this month for a financial checkup can save you dozens of hours (and major stress) at year-end. It’s one of the smartest moves you can make to set your business up for a strong, profitable finish to the year.