{"id":1603,"date":"2019-07-12T19:21:59","date_gmt":"2019-07-12T19:21:59","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=1603"},"modified":"2019-07-12T19:22:00","modified_gmt":"2019-07-12T19:22:00","slug":"do-a-financial-review-mid-year","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/07\/do-a-financial-review-mid-year\/","title":{"rendered":"Do a Financial Review Mid-Year"},"content":{"rendered":"\n<p>Before you get\ninvolved with other things this summer, schedule a mid-year checkup. No, we&#8217;re\nnot talking about the height\/weight\/blood pressure kind of checkup, we&#8217;re\ntalking about the income statement\/balance sheet\/cash flow kind of checkup &#8212; a\nreview of your business&#8217;s financial operating fundamentals.<\/p>\n\n\n\n<p>If you review your\nvital financial information only when year-end rolls around, you may not know\nthere&#8217;s a problem until it&#8217;s too late. The more often you take your company&#8217;s\n&#8220;pulse,&#8221; the sooner you&#8217;ll be able to notice &#8212; and react to &#8212; changes\nin your business situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Check Your Vital Signs<\/strong><\/h3>\n\n\n\n<p>What should you be\nlooking at? Start with the operating fundamentals. For example, what&#8217;s the\nstatus of accounts payable? When&#8217;s the last time you ran an aging report for\naccounts receivable? How quickly is your inventory turning? What is your profit\nmargin?<\/p>\n\n\n\n<p>These numbers are\ncritical to running your business. You can&#8217;t make accurate decisions if your\nfigures are old. And, by keeping track of key financial ratios, you can more\nreadily spot trends that should be addressed sooner rather than later.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Monitor Your Budget<\/strong><\/h3>\n\n\n\n<p>Next, check your\nspending. If overspending is a problem, creating a comprehensive budget that\nestablishes realistic guidelines is an effective remedy. Make sure you have a\nbudgeted amount for every line item expense on your operating statement. Then\ntrack and compare actual spending to budgeted amounts on a regular basis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Reduce Your Debt<\/strong><\/h3>\n\n\n\n<p>Avoid the temptation\nto take out all your profits in good years. Instead, consider reinvesting some\nof those earnings in the business. Using retained earnings instead of debt to\ncapitalize your business saves money &#8212; and provides a safety net that will be\nthere to help you through periods of lackluster sales or unexpected expenses. A\nhealthy debt-to-equity ratio will also look great when it&#8217;s time to borrow money\nor sell your business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>See a Specialist\u00a0(Us\u00a0of\u00a0course)<\/strong><\/h3>\n\n\n\n<p>Helping owners build and maintain healthy businesses is our specialty. We offer Business Consultation and Coaching and are confident in our ability to help you focus, prioritize, reconnect, strategize,  to propel your business forward faster than if you keep going on your same path. Let&#8217;s schedule that mid-year review of your company&#8217;s finances soon.<\/p>\n\n\n\n<p>To learn more about financial reviews give us a call today. We can have an impact on the success of your business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you get involved with other things this summer, schedule a mid-year checkup. No, we&#8217;re not talking about the height\/weight\/blood pressure kind of checkup, we&#8217;re talking about the income statement\/balance sheet\/cash flow kind of checkup &#8212; a review of your business&#8217;s financial operating fundamentals. If you review your vital financial information only when year-end rolls [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,4,6,7,12],"tags":[109],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do a Financial Review Mid-Year - O&#039;Connor CPA Firm<\/title>\n<meta name=\"description\" content=\"Before you get involved with other things this summer, schedule a mid-year business checkup. 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