July Is Here: Mid-Year Financial Checkup for Small Businesses

July marks the beginning of the second half of the year, making it the perfect time for small business owners to pause, review their finances, and make adjustments before year-end. A mid-year financial review can help you identify opportunities, improve cash flow, reduce surprises, and stay on track to meet your business goals.

Why a Mid-Year Review Matters

Many business owners wait until tax season to review their financial records. By then, valuable planning opportunities may have already passed. Reviewing your finances in July allows you to:

• Compare your actual income and expenses to your budget.

• Review your Profit & Loss Statement and Balance Sheet.

• Reconcile all bank and credit card accounts.

• Follow up on unpaid customer invoices.

• Evaluate cash flow for the remainder of the year.

• Review estimated tax payments with your tax professional.

• Make informed decisions before the busy fall and holiday seasons.

Important Tax Deadline: July 6

Some eligible small businesses that incurred domestic research and experimental (R&E) expenses may have an important July 6 filing deadline.

Depending on your circumstances, you may need to file:

• An amended federal income tax return, or

• An Administrative Adjustment Request (AAR).

Not every business qualifies, and some businesses may have an earlier deadline based on the normal statute of limitations. If you believe your business may have qualifying domestic R&E expenses, contact your CPA or tax advisor immediately to determine whether action is needed before the deadline.

Your Mid-Year Financial Checklist

Use this checklist to keep your business on track:

✅ Reconcile all bank and credit card accounts.

✅ Review your Profit & Loss Statement.

✅ Review your Balance Sheet.

✅ Collect outstanding customer payments.

✅ Pay outstanding vendor bills.

✅ Review payroll tax filings.

✅ Evaluate your cash reserves.

✅ Meet with your accountant or bookkeeper.

How McLarren Consulting Can Help

At McLarren Consulting, we help small businesses stay financially organized year-round, not just during tax season. Whether you need QuickBooks Online bookkeeping, account reconciliations, financial reports, or ongoing bookkeeping support, we're here to help you make confident business decisions.

The second half of the year starts now. A few hours spent reviewing your finances today can save you time, reduce stress, and help position your business for a stronger finish to the year.

Ready for a mid-year financial checkup? Contact McLarren Consulting today and let's make sure your business is on the right track for a successful second half of the year.