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As we dive into the third quarter, it’s a great time to hit pause and take a good look at how your business is doing. Setting up a Q3 review with your CPA can give you a clearer sense of direction and help prepare you for a strong close to the year. If tax changes like the OBBBA have you scratching your head, this is the perfect moment to make sure you’re not missing anything essential or leaving money on the table.
We’re talking through some smart questions to ask during your Q3 review and how your CPA can help keep your business on track.
1. Are We on Track to Meet Our Financial Goals for the Year?
Start by revisiting the financial goals you set at the beginning of the year. Suppose your goal was to increase revenue, control expenses, achieve a specific profit margin, or another target. In any case, your CPA can help you figure out if you’re headed in the right direction (or if you need an adjustment).
On top of giving you a snapshot of your current financial situation, your CPA can offer insights on how to improve your strategy. For instance, are there areas where overspending crept up? Are some revenue streams performing better (or worse) than expected? Your Q3 review is your chance to course-correct before year-end.
2. Do We Need to Adjust Our Estimated Tax Payments?
Underpaying or overpaying estimated taxes can cause complications (not to mention fines and penalties). Save yourself the stress by addressing quarterly tax payments before year-end. If your income projections have fluctuated or if regulatory changes, such as the OBBBA, affect your business’s taxes, your CPA might suggest adjusting your quarterly payments.
Doing this ahead of time can help you avoid penalties and keep your cash flow steady—something every growing business needs.
3. Are There Any Tax-Saving Opportunities We Should Act On Now?
While the earlier the better, Q3 is still a great time to talk about tax strategies. Maybe you’re thinking about investing in equipment for your business, kicking a little more into retirement, or exploring potential credits. Your CPA can point out any quick wins that could help with your tax bill while you still have time to take action.
Making these calls early can leave you better off once tax season arrives.
4. Are There Any Financial Risks or Opportunities I’m Overlooking?
Sometimes your finances need a fresh set of eyes. Your CPA can flag potential pitfalls you might not have noticed.
Maybe there’s a shift in your industry, a new law on the books, or some wiggle room in your strategy that could make your finances more effective. It’s one of your final chances to find simple ways to minimize risk and take advantage of new opportunities before the year wraps up.
5. What Steps Should I Take Now to Prepare for Year-End?
The final quarter tends to fly by, so prepare now to avoid year-end stress. Your CPA can provide a checklist tailored to your business, so you don’t forget important steps like reconciling accounts, managing inventory, or gathering documentation for tax filings.
Getting a head start on these tasks not only lightens your load but also ensures fewer surprises as deadlines approach.
Why Choose SME CPAs for Your Q3 Review?
Your Q3 review is a great way to keep your business agile and ready for whatever’s next. At SME CPAs, our tax experts get that each business runs a little differently. We’ll help you break down your strategy, spot opportunities, and cut through confusion so you can focus on your goals.
If you need a hand navigating regulations, looking for easy savings, or just want to make sure you’re on the right track, SME is here to guide you and answer your questions.
Ready for Your Q3 Review?
Let’s make sure you’re set for a strong finish. Reach out to SME CPAs and set up your Q3 review today. We’ll help you find new possibilities and give you peace of mind as you head into the last stretch of the year.