Mid-Year Accounting Check-In: A Summertime Tune-Up for Your Financial Records

As summer heats up on the Gulf Coast, it’s the perfect time for a mid-year financial check-in. With a few proactive steps now, you can help avoid surprises at year-end and make your audit or financial statement preparation much smoother.

Here are a few areas worth reviewing before the second half of the year begins:

Update to Fixed Asset Records

Have you purchased equipment, vehicles, software, or made building improvements this year? Make sure fixed asset additions, disposals, and depreciation schedules are accurately stated by updating for all your current year activity to-date. We can assist with gain/loss calculations, capitalization values, and more.

Discuss Significant Transactions Early

Have you entered into a new lease, refinanced debt, acquired a business, received grants or donations, or completed other significant transactions this year? Consider reaching out to your friendly Wilkins Miller accountant now as early discussions can help identify accounting requirements and documentation/reporting needs before year-end.

Review Debt and Loan Activity

Confirm that all new loans, refinancings, and principal payments have been properly recorded. Keeping loan schedules updated throughout the year can save considerable time during the year-end close process. We can assist with the creation and management of debt amortization schedules, imputed interest calculations, and more.

Evaluate Internal Controls

Summer is a great time to revisit key internal processes and responsibilities. Have staffing changes occurred? Is the appropriate segregation of duties being maintained? A quick internal review can help identify gaps before they become larger issues.

Prepare for Year-End Success

A little financial maintenance in the middle of the year can go a long way. Once your mid-year check-in is complete, you’ll be better positioned for a smooth year-end close and a more efficient financial reporting process. If you have any questions on how Wilkins Miller can help your business achieve, please contact our office at 251-410-6700.