Your Q3 Check-In: A Quick Money Review for You and Your Business
Q3 ends September 30, which means you have about a week to check in on your numbers before Q4 takes over. You don't need a full financial audit. One focused hour now can save you a lot of stress in December.
Here's a quick review for both your business and your personal finances.
The business side
Look at your profit and loss. Pull your P&L for July through September and compare it to Q2. Did revenue move? Did any expense jump without you noticing? Forgotten subscriptions and software are the usual suspects.
Get your books current. If there's a pile of uncategorized transactions, tackle it now. Clean books make tax time faster and help your accountant give you real advice instead of spending hours untangling things.
Revisit your estimated taxes. The Q3 payment was due September 15 and the next one is due January 15. If your income has shifted since you set your original estimate, adjust now so an underpayment penalty doesn't surprise you.
Check your cash flow. Profit on paper and cash in the bank are not the same thing. Look at who owes you, what's coming due, and whether you have enough cushion heading into Q4.
Plan big purchases early. Thinking about equipment, a new hire, or another investment before year end? Talk it through with your accountant first. Timing matters.
The personal side
Check your withholding. If you have a paycheck, especially alongside self-employment income, make sure your withholding still fits. A raise, a new job, marriage, or a new baby are all good reasons to update your W-4.
Look at your retirement contributions. See what you've put in so far this year and whether you can bump it up before December. Even a small increase in Q4 helps.
Scan your spending. Go through the last three months of statements. No judgment, just look for patterns and ask if your money is going where you want it to.
Check in on your goals. Emergency fund, debt payoff, saving for a house. Are you on track? If not, pick one small adjustment to make this quarter.
Start your paperwork folder. Receipts, donation records, and forms that arrive in January all belong in one place. Future you will be grateful.
Make it a habit
The checklist isn't the real win. Doing it every quarter is. Block 60 minutes on your calendar at the end of each quarter and year-end stops feeling like a scramble.
Not sure where you stand, or want a second set of eyes on your numbers? The team at 1st Source Tax & Accounting is happy to help you set up a strong Q4. Reach out and let's talk.