Mid-Year Money Checkup: 3 Things Small Business Owners Should Review in June
June is a great time to do a quick financial check-in. You’re far enough into the year to see real patterns, and you still have time to make adjustments before Q4.
Here are the three areas we recommend reviewing mid-year to keep your numbers clean and your tax plan on track.
1) P&L and budget review
Your year-to-date Profit & Loss (P&L) is the fastest way to understand how the business is performing.
What to review:
Revenue trends (up, flat, or down compared to earlier months)
Expense categories that have quietly increased
One-time costs that shouldn’t be treated as “normal” monthly spending
Then compare your actual results to your budget (even a simple one). If you don’t have a formal budget, a practical starting point is setting monthly targets for:
Revenue
Core operating expenses
Owner pay
Tax set-aside
If your P&L doesn’t match what you feel in your bank account, that’s usually a sign your books need cleanup or your cash flow timing needs attention.
2) Estimated taxes paid (and what you should be setting aside)
Estimated taxes are easy to fall behind on when income fluctuates.
Mid-year is a good time to:
Confirm what you’ve already paid year-to-date (federal and state)
Compare payments to your current year-to-date profit
Adjust your set-aside percentage if income has changed since Q1
If you’re not sure what you should be paying, start by making sure your books are accurate and up to date — then you can base estimates on real numbers instead of guesses.
3) Year-to-date bookkeeping and reconciliations
Clean bookkeeping is what makes your P&L and tax planning reliable.
At a minimum, you want all bank and credit card accounts reconciled through the prior month (for a mid-June check-in, that usually means through May).
This helps you catch:
Duplicate transactions
Missing income or expenses
Uncategorized items sitting in “Ask My Accountant” or “Uncategorized”
Personal spending mixed into business accounts
When reconciliations are current, your financial reports are far more accurate — and tax planning becomes much easier.
Want help getting your mid-year numbers clean and clear?
If you’d like us to review your books, reconcile your accounts, and make sure your estimated tax plan is on track, you can book a free consultation here:
We’ll help you understand your numbers in plain English and make sure you’re set up for a smoother second half of the year