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Get ahead: your mid-year financial reset

The middle of the financial year arrives faster than you’d think. One moment you’re focused on getting through the first quarter, and suddenly you’re halfway through. It’s the perfect time to pause and give your business finances a proper health check.

A mid-year review helps you spot issues early, stay on track with your goals, and plan confidently for the months ahead. Here’s how to make the most of it.

 

Your mid-year checklist

Start with the basics:

Pull up your year-to-date figures and take an honest look at your profit and loss, balance sheet, and cash flow. Are sales and expenses tracking as expected? Is your profit margin holding steady? If something looks off, dig into the details now rather than facing surprises at tax time.

 

Cash flow deserves special attention:

Profit on paper doesn’t always mean money in the bank. Take a close look at how long customers are taking to pay, whether your supplier terms still work for you, and any upcoming bills or tax instalments that might create a squeeze. If cash feels tight despite strong sales, it’s worth reviewing your invoicing practices and payment terms.

 

Check your tax position:

Mid-year is the ideal time to review your tax estimates with the ATO. Are your PAYG instalments roughly in line with what you’re actually earning? If your income has changed, you may need to adjust your payments to avoid a shock later. It’s also worth checking if any new deductions or rule changes could benefit you.

 

Revisit your budget and goals:

Things change quickly in small business. New customers arrive, costs shift, markets move. Your original budget and goals might need updating to reflect reality. Think of your budget as a living document that should adapt as your business changes, not something set in stone back in July.

 

Look for opportunities, not just problems:

A good check-up isn’t all about fixing what’s broken. Look for products or services performing better than expected, areas where costs have crept up, or new opportunities that could shape your second half. Sometimes a small tweak to pricing or your product mix can make a real difference.

 

Make time for a proper conversation:

If you only talk to your accountant at tax time, you’re missing valuable opportunities. A mid-year meeting means there’s still time to make changes that matter, whether that’s tax planning, cash flow strategies, or getting advice on growth and pricing decisions.

 

Let’s chat about your business!

A mid-year check-up doesn’t need to be overwhelming. It’s simply a conversation about where you’re at and where you want to be by June. At Kaleidoscope Accounting, we help small business owners stay on top of their numbers and make confident decisions year-round. We’ll review your finances together, identify opportunities you might have missed, and create a clear plan for the second half of the year.

rebecca@kaleidoscopeaccounting.com.au | 0417 859 700

 

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