We’re halfway through the year—are your finances where they should be? If you’ve been in the trenches running your business, chances are you haven’t had a moment to look up, let alone crunch numbers. But now’s the perfect time to pause and assess.
A mid-year financial checkup gives you the opportunity to realign your goals, uncover issues early, and prepare for the end-of-year sprint. At Accounting Complete, we recommend every business owner take stock of five essential numbers to help ensure a profitable finish to the year.
1. Net Profit Margin: Are You Actually Making Money?
Your net profit margin is one of the most important indicators of business health. It tells you what percentage of revenue remains after all expenses are paid. If your margin is shrinking, you might be making sales but losing money in the process.
Now’s the time to dig into cost structures, vendor contracts, or labor expenses to understand why your profit isn’t keeping up. A CPA can help analyze trends and recommend course corrections.
🧠 Explore how a CPA helps with strategic tax planning and financial compliance
2. Accounts Receivable: Are You Getting Paid on Time?
Cash flow problems often stem from delayed or unpaid invoices. Review your accounts receivable aging report to spot late-paying clients and identify bottlenecks in your billing process.
Consider implementing late fees, automated payment reminders, or digital payment options to accelerate collections. Your bookkeeper or CPA can also help forecast cash inflows based on current receivables.
3. Payroll and Staffing Costs: Are They in Balance?
Labor is likely your largest expense. Mid-year is the right time to assess whether your payroll costs are aligned with revenue.
Are you overstaffed? Are overtime costs creeping up? Are benefits costing more than projected? These are questions that deserve close attention—especially if you’re planning seasonal hires or growth in Q3 and Q4.
Working with a CPA firm like Accounting Complete can help you identify red flags and benchmark your staffing costs against similar businesses.
4. Tax Liability: Are You on Track to Avoid Surprises?
Nobody likes a surprise tax bill, but if you’re not reviewing your estimated tax payments and deductions mid-year, you’re setting yourself up for one.
A mid-year tax check-in with your CPA can help you project your year-end tax liability and adjust estimated payments accordingly. You may also uncover new deductions or tax strategies that weren’t on your radar in January.
📘 See why a mid-year tax check-in could be a smart move for your bottom line
5. Budget vs. Actual: Are You Sticking to the Plan?
Your budget vs. actual report reveals how well your business is tracking against its financial plan. Are you spending more than expected? Is revenue where you thought it would be?
This exercise isn’t just about finding what went wrong—it’s also about recognizing what’s working. Your CPA can help you revise projections for the rest of the year and shift resources where they’re needed most.
Why It Pays to Check In
A mid-year review isn’t about creating more work—it’s about making smarter decisions with the information you already have.
Whether it’s adjusting your tax strategy, optimizing payroll costs, or tightening up cash flow, these insights can position your business for long-term success.
With Accounting Complete’s proactive approach to accounting and tax, our clients always know where they stand. We believe in regular check-ins and practical financial guidance that help you stay focused and in control—not just during tax season, but all year long.
Ready for Your Checkup?
If you haven’t reviewed your numbers yet this year, let us help. A quick mid-year review with our team can bring clarity and confidence back to your financials. Because in business, knowing your numbers isn’t just smart—it’s essential.