Mid-Year Financial Check-In: How’s Your Business Doing?

We’re halfway through the year — can you believe it?

This is the perfect time to take a breather, step back, and check in on your business finances. Not in a scary IRS audit kind of way — just a quick, honest review to see how things are going, what’s working, and where you might need to tighten things up.

Here’s a simple mid-year financial check-in to help you make the most of the rest of the year.

1. Review Your Profit & Loss Statement

Your P&L (Profit and Loss) statement shows how much you’ve earned and how much you’ve spent.

Look at:

• Total income so far this year

• Total expenses — what’s eating up your cash?

• Net profit — are you making what you expected?

Bonus tip: Compare this year’s numbers to the same period last year (if you have that data).

2. Track Progress Toward Your Goals

Did you set revenue or profit goals for the year? If so, now’s the time to see if you’re on track.

• Are you at least 50% of the way there?

• Do you need to ramp up sales?

• Is pricing still working, or should you raise rates?

If you didn’t set goals — no worries. Use this check-in to set simple ones for the second half of the year.

3. Evaluate Your Expenses

It’s easy to let small charges pile up, especially for subscriptions or tools you stopped using months ago.

Ask:

• What are my top 3 biggest expenses?

• Are they necessary?

• Where can I cut back or renegotiate?

Even saving $50/month adds up fast.

4. Reconcile Your Accounts

If you haven’t been reconciling your bank and credit card accounts monthly, now’s the time to catch up.

Why reconcile?

• It ensures your books are accurate

• It helps catch duplicate or missing transactions

• It protects you if you’re ever audited

Use tools like QuickBooks Online to make this easier (and faster).

5. Check Your Tax Savings

Have you been setting aside money for taxes as you go? If not, you might be looking at a painful bill come next April.

Quick estimate: set aside 25–30% of your net income for federal and state taxes.

If you’re unsure how much you’ll owe, a bookkeeper can help you estimate quarterly payments and avoid surprises.

6. Consider Outsourcing (If You’re Drowning)

If you’re behind on your books or they’re stressing you out, now’s a great time to bring in help before things get worse.

A part-time bookkeeper can:

• Clean up your books

• Keep you on track each month

• Save you time, money, and stress

Final Thoughts

Your mid-year financial check-in doesn’t have to be complicated — it’s just about pausing long enough to ask:
“Is my business on track?”
“Where am I doing well?”
“What needs adjusting?”

A little awareness now can save you a lot of scrambling later.

Need help making sense of your numbers?
I offer a free Bookkeeping Health Check — a simple way to see how your business is doing and what to fix (if anything).

Contact us by clicking here

Or send us an email at David@RuckandReconcile.com

Check out our services here

And as always, thanks for reading!