Mid-Year Financial Checkup: 5 Things to Review Before Q4
As a business owner, it’s easy to get caught up in the day-to-day and let your financial review slide until tax season. But waiting until year-end often means missed opportunities, preventable mistakes, and avoidable stress.
That’s why August and September are the perfect time for a mid-year financial checkup. With half the year behind you and Q4 right around the corner, you can use this moment to adjust, plan, and finish the year strong.
Here are five key areas to review right now:
1. Cash Flow Trends
Don’t just look at your current balance — review your inflows and outflows over the past six months.
Are expenses creeping up?
Do you have receivables lingering too long?
Is revenue consistent, growing, or dipping?
Identifying cash flow patterns mid-year gives you time to make corrections before year-end.
2. Expense Categories
Review your expense categories to make sure transactions are being coded correctly. Misclassifications not only make reporting messy but could also cost you valuable deductions at tax time.
This is also a great moment to identify cost savings: Are there unused subscriptions or vendor contracts that could be renegotiated?
3. Accounts Receivable & Payable
Take a close look at unpaid invoices and outstanding bills.
Follow up with clients who owe you.
Review vendor terms to avoid late fees or take advantage of early-payment discounts.
Healthy AR and AP practices ensure smoother cash flow heading into Q4.
4. Payroll & Contractor Payments
Double-check payroll records and contractor payments for accuracy. With new regulations often changing mid-year, it’s critical to confirm compliance. If you issue 1099s, make sure you’ve been tracking payments correctly to avoid year-end headaches.
5. Tax Planning & Forecasting
Don’t wait until December to think about taxes. Mid-year is the perfect time to:
Estimate your tax liability.
Adjust quarterly tax payments if needed.
Evaluate retirement contributions or other deductions.
Strategic planning now can reduce your tax bill later.
Final Thoughts
A mid-year checkup is like a doctor’s visit for your business — it helps you catch issues early, stay healthy, and prepare for the future.
At Synergy Bookkeeping, we help businesses stay proactive, not reactive. By reviewing your books regularly, you’ll have clarity, confidence, and control heading into Q4.
👉 Ready for a mid-year review of your own? Book a free consultation today and let’s get your financials in shape.