Mid-Year Financial Checklist: 7 Things You Should Review Right Now

It’s June, and that means you’re officially halfway through the year. You’ve probably been running at full speed—serving clients, managing your team, putting out fires, and maybe even remembering to eat lunch once in a while.

But here’s the hard truth: if you haven’t taken a beat to check in on your finances, you might be steering your business with your eyes half-closed.

Now is the perfect time for a Mid-Year Money Reset—a pause, a breath, and a ruthless review of what’s working and what isn’t. Below is your 7-point checklist to make sure your books, cash flow, and strategy are aligned for a strong second half of 2025.

✅ 1. Review Your YTD Profit and Loss Statement

Start with the big picture. Pull your year-to-date P&L and ask:

• Am I actually profitable, or just busy?

• Are expenses in line with projections?

• What categories are bloated or underperforming?

This snapshot gives you insight into where you’re winning—and where you’re quietly bleeding cash.

✅ 2. Check Your Cash Flow Health

If profit is the scoreboard, cash flow is the fuel tank. Even a profitable business can run dry without proper cash flow management.

Ask yourself:

• Are you collecting receivables quickly enough?

• Is your payment schedule aligned with incoming revenue?

• Are you relying too heavily on credit to stay afloat?

Pro tip: look at your operating cash flow—not just bank balances.

✅ 3. Reconcile All Accounts Through May

This one’s not sexy, but it’s foundational. Your books should be fully reconciled through May:

• Bank accounts

• Credit cards

• Loans and lines of credit

• Payment platforms like Stripe, PayPal, Klarna, etc.

If you’re still “getting around to it,” it’s time to prioritize catching up. You can’t plan Q3 strategy on incomplete data.

✅ 4. Audit Your Accounts Payable and Receivable

Unpaid bills? Clients ghosting your invoices?

• Clean up outstanding AP to avoid late fees or credit issues.

• Follow up on open AR to bring in cash you've already earned.

• Consider implementing stronger systems (like auto-reminders or late fees).

Remember: cash sitting in unpaid invoices is cash not working for you.

✅ 5. Revisit Your Budget and Forecasts

Your January budget probably didn’t anticipate everything that’s happened this year. And that’s okay—as long as you adjust.

Mid-year is the time to:

• Reforecast revenue based on current trends

• Adjust expenses to reflect real performance

• Set realistic goals for Q3 and Q4

A living budget is a powerful strategy tool. A stale one is just a spreadsheet.

✅ 6. Evaluate Tax Payments and Prep

Quarterlies got you sweating? June is a smart time to:

• Review what you’ve paid YTD for estimated taxes

• Update projections if income has shifted dramatically

• Avoid underpayment penalties by catching up now—not in October

Bonus: if you’re overpaying, you might free up working capital.

✅ 7. Set or Recalibrate KPIs

If you’re not tracking any financial KPIs, start now. If you are, make sure they still align with your business goals.

Great places to start:

• Gross Profit Margin

• Net Income %

• Burn Rate

• Average AR Collection Time

• Revenue per Client

Tracking is what turns numbers into strategy.

📌 TL;DR: If It Feels Messy—It Probably Is

Business owners often wait until Q4 to “get serious” about their finances. But by then, it’s often too late to course correct. A mid-year review puts the power back in your hands—while there’s still time to fix what’s broken and double-down on what’s working.

If this checklist feels overwhelming (or like something that should be happening, but isn’t), you’re not alone—and you don’t have to do it solo.

👉 Book a Mid-Year Financial Check-In with WRC today! Let’s clean it up, strategize, and make Q3 your strongest quarter yet.