Mid-financial Year Bookkeeping Tips to Keep Your Business on Track

We’re halfway through the financial year—how’s your bookkeeping looking? Staying on top of your numbers now can save you time and stress later. Here are a few tips to keep your books in shape:

1. Reconcile All Your Accounts 

Compare your bank and credit card statements with your bookkeeping software to ensure all transactions are accurate and accounted for. Resolve any discrepancies now.

2. Organise All Your Receipts 

Gather all receipts for business expenses, both physical and digital. Use a scanner or app to digitise them and store them in a cloud-based folder for easy access.

3. Review Invoices 

Check for unpaid invoices and send reminders to clients. This helps improve your cash flow and ensures you don’t leave money on the table.

4. Review Your Expenses

Go through your spending and ensure everything is categorised correctly. Look for areas to cut costs or reinvest in growth.

5. Run Financial Reports 

Generate Profit & Loss, Balance Sheet, and Cash Flow reports to see where your business stands and adjust goals as needed.

6. Evaluate Your Budget

Compare your actual expenses and revenue against your budget. Use this insight to refine your financial plan for the rest of the year.

7. Mark Important Deadlines

Ensure key tax filing dates are in your calendar to avoid late fees or penalties. 

Staying proactive with your bookkeeping now will save you time and money as the financial year progresses. Need a hand? Book your free 15 min call with Jess today, and we’ll help you stay organised and stress-free!