Ah, summer. The season of BBQs, beach days, and, if you’re lucky, a bit of time away from the hustle. But as the days start getting darker, earlier, let’s talk about something that doesn’t exactly scream “vacation vibes:” end-of-summer bookkeeping. I know, it sounds about as thrilling as watching grass grow, but stick with me! A little bookkeeping love now will save you from the Q4 panic, and trust me, your future you will thank you for it.
Think of this as your pre-Q4 checklist for the cleanest, stress-free books ever. Ready? Let’s go!
Reconcile Your Accounts, No More Guessing!
Okay, first things first. If you haven’t already, now’s the time to reconcile your accounts. No more hoping your numbers match up, no more guessing. Did that deposit make it through the bank? Get in there and make sure your bank statements and books align. This isn’t optional if you want to have the cash flow you need for Q4. A solid financial foundation now means being able to handle the surprises down the road.
Take a Close Look at 3 Different Profit & Loss Reports
Your P&L statement is like the report card for your business. It’s where the magic happens. Here are the 3 different P&L reports I review:
- Profit and Loss regular
- Profit and Loss comparing expenses to income
- Budget vs Actuals
Are you making more money than you thought? Are your expenses out of control? What areas are bringing in the big bucks, and where can you cut back? Reviewing your P&L will help you understand what’s working and what’s not, so you can make more intelligent choices heading into Q4.
Balance Sheet – Check Your Tax Liabilities, Be Prepared, Not Surprised
Taxes are part of running a business. Not preparing for them, and complaining about them, are a rite of passage for every business owner. I recommend you get ahead of the game by reviewing your tax liabilities now. If you’ve been putting off saving for taxes (don’t worry, we’ve all been there), start transferring a flat rate into your TAXES stop account. The earlier you prepare, the smoother your year-end will go.
Additionally, review all of your loans and inventory. If you have adjustments, make them.
Give Your Budget a Quick Refresh
Summer spending can get a little wild. Maybe your income took a dip. Now’s the time to take a look at the weekly and monthly trends of your business (I like looking at my budget vs actuals report for this) and make sure it reflects what has happened (gut check with data back up). Adjust for any changes that happened over the summer, and set yourself up with realistic expectations for the rest of the year. If there are any raises, new hires, end of year bonus checks, or other changes to payroll, add them now.
You’ve Got This, Time to Breathe Easy!
By checking these boxes before the summer ends, you’ll be set up for an organized, stress-free Q4. No more panic attacks come tax season, no more late-night scrambling. Just crystal-clear financials that give you the confidence to make better decisions and sleep more easily at night.
And hey, if you need some help getting those books in perfect shape, that’s what My CFO is here for. Let us handle the nitty-gritty numbers so you can get back to enjoying your business (and maybe sneak in a few more beach days). Because when your books are in order, life is just… well, easier. Ready to make bookkeeping a breeze? Let’s chat!
Because at the end of the day, cash flow isn’t luck, it’s strategy.
