How to pause, assess, and optimize your business finances before year-end.
You’re six months into the year. Sales have happened, expenses have piled up, and maybe you’ve felt a little too reactive instead of proactive with your finances. That’s exactly why it’s time for a mid-year financial review.
The good news? You don’t need to wait until Q4 or tax season to get things on track. A mid-year review is your chance to step back, look at your numbers, and make the kind of decisions that drive profit—not just survival.
This post will walk you through a simple, strategic mid-year financial review checklist that you can use whether you’re a solopreneur, CFO, or CEO-in-training.
You can’t make smart decisions with messy data—or no data at all. A mid-year review helps you:
Think of it like a six-month checkup for your business health. It’s not about judgment—it’s about clarity and course-correcting with confidence.
Before you look forward, make sure everything behind you is in order. Reconciliation ensures your books match your bank records—no surprises, no missed transactions.
Tip: If you’re behind, prioritize current-year reconciliations first. Work backwards if needed.
Your P&L (Income Statement) shows revenue, expenses, and net profit. It’s the financial mirror of your business. Here’s what to look for:
Break it down by quarter or by month to spot patterns. If Q1 was slow but Q2 was strong, what changed?
The Balance Sheet tells you what your business owns, owes, and retains.
Tip: If your balance sheet doesn’t “balance,” it’s time to clean up or consult your bookkeeper.
Profit is good—but cash flow is king. Use a simple cash flow statement or even a spreadsheet to check:
Understanding your cash flow cycles helps you plan for taxes, make big purchases, or decide when to reinvest.
See my super simple cash flow tracker here -> https://hunterhouse.myflodesk.com/wun9m7ke6y
If you started the year with a budget—amazing! Now’s the time to compare what you planned with what actually happened.
If you didn’t make a budget, now is a great time to start. Even a simple forecast for the next six months can guide better decisions.
Don’t leave money on the table—or bills unpaid.
Tip: Use this time to clean up old entries or write off uncollectible receivables.
You’d be surprised how much money leaks out in unused tools or overlapping subscriptions.
A simple audit could save you hundreds (or thousands) before year-end.
Payroll is often a business’s biggest cost. Make sure:
Tip: Now’s the time to fix classification issues before year-end tax filings.
Are you charging enough? Are your offerings still profitable?
Small pricing adjustments now can lead to bigger profits later.
If you’re running everything from memory, it’s time to document.
Create or update:
Bonus: This makes it easier to delegate or hire later.
If you work with a financial pro, schedule a mid-year meeting. Topics to cover:
Even if you DIY, consider booking a one-time strategy session -> https://ericaoldham.com/workwithme
Now that you’ve reviewed the first half of the year, plan intentionally for the second half.
Ask yourself:
Doing a mid-year financial review isn’t just about “checking in”—it’s about gaining control, clarity, and confidence.
When you make time to review your finances, you’re not just managing numbers—you’re building the foundation of a profitable, scalable, and intentional business.
It doesn’t have to be perfect. It just has to be done.
If you’re overwhelmed, behind, or unsure how to pull these reports, you’re not alone. That’s exactly what I help business owners do every day through systems strategy and controllership-level bookkeeping.
Ready to get your finances organized for the rest of the year?
Visit ericaoldham.com/blog for more resources—or reach out for 1:1 support.