Q3 Is Here: Why a Mid-Year Financial Checkup Matters (and How to Get Started)
Can you believe we’re already kicking off the third quarter? Time flies, especially when you’re busy running a business. As we hit the halfway mark, it’s the perfect opportunity to pause, regroup, and make sure you’re still headed in the right direction. Checking in on your financials mid-year can give you clarity and confidence for what’s ahead.
Why Take Time for a Mid-Year Review?
Think of this as a tune-up for your business. Taking a little time now helps you catch small issues before they become big headaches, spot new opportunities you might have missed, and avoid that last-minute scramble at year-end. Taking time mid-year helps you reset and move into the next quarter with clarity.
What Should You Look At?
Here are a few key areas to focus on:
Review Year-to-Date Financials
Take a look at your numbers so far this year. How do they stack up against your goals or budget? Any surprises (good or bad)? This is your chance to adjust before the year gets away from you.
Cash Flow
Review your receivables (what’s owed to you) and payables (what you owe). Are clients paying on time? Are there any bills or expenses coming up that you need to plan for? A quick look ahead of what you expect for the next few months can help you spot any bumps before they happen.
Expense Management
Look for spending patterns. Are there areas where costs are creeping up, or things you’re paying for but no longer need? Make sure your expenses match your current business priorities.
Progress Toward 2025 Goals
Are you where you hoped to be by now? If you’re ahead, celebrate those wins! If you’re a little behind, that’s okay, now’s the time to tweak your plan and get back on track.
Tax & Compliance Reminders
Are there any filings or deadlines coming up? Starting your prep now can save you a lot of stress later. Even just making a list of what’s due in the next few months can be a huge help.
Action Steps for a Strong Second Half
- Set 2–3 new priorities or projects for the next two quarters. Something that will move your business forward.
- Schedule a check-in with your accountant to talk through your numbers and plans.
- Pick one process to streamline or a new tool to try. Sometimes, small changes can make your workday much smoother.
Let’s Build on Your 2025 Momentum
If you’d like help reviewing your numbers or brainstorming next steps, just reach out. I’m always here to help!