As I look out my window, I see blue skies, a slight breeze, greenery everywhere…it even smells like summer.  Who doesn’t love July and everythigng it signifies?  For 31 days, we believe summer lasts forever.

But, July isn’t just for fireworks, campfires and boat rides – it’s also the perfect time for a mid-year financial check-in.  For small business owners, taking a pause now can save stress (and money) later.  Whether you’re crushing your goals or just getting by, a little mid-year check-up and strategy session can go a long way.

Here are 7 smart, simple steps to help you take control of your books, stay on top of taxes, and set yourself up for a smooth second half of the year.

1. Review Your First-Half Financials
   Now’s the time to crack open those profit and loss statements, check your balance sheet, and ask:
   -Are revenues meeting your expectations?
   -Are expenses creeping up?
   -How’s your cash flow?
   Even 30 minutes with your numbers can reveal trends and opportunities you might be missing.
2. Clean Up Your Books
   Bookkeeping falling behind?  You’re not alone.  But messy records lead to missed deductions and IRS headaches.
   Tip: Reconcile bank and credit card accunts for the past six months.  Catch up on categorizing transactions.  If this sounds overwhelming, now’s a great time to bring in help.  (hint: like an accountant).
3. Check in on Estimated Taxes
   If you pay quarterly taxes, July is a wake-up-call-Q2 estimated taxes were due June 16th, and Q3 is just around the corner (September 15th).  Use this month to calculate where you stand and adjust upcoming payments if needed.  If you income has changed significantly, so should your estimates.
4. Evaluate Deductions & Spending
   Mid-year is ideal for adjusting business spending to maximize deductions by year-end.  Some questions to ask?
   -Should I invest in new equipment or software?
   -Are there any big purchases I should plan for Q3 or Q4?
   -Am I tracking all deductible expenses properly?
5. Revisit Your Pricing and Profit Margins
   Are your prices keeping up with inflation or rising costs?  Small changes in pricing can make a big difference in profit.  Take time to analyze margins, especially if you’ve added new services or your cost of goods has shifted.
6. Set Financial Goals for the Rest of the Year
   Maybe Q1 was rough- or maybe it was a win.  Either way, set clear goals for the next six months.
   Want to:
   – Increase revenue by 15%?
   – Reduce operating expenses?
   – Finaly hire that part-time help?
   Write it down and set a plan in motion.
7. Connect with Your Accountant (Yes, Really!)
   Think of your accountant as your financial co-pilot-not just your tax preparer.  Schedule a quick strategy session this month.  You’ll get clarity on your tax outlook, avoid surprises, and maybe even uncover ways to save money before December.

   Final thoughts
   July might feel like a “slow” season, but it’s actually a golden window to get ahead.  A little mid-year check-in can mean fewer surprises, lower stress, and a more profitable finish to the year.
   Need help with any of the above?  Let’s chat-I’m here to help you make sense of the numbers and take the guesswork out of business finances.