Questions To Ask Your Accountant at Your Mid-Year Check-InIf you can believe it, we’re already a little more than halfway into 2021! Where did the time go?!

As a busy professional, it’s extremely easy to get distracted by your day-to-day processes and relegate your accounting operations to the back burner. Prioritizing a meeting with your accountant right around the halfway point of the year is the perfect way to look at how well your company is doing. You can ensure you’re on budget and make adjustments for the remainder of the year if needed. In fact, the overall success of your business might count on it!

Here are a few specific questions you might want to bring up when you sit down with your accountant.

1.) How Is My Bookkeeping?

Plenty of business owners admit to letting their bookkeeping fall by the wayside in the face of other, more pressing matters. However, your books genuinely do need to be balanced and reconciled once a month for larger businesses. You can reconcile them once a quarter for smaller companies at the bare minimum. Implementing a reconciliation process can save you time, money, and stress at the end of the year.
If you’re one of the businesses that doesn’t prioritize your bookkeeping, your mid-year check-in is a great time to touch base with your accountant to make sure your books are in good shape. This will also set you up for a successful tax season the following year.

2.) Have I Stayed On Budget?

We all know that creating and implementing a yearly budget is a great way to curb your spending, maximize your savings, and stay on track with your income goals for the year. However, just as cash flow can change month by month, so can your budget. Regularly evaluating and adjusting where you need to spend your money is necessary to maintain the health of your finances.

Speaking with your accountant about your budget at your mid-year check-in gives them an idea of what to expect when it comes time to do a year-end closeout or file your taxes. They’ll also be able to provide you with advice on managing your budget for the rest of the year. By making sure your budget accurately reflects the reality of your financial situation, your accountant will be able to help your business strong.

3.) Did I Hit Projected Targets For Q1 And Q2,

And Are There Any Issues I Need To Address To Reach My Q3 And Q4 Goals?

As part of the check-in process, your accountant will take a deeper look at your projections and goals for the first part of the year to make sure you’re hitting your targets. With this information about your income and expenses, they’ll be able to ensure that any weaknesses in your accounting are addressed and fixed right away.

You’ll both have a good idea of your strengths and weaknesses from Q1 and Q2 and pinpoint any opportunities for growth going forward. And, your accountant will help you develop and implement a strong course of action. This action plan is an excellent resource for ensuring any issues identified in the first half of the year don’t adversely affect your Q3 and Q4 projections.

Your Accountant Is Here To Help!

This check-in is a best practice for any business. Making this meeting a top priority is a cost-effective way to make sure you’re financially ready for anything 2021 can throw at you.

Of course, this list of questions to ask is not complete! Your accountant will have a better understanding of your unique financial needs and overall situation. They will be able to guide you into a mid-year check-in that is informative and puts your financial situation on the best possible trajectory for success.

At JStevens Accounting, we love to help our clients with their mid-year check-ins. This is a crucial meeting that allows for oversight and suggestions for a smoother tax year. If you need help with your accounting or would like to ask some mid-year questions… contact us today!