Summer Business Finance Checklist: 8 Things Every Business Should Review
Summer can be a quieter period for many businesses, making it the perfect opportunity to step back from the day-to-day workload and review your finances. Spending a little time now can help you avoid problems later in the year and ensure your business is in a strong position heading into autumn.
Here's our summer business finance checklist.
1. Review Your Cash Flow
Take a close look at your cash flow over the past few months.
Ask yourself:
Are customers paying on time?
Do you have enough cash to cover upcoming expenses?
Are there any unnecessary costs you could reduce?
Understanding your cash flow now can help you plan confidently for the months ahead.
2. Chase Outstanding Invoices
Unpaid invoices can have a significant impact on your business.
Review your sales ledger and follow up with customers who have overdue balances. Improving your credit control can help maintain a healthy cash flow.
3. Check Your Bookkeeping
Keeping your bookkeeping up to date makes managing your business much easier.
Ensure that:
Bank transactions have been reconciled.
Receipts and invoices have been recorded.
Business expenses have been categorised correctly.
Accurate records save time and reduce the risk of errors when preparing tax returns or financial statements.
4. Review Your Budget
Compare your actual income and expenditure against your budget.
Consider:
Are you meeting your financial targets?
Have your costs increased?
Is there room to invest in your business?
A mid-year review allows you to adjust your plans before the end of the financial year.
5. Prepare for Upcoming Tax Deadlines
Now is a good time to make sure you're ready for any upcoming obligations, including:
VAT Returns.
PAYE and National Insurance payments.
Corporation Tax.
Self Assessment payments if applicable.
Planning ahead can help avoid last-minute stress and unexpected bills.
6. Review Your Accounting Software
If you're still relying on spreadsheets, now could be the ideal time to move to cloud accounting software.
Platforms such as Xero and QuickBooks can help you:
Track income and expenses.
Send invoices.
Monitor cash flow in real time.
Keep accurate digital records.
Modern accounting software can save valuable time and improve efficiency.
7. Plan for the Rest of the Year
Take some time to think about your business goals.
You might be planning to:
Employ new staff.
Purchase equipment.
Expand your services.
Invest in marketing.
Reviewing your finances now helps ensure your plans are realistic and affordable.
8. Speak to Your Accountant
Your accountant should do more than prepare your annual accounts.
A summer financial review can help identify opportunities to:
Improve profitability.
Reduce your tax liability.
Strengthen cash flow.
Plan for future growth.
Getting professional advice now can help you make informed decisions before the year becomes busier.
How JSB Accountants Can Help
At JSB Accountants, we support businesses throughout the year, not just at year-end. Whether you need help with, payroll, VAT, tax planning, cloud accounting or financial forecasting, our experienced team is here to help.
As a family-run company, we pride ourselves on providing a bespoke service tailored to your particular needs.
Above all, our objective is to save you time, money and effort in managing your accounts, leaving you free to focus on building your business.
Remember, you’re not alone, we’re always here to help if you have an accounts problem or query
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