“Go to the ant, thou sluggard; Consider her ways, and be wise: Which having no chief, Overseer, or ruler, Provideth her bread in the summer, And gathereth her food in the harvest.” — Proverbs 6:6–8
There’s wisdom in the ant’s example — she doesn’t wait until the harvest is due to start preparing; she gathers while there’s still time. August is that same kind of moment for business owners. Summer is winding down, Q4 is on the horizon, and there’s still time to get ahead before the busy season hits. Here’s the bookkeeping tip we’re encouraging business owners to act on this month.
The August Tip: Do a Mid-Year Financial Check-Up
With just about two-thirds of the year behind you, August is the perfect time to pause and take stock — before the fall rush makes it harder to find the time. Here’s what that check-up should include:
1. Compare Actual Performance to Your Annual Goals Pull your year-to-date Profit & Loss and compare it to the goals you set back in January. Are you on pace? This is your chance to adjust before Q4, not after it.
2. Get Ahead of Q3 Estimated Taxes If you pay quarterly estimated taxes, September 15 will be here before you know it. Reviewing your numbers now gives you time to set aside what you need — instead of scrambling in a few weeks.
3. Clean Up Any Summer Backlog Busy summer season, slower bookkeeping habits — it happens. Take August to catch up on any unreconciled accounts or unfiled receipts before they pile up further.
4. Review Cash Flow Heading into Q4 Many businesses see a shift in cash flow as the year winds toward the holidays and year-end. Look at what’s coming due and what’s coming in over the next few months so there are no surprises.
5. Set Your Year-End Bookkeeping Calendar Mark the key dates now — 1099 prep, year-end reconciliation, tax document gathering — so the last quarter of the year feels organized instead of overwhelming.
Why This Matters
Businesses that pause mid-year to review their numbers make better decisions in Q4 — from staffing to spending to tax planning. A little diligence in August saves a lot of stress in December.
Like the ant gathering in summer, a little preparation now sets you up well for what’s ahead.
Learn more at abundantgracebooks.com
“Grace for your books; freedom for your business.”
Peace and blessings,
Monica and the Abundant Grace Bookkeeping Team
