Mid Year Financial Check
Why a Mid-Year Financial Health Check Is Crucial for Your Business: Time flies by and we are already halfway through the year. Now is the perfect time to pause, reflect,…
Time flies by and we are already halfway through the year. Now is the perfect time to pause, reflect, and evaluate your financial performance. A mid-year financial health check is not just a smart business practice—it is essential to stay on track with your goals, identify red flags early, and make adjustments while there is still time to impact your year-end outcomes.
A mid-year financial health check is a thorough review of your financial activity and position around mid-year. It is a checkpoint that helps you:
Start by reviewing your profit and loss statement, balance sheet, and cash flow statement from the beginning of the year to mid-year.
This data tells the story of how your business is performing—and whether course corrections are needed.
If you created a budget at the start of the year, compare your actual results to it. This can highlight:
This step is especially important for cash flow planning and future decision making.
Even profitable businesses can face cash flow issues. Check your cash flow data to ensure:
If cash flow is tight, now is the ideal time to address it—not in Q4 when options are limited!
Mid-year is a good time to estimate your potential tax liability based on your year-to-date performance. It allows you to:
Waiting until year-end limits your ability to reduce potential tax burdens.
Once you have assessed your financial health, do not stop there—act on what you find. That may include:
A mid-year check gives you time to adjust without panic—and possibly still achieve strong year-end results.
Too many businesses wait until the end of the year to evaluate their financial standing which can lead to missed opportunities to pivot or improve. A mid-year financial health check is your chance to step back, course-correct, and finish the year strong. If you would like help reviewing your financial data, interpreting the results, or making a plan for the second half of the year, we are here to support you.
At adding technology, we know you want to focus on what you do best as a contractor. In order to do that, you need a proactive back office crew who has financial expertise in your industry.
The problem is that managing and understanding key financial compliance details for your business is a distraction when you want to spend your time focused on building your business (and our collective future).
We understand that there is an art to what contractors do, and financial worries can disrupt the creative process and quality of work. We know that many contractors struggle with messy books, lack of realtime financial visibility, and the stress of compliance issues. These challenges can lead to frustration, overwhelm, and fear that distracts from their core business.
That's where we come in. We're not just accountants; we're part of your crew. We renovate your books, implement cutting-edge technology, and provide you with the real-time job costing and financial insights you need to make informed decisions. Our services are designed to give you peace of mind, allowing you to focus on what you do best - creating and building.
Here’s how we do it:
Schedule a conversation today, and in the meantime, download the Contractor’s Blueprint for Financial Success: A Step by-Step Guide to Maximizing Profits in Construction.” So you can stop worrying about accounting, technology, and compliance details and be free to hammer out success in the field.
