5 Ways to Get Your Finances in Shape Before Q3
As summer begins in South Carolina, many small business owners are focused on tourism season, summer promotions, or simply trying to catch a break. But before Q3 rolls in, it’s the perfect time to ask: Is your bookkeeping ready for the second half of the year?
At Peavy and Associates, we specialize in helping small businesses clean up their books, streamline their processes, and stay prepared—not just at tax time, but year-round. Here’s how to make sure your financial records are in great shape this June.
1. Catch Up on Reconciliations
If your bank and credit card statements haven’t been reconciled monthly, now’s the time. Unreconciled accounts can lead to inaccurate reports, missed deductions, or even cash flow surprises.
📌 Action Step: Reconcile all accounts through May, and ensure your June statements are ready to go by early July.
2. Organize Receipts and Expenses
Digitally storing and categorizing receipts not only saves time—it can protect you in the event of an audit.
🧾 Use tools like QuickBooks, Xero, or Dext to:
- Attach digital copies of receipts to transactions
- Categorize spending consistently
- Identify any personal expenses that were mixed in
Need help choosing a platform or organizing your records? Our team can assist with bookkeeping setup or cleanup.
3. Review Profit & Loss (P&L) Statements
How’s your business performing so far in 2025? A mid-year review of your income and expenses helps you understand profitability and make data-driven decisions for the second half of the year.
📊 Questions to consider:
- Are certain expenses higher than expected?
- Which products or services are most profitable?
- Are there tax-saving opportunities to plan for now?
4. Prepare for Estimated Taxes
June is the halfway point of the year, and that means quarterly estimated tax payments are due again. Reviewing your net income now helps ensure you’re paying the right amount—and avoiding penalties.
💼 Bonus: Planning ahead can also help with year-end strategies like accelerated depreciation or retirement plan contributions.
5. Consider Outsourcing Your Bookkeeping
If you’ve been managing your books on your own, it might be time to pass the torch. Outsourcing your bookkeeping frees up your time and ensures your records are accurate, up-to-date, and ready for tax season.
At Peavy and Associates, we offer:
- Monthly bookkeeping services
- Payroll and sales tax filings
- Financial statement preparation
- Business advisory and forecasting
Let’s Get Your Books Summer-Ready ☀️
Clean books = better decisions, less stress, and fewer surprises. Whether you need a one-time cleanup or ongoing support, Peavy and Associates is here to help South Carolina businesses thrive.
📅 Book a free bookkeeping consult today and take control of your business finances before Q3 hits.
Peavy and Associates | Trusted Accounting for South Carolina Small Businesses
💻 Book online | ☎️ Call us | 📍 Offices across South Carolina & virtual support available