The Quarterly Check-In: Where Do Your Finances Stand? Let’s Review and Recalibrate

As a small business owner, it’s easy to get lost in the day-to-day. But every 90 days, it’s essential to pause, assess where your finances stand, and make the necessary adjustments for the quarter ahead. A quarterly financial check-in helps you stay on top of your business performance, catch red flags early, and set realistic goals for growth.

Here’s what to review — and how to recalibrate your strategy for success.

1. Review Your Profit and Loss Statement

Your P&L statement is a snapshot of how much money is coming in versus going out. Take time to:

• Analyze revenue trends: Are sales consistent, growing, or slowing down?

• Compare expenses: Are there any areas where costs are creeping up?

• Review gross and net profit margins: Are you operating efficiently?
  

Quarterly Tip: If margins are tight, consider cutting back on underperforming services or renegotiating vendor contracts.

2. Check Cash Flow Health

Even profitable businesses can struggle if cash isn’t flowing correctly. Use your cash flow statement to answer:

• Do you have enough cash to cover the next 30-60 days?

• Are customers paying on time?

• Are you overextending credit?
  

Quarterly Tip: Implement or tighten up your invoicing process and follow up regularly on outstanding payments.

3. Reconcile All Bank and Credit Card Accounts

Bank reconciliation ensures your books match your actual accounts. Check for:

• Unmatched or duplicate transactions

• Missed expenses or income

• Discrepancies that need correcting
  

Quarterly Tip: Use accounting software like QuickBooks Online to automate this process and catch errors early.

4. Evaluate Budget vs. Actual Spending

Compare your quarterly budget with what you actually spent. Ask yourself:

• Where did you overspend or underspend?

• Were there any unexpected costs?

• Is your budget still realistic for the rest of the year?

Quarterly Tip: Adjust your budget moving forward based on actual performance — don’t wait until year-end.

5. Assess Outstanding Debts and Loans

Review your business liabilities and upcoming payments. Consider:

• Are you making on-time payments?

• Are there opportunities to refinance at better rates?

• Can you allocate extra funds toward paying down high-interest debt?

Quarterly Tip: Make a plan to chip away at debt each quarter, even with small additional payments.

Ready to Recalibrate?

A quarterly check-in is your chance to get ahead, not play catch-up. By staying proactive, reviewing your financial data, and making smart adjustments, you set yourself up for smoother operations and long-term growth.

Need help reviewing your finances or getting your bookkeeping in order?

Better Bookkeepers is here to support you every step of the way. Reach out to learn more about our bookkeeping and business management solutions.