We’re over halfway through the year now, which means it’s a great time to reflect on the first six months and make sure you’re on the right track to finishing out the year strong. Doing a mid-year check-in can help you see your progress, identify areas for improvement, and make adjustments to meet your business goals.
Here are a few things you can do as part of your mid-year check-in:
1. Make sure your bookkeeping is up to date
As a business owner, bookkeeping is something that can be easy to put on the backburner. If you find that you are behind on bookkeeping, now is a good time to get caught up. Reviewing your books is also a good way to identify any errors or suspicious activity. Letting these things go unnoticed can be time-consuming and costly.
Some bookkeeping tasks you may need to catch up on include:
Scanning receipts and documentation for business expenses
Reconciling bank, credit card, and loan accounts
Reviewing outstanding bills and invoices
2. Review your tax payments
Avoid having surprises during tax season by reviewing your tax payments for the year. You should talk with your accountant or bookkeeper to ensure you're up-to-date with your federal, state, and city tax payments and that you are paying the appropriate amount. If your income for this year is different than what you were expecting, you may want to adjust the amount of your estimated tax payments.
3. Review your financial statements
By reviewing your financial statements, you can see how your business is performing and where you can cut back on spending or invest. Having your bookkeeping up to date when running these reports will give you a good idea of the current state of your business finances. The three primary financial documents are:
P&L Statement
Balance Sheet
Cash Flow Statement
4. Review your business goals
The mid-year point is a good time to see how you have grown from quarter to quarter or year to year. If you set business goals at the beginning of the year, how close are you to reaching them? Is there anything you can do differently to reach your goals? You may also find that some of your goals from the beginning of the year aren’t relevant or you have some new goals. Reflecting on these things will help you move intentionally in the direction you want.
5. Identify improvements to your processes
Now that you’ve reviewed several aspects of your business, is there anything you can improve upon? Are there processes you can automate? Can you save money by canceling a subscription you don’t need anymore? Are there tasks you could outsource or hire new help? Make a plan for what you want to achieve in the next six months.
Need help? Meet with a professional
If you want some guidance and insight during your mid-year check-in, your accountant or bookkeeper can be a great asset. As a client of Summit Bookkeeping, we strive to be more than just your bookkeeper, but a resource for you and your business. Our goal is to help you reach your goals. If you’re in need of a bookkeeper, give us a call at (360) 756-5020 to see how we can help you.