Mid-Year Money Check: 5 Things Every Small Business Should Do in July

As we enter the second half of the year, July is the perfect time for small business owners to pause, reflect, and realign. While it may not be tax season, this month offers a golden opportunity to review your finances, clean up your books, and set the tone for a strong year-end.

At Check & Balance Business Solutions, we encourage our clients to use this “halftime” wisely. Here are five accounting tasks every small business should prioritize in July:

1. Review Year-to-Date Financials

Pull out your Profit & Loss and Balance Sheet reports and take a good look. Are your revenue and expenses in line with expectations? Are there any surprise numbers or trends that need addressing? Mid-year financials give you a roadmap for the rest of the year, and help you avoid year-end surprises.

2. Revisit Your Budget

It’s common for budgets created in January to feel outdated by July. Now’s the time to adjust. Have any of your costs increased? Are you investing more (or less) in marketing, staff, or operations? Updating your budget now can help guide better decision-making for Q3 and Q4.

3. Prep for Potential Tax Payments

Quarterly tax payments are due again in September. Reviewing your net income now can help you estimate what’s coming, and avoid a cash flow crunch later. If you’re not sure how to calculate what you owe, that’s where we come in.

4. Clean Up Your Books

Unreconciled transactions, old vendor bills, client invoices that slipped through the cracks, now’s the time to clean things up. A mid-year “bookkeeping tidy” ensures your records stay accurate, and it makes year-end much less stressful.

5. Evaluate Tools & Processes

Are your accounting systems serving you well? If you’re still manually entering data or chasing receipts, it may be time for an upgrade. Automating parts of your financial workflow can save time and reduce errors, freeing you up to focus on growing your business.

Need Help with Your Mid-Year Financial Check-In?

Whether you need a second pair of eyes on your financials or a full-service team to handle the back office, we’re here to help. At Check & Balance Business Solutions, we partner with small businesses every day to provide accurate, timely, and strategic financial support.

Let’s make sure the second half of the year is even stronger than the first.

Reach out today to schedule your mid-year review!

603-541-7485 or schedule a free consultation.