We’re now comfortably into July at the time of writing, and that means we’re three months into the 2026/2027 tax year. This may or may not coincide with your business’ own Q1; all the same, it’s a great moment to stop and run through some key checks.
Whether you’re going to be filing a self-assessment tax return or you’re managing finances for a company, some jobs definitely need doing. Others may be specific to your business structure or even to your business itself, so feel free to use this checklist as a baseline and add whatever seems appropriate.
Reconcile Your Accounts
We recommend regular reconciliation, but for that reason we also suggest that you put it on as many checklists as possible so that you’re always on top of it.
The kinds of financial problem that reconciliation highlights are the kind that do their damage over time, so the earlier you catch and correct them, the happier you’ll be.
Quarterly Performance Review
We always recommend regularly checking in on your financial situation. At the end of a quarter, do a little bit more; don’t just look at your current numbers, but compare them to the end of the previous quarter and to the year before. Do any trends stand out? Have your gross and net profit margins changed significantly? Are any costs particularly rising?
Whatever comes up (if anything) make a note of it to investigate later.
Mark and Chase Overdue Payments
Look at outstanding payments past due. How many of them are there? How big a proportion of your income do they represent? How many of the businesses owing money now owed money last quarterly review?
Wherever possible it’s worth automating payment reminders, but that comes with its own problems, so take the time to check manually.
Mark and Pay Overdue Invoices
The same issue comes with a flipside. Sometimes, especially for a small business, payments can slip through the cracks, especially if you had to defer them initially. Outstanding invoices have a habit of finally needing to be paid just when your cashflow is at its worst, so including this step on your quarterly checklist is designed to catch them before that happens.
Check Your Tax Deadlines
Make sure you know what payments may be coming up soon. These can include PAYE payments, National Insurance Contributions (NICs), VAT returns, corporation tax, or personal tax payments if you’re a director.
Knowing what your current tax liabilities are helps you to manage your liquidity and make better plans.
Check for Improvements
Are you satisfied with your profit margins? Could automation or improved process reduce major costs? If you have plans for expansion, are you positioned to follow through or does more need to be done?
These are all areas where you’ll often find opportunities to improve. After reviewing your quarterly performance, you should have the information you need to make plans.
Draw a Line Under the Quarter
Ultimately, what’s done is done. If your review of Q1 tells you that you could have done more, remember that and use it to fuel Q2, but any extra time spent beating yourself up over errors is wasted time. If your review tells you it was a great quarter for your business, try and build on that in Q2, but don’t dwell on your success and get complacent.
A quarterly review helps you understand your financial position. It gives you a better perspective on successes, failures, profit and loss. But Q1 is done now; it’s time to focus on Q2.
If you feel like your next quarter will benefit from deeper financial insights, get in touch and we’ll be happy to help.
