Small Business Bookkeeping Mid Year Review Tips

June 30th is the halfway point of the year! Why not take a proactive view of your tax forms and review your employee and subcontractor?  It is a great time to do a small business mid-year review to look at your business goals, product line, 1099-misc paperwork, subcontractors’ documentation, bookkeeping files, Profit, and Employee W-2 information to ensure everything is in order.

What areas should I review in my small business bookkeeping tasks when I do a mid-year review?

Below are the areas you can check to make sure all your information and your files are correct.

• The official name of the subcontractor company, Employer Identification Number, and addresses are correct.
• The subcontractors’ social security numbers are correct.
• The employees’ names and social security numbers are correct. Check to make sure all the W-9 papers for your employees are in their files.
• Run a 1099-misc sample report with this year to confirm that the report runs correctly with the proper info in it.
• Revisit your deductions for your home office to make sure all the receipts are in order.
• Ensure your bank and credit card statements are up-to-date and all checks have cleared.
• Revisit your goals for this year and modify them as needed, depending on the year.
• Revisit the product line to see what is profitable this year and determine if you want to phase out other products.

Update 2024 Mid-Year Review Bookkeeping Safety Tasks

Another area you should be visiting during your mid-year review is your safety features. Below is a list of the tasks you should also do during this mid-year bookkeeping review.

• Visit your backup systems on your computer and in the cloud to make sure they are still working and that there is a most recent copy of your files.
• Go through your bookkeeping software and check that you have set up automatic backups. This should be a daily task or when you open up the file.
• Ensure you know where your paper checks are and if you need to purchase more.
• Ensure you have strong passwords on all your bookkeeping and other sensitive information platforms, like your bank and credit card companies.
• Ensure that your two-factor authentication is set up.
• Revisit your firewall to make sure there are no errors or issues.
• Ensure all the computers are updated in your office with the most recent version of your security software.
• Revisit who has access to your bookkeeping data and confidential information. Check the devices and individuals who have access.

Making a point to check out these areas will give you an idea of how your year is going. You can adjust your focus for the second half of the year to help improve your revenue.  

Let’s talk! How often do you look at your YTD numbers besides at the end of the year? What tips do you have to keep your business going strong?  I would love to hear from you. 

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Below are additional posts discussing why you should do a mid-year business review.

7 Benefits of a Mid-Year Business Review

A Mid-Year Review Can Keep Your Small Business on Track

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