Mid-Year Money Check Checklist | Salt & Sand Bookkeeping

Free Resource

Get the Mid-Year Money Check

Enter your details to access the interactive checklist. We'll also send you practical bookkeeping tips — no fluff, no spam.

Your fiscal year is half over. This checklist walks through the five areas that matter most right now — P&L, cash flow, receivables, tax estimates, and your books. You don't need to do this in one sitting. Start where you have the most clarity and work from there.

Profit & Loss year-to-date

Pull your P&L for January through the most recent closed month. What you're looking for isn't just the bottom line — it's whether the numbers tell a story that makes sense.

Pull your YTD P&L and compare to the same period last year

In QBO: Reports → Profit and Loss → set date range to January 1 through today, then add a prior-year comparison column. Look for anything that moved more than 15–20%.

Check whether revenue is tracking ahead of, behind, or on pace with last year

If you're behind, is it a timing issue (slower start, big Q3 expected) or a structural problem? If you're ahead, is it sustainable or a one-time bump?

Flag any expense categories that are unusually high or low

Unusual lows are often as telling as unusual highs — they sometimes mean something wasn't recorded correctly, not that you spent less.

Cash flow pattern

Profit tells you if the business is working. Cash flow tells you if it's survivable. These are not the same thing, and mid-year is exactly when the gap shows up.

Review your bank balance trend over the past six months

Look at month-end balances going back to January. Is the trend up, down, or flat? A business can show profit while the bank balance quietly erodes.

Identify any months where cash got tight — and understand why

Seasonal dips are normal. Unexpected gaps are worth investigating. Common causes: slow receivables, a big one-time expense, or payroll timing misalignment.

Project cash needs for July through September

Are there big expenses coming — insurance renewals, estimated tax payments, equipment? Knowing now gives you time to plan, not react.

Outstanding receivables

Uncollected revenue is the most fixable cash flow problem most small businesses have. A mid-year review is the prompt to actually deal with it.

Run an A/R aging report and review anything overdue

In QBO: Reports → Accounts Receivable Aging Summary. Sort by oldest balance. Anything over 30 days needs a follow-up; anything over 60 needs a direct conversation.

Send follow-up invoices or statements to slow-paying clients

A polite "just checking in" email recovers more money than you'd expect. Most late payments are oversight, not avoidance.

Flag any invoices that may need to be written off

If a receivable is 90+ days old and you've made multiple attempts, it may be time to write it off. Document it — it's a tax deduction.

Estimated tax payments

Q2 estimated taxes were due June 15. The Q3 payment is due September 15. Mid-year is the right moment to check whether what you've paid so far actually matches what you'll owe.

Confirm Q1 and Q2 estimated tax payments were made and recorded

Check your bank records and QBO. Payments should be recorded under "Estimated Tax Payments" or similar — not buried in miscellaneous expenses.

Compare YTD income to last year to gauge whether your payments are on track

If you're significantly more or less profitable than last year, your estimated payments should adjust accordingly. This is worth a quick check-in with your CPA if you're unsure.

Add Q3 payment (due September 15) to your calendar now

Set a reminder for early September so you have time to calculate and move funds before the deadline. Missing estimated tax payments triggers underpayment penalties.

Bookkeeping health

Your books are only useful if they're accurate and current. Mid-year is a good time to check whether they actually are.

Confirm all months through May are fully reconciled

Every bank and credit card account, every month. If any are open, close them now. Unreconciled months compound — they don't get easier to fix later.

Check for uncategorized or miscategorized transactions

Run a transaction detail report and filter by "Uncategorized Expense" or "Ask My Accountant." Anything sitting in those buckets is distorting your P&L.

Assess whether your current setup is keeping up with your business

If you're spending more than a few hours a month on books, frequently finding errors, or dreading the task — that's data. It might be time for a different approach.

Rather have someone handle this for you?

If your mid-year review surfaced more questions than answers, that's a pretty good sign your books could use some attention. Let's talk about what that looks like.

Schedule a Free Consultation