Your Mid-Year Business Finances Checklist

Hello All,

Many of us are in summer mode, contemplating vacations and staycations while procrastination seems to be rising at the same rate as the temperature. (insert groan here)

Finances tend to be the primary victim of summer indolence. So I've prepared a checklist (that you can also download) to help you stay on track .

1. Review Your Income and Expenses

  • Pull a profit & loss report (or your spreadsheet summary) from January to June.

  • Are your sales where you expected? If not, why?

  • Which expenses have gone up? Any subscriptions or tools you no longer need?

2. Check Your Cash Flow

  • Are you consistently covering expenses, or relying on credit?

  • Are there clients with unpaid invoices? Consider sending reminders or tightening payment terms.

  • Forecast the next 3–6 months. Do you have enough cash set aside for slow periods or big expenses?

3. Evaluate Tax Savings

  • Have you been setting aside a portion of revenue for income tax, GST/HST, and (if incorporated) corporate tax?

  • Pro tip: Open a separate savings account just for taxes.

4. Check GST/HST or QST Obligations

  • Are you approaching $30,000 in sales this year? You may need to register.

  • Already registered? Make sure your filings are up to date and accurate.

  • Consider if the Quick Method could save you time or money.

5. Update Your Books

  • Is your bookkeeping current? If you’re behind, set aside time now to catch up.

  • Make sure expenses are categorized correctly.

  • Back up your records.

6. Review Your Goals

  • Are you on track with your revenue and profit goals?

  • Do you need to adjust pricing, services, or marketing?

  • Any big plans (equipment purchases, hiring, incorporation) you should start planning for now?

The thing about paying attention to your finances now, instead of putting it off, is that it will significantly reduce the amount of time, stress and potentially costs of not doing it. And, as an extra bonus, you can feel a sense of accomplishment when you check things off the list.

Download the Checklist.

As always, I'd love to hear your thoughts and challenges (or creative ways in which you procrastinate).

Have a great weekend.

Ronika


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Ronika Khanna

Ronika Khanna is a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and the founder of Montreal Financial. Her previous experience includes roles at PwC and ING both in Montreal and Bermuda.

She started her business 15 years ago with a focus on accounting, finance and tax for small business owners, startups, freelancers, and the self-employed. As a small business owner herself, Ronika leverages her firsthand experience to offer practical advice and bring clarity to complex financial concepts.

She has been featured in media outlets such as CBC, the Toronto Star, and The Globe and Mail and has authored several books to help small businesses with their finances.

You can connect with her via her biweekly newsletter, Twitter, YouTube, and Linkedin.

She also offers consultations to small business owners and individuals who want personalized guidance.

https://www.montrealfinancial.ca/about
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