Monthly News!
September is now here, bringing with it the excitement of a fresh start and, for many, the return to school. As backpacks are packed, routines settle back in, and summer begins to wind down, we’re embracing the energy that comes with a new season. Here’s to a September filled with new beginnings, learning, and plenty to look forward to
Upcoming Dates:
September 7th: Labor Day: H&S offices will be closed this day.
September 15th: Third-quarter estimated tax payment due: for individuals who make estimated tax payments.
September 30th : Webinar: Brett Filush from H&S will be speaking on tax M&A – tax structuring during a deal including risk, tax, and control tradeoffs
Now That School Is Back: Give Your Household Finances a September Check-In
September often feels like a fresh start. As summer ends and families settle into school-year routines, it’s also an ideal time to take a closer look at household finances.
After several months of real-world spending, you now have a clearer picture of where your money is going and whether your current budget still reflects your family’s needs.
Review Summer Spending
Take a look at bank and credit card statements from the past few months. Compare actual spending to what you expected and identify any trends. Were vacations, groceries, or entertainment costs higher than planned? Were certain expenses one-time costs, or will they continue throughout the year?
Adjust for School-Year Expenses
School supplies, sports, childcare, tutoring, and extracurricular activities can quickly impact monthly cash flow. Instead of viewing these as occasional costs, incorporate them into your overall budget and plan ahead for future fees and purchases.
Plan for Year-End Costs
The final months of the year often bring additional expenses, including holidays, travel, charitable giving, home maintenance, and annual memberships. Estimating those costs now and setting aside funds each month can help reduce financial stress later.
Revisit Savings and Debt Goals
September is also a good time to evaluate your progress toward savings goals and review outstanding debt. Consider whether your priorities have changed and whether adjustments are needed to stay on track.
Let Your Budget Evolve
A budget created in January may no longer reflect your current reality. Changes in income, expenses, activities, or family circumstances can all affect your financial plan. An effective budget should adapt as life changes.
Finish the Year with Confidence
A September financial check-in doesn’t require major changes. Small steps, such as increasing savings, reducing unnecessary expenses, or preparing for upcoming bills, can make a meaningful difference. Taking time to review your finances now can help you end the year with fewer surprises and a stronger financial outlook.
The September Business Financial Check-In Every Business Owner Should Complete
Running a business often means focusing on daily operations, but by September, you have eight months of financial results that can provide valuable insight into where your business stands and where it’s headed. Taking time now to review your finances can help you make informed decisions before year-end.
Review Revenue and Expenses
Start with your profit and loss statement. Compare year-to-date revenue to your budget and evaluate what’s driving growth or falling short of expectations. Then review expenses, looking for significant increases and determining whether those costs are delivering value to the business.
Look for Trends
Comparing current performance to the same period last year can reveal important trends. Are profits improving? Are expenses growing faster than revenue? Year-over-year comparisons help identify whether changes are temporary or part of a larger pattern.
Focus on Cash Flow
Profitability doesn’t always equal healthy cash flow. Review accounts receivable, monitor overdue invoices, and assess expected cash inflows and outflows for the remainder of the year. Strong cash management can help avoid unnecessary financial strain.
Evaluate Recurring Expenses
Subscriptions, software, insurance, marketing, and other ongoing costs can add up over time. September is a great opportunity to determine whether each expense still provides value and supports your business goals.
Update Your Forecast
Use the information you’ve gathered throughout the year to create a more accurate forecast. Estimate year-end revenue, expenses, and cash position, and consider different scenarios so you can make proactive decisions rather than reactive ones.
Plan Ahead
If you’re considering hiring employees or making major purchases, now is the time to evaluate the financial impact. Focus on investments that support long-term business objectives rather than making purchases simply because year-end is approaching.
Better Recordkeeping Now Can Make the Rest of the Year Easier
When business gets busy, recordkeeping often falls to the bottom of the to-do list. Receipts pile up, invoices become harder to find, and important details can be overlooked. The longer records remain disorganized, the more difficult they are to manage later.
September is an ideal time to get organized and establish habits that can carry through the rest of the year.
Build a System That Works
Accurate records help business owners track expenses, monitor cash flow, measure profitability, and make informed decisions. The best system is not necessarily the most complicated. It’s the one that can be used consistently.
Review Receipts and Invoices
Take time to organize receipts and invoices from earlier in the year, especially for major purchases such as equipment, vehicles, furniture, or technology. Keeping documentation accessible makes it easier to answer questions and manage financial records accurately.
Separate Business and Personal Expenses
Maintaining separate business banking and credit accounts helps simplify bookkeeping and reduces the risk of overlooking important transactions. When expenses include both business and personal use, document the details clearly.
Track Vehicle Use
Businesses that use vehicles should maintain accurate records of business travel, including dates, destinations, mileage, and business purpose. Updating records regularly is far easier than trying to reconstruct them later.
Keep Major Purchase Records
For significant purchases made throughout the year, retain invoices, financing information, and supporting documents. Organized records help ensure transactions are reported correctly and make future reviews much easier.
Consider Digital Recordkeeping
Digital tools such as accounting software, cloud storage, and receipt-scanning apps can simplify document management and improve accessibility. A straightforward digital system is often more effective than a complex process that is difficult to maintain.
Make It a Monthly Habit
Setting aside time each month to review transactions, reconcile accounts, organize receipts, and monitor outstanding invoices can prevent recordkeeping from becoming overwhelming. Regular reviews also help identify issues before they become larger problems.
Turn Records into Better Decisions
Good records do more than support bookkeeping. They can reveal spending trends, identify profitable services, highlight unused subscriptions, and provide insights that lead to better business decisions.
Start Now
Don’t wait until year-end to organize your records. By taking a little time now to review receipts, separate expenses, update mileage logs, and organize key documents, you’ll save time later and gain a clearer understanding of your business’s financial health.
Start Your Year-End Financial Planning Before December
December may seem far away, but the final months of the year often pass quickly. Starting year-end financial planning in September gives individuals and business owners time to review their finances, prepare for upcoming expenses, and make adjustments before year-end pressures begin.
Evaluate Your Current Financial Position
Before planning ahead, take a close look at where you stand today. Individuals should review income, savings, investments, debt, and major expenses. Business owners should assess revenue, profitability, cash flow, and progress toward key goals.
The goal is not to judge the year as good or bad, but to understand what has changed and how those changes may affect future decisions.
Prepare for Upcoming Expenses
Many year-end expenses are predictable. Holiday spending, travel, home maintenance, education costs, annual memberships, equipment purchases, and employee-related costs can all impact cash flow.
Creating a plan now allows time to save, budget, and avoid unnecessary financial stress later.
Think Carefully About Major Purchases
Whether it’s a new vehicle, home repair, technology upgrade, or business equipment, major purchases should be evaluated carefully. Consider the total cost, impact on cash flow, timing, and whether the purchase aligns with your broader financial goals.
Monitor Cash Flow
Cash flow is often one of the most important factors in year-end planning. Understanding how much money will be available after regular expenses and upcoming obligations can help prevent financial strain and support better decision-making.
Review Long-Term Goals
September is also a good time to revisit long-term objectives. Individuals may want to evaluate progress toward retirement, education savings, emergency funds, or other goals. Business owners can review revenue targets, staffing plans, cash reserves, debt reduction efforts, and growth initiatives.
Start Thinking About 2027
Looking ahead can be just as important as reviewing the current year. Consider upcoming changes, expected expenses, new opportunities, and priorities for the year ahead. Early planning provides more time to explore options and prepare for important decisions.
End the Year with Confidence
Year-end planning isn’t about predicting the future perfectly. It’s about preparing for what you can reasonably anticipate. Small adjustments, such as increasing savings, improving cash flow, reducing unnecessary expenses, or updating financial goals, can make a meaningful difference.
By starting now, you can finish 2026 with fewer surprises and enter 2027 with a clearer, more confident financial plan.
What We’ve Been Up To:
Our team had a great time coming together for a night at LMCU Ballpark for the Cosmic Ball Game! The glow-in-the-dark experience made the evening extra fun, with plenty of baseball, good food, and great company.
It was a great opportunity to step away from the office, enjoy some time together, and make memories as a team. From the cosmic atmosphere to the glowing lights, it was truly a night to remember!
What We’re Working On:
We are continuing to expand and refine our integrated business advisory services for growing companies.
- Accounting
- Tax Planning / Preparation
- IT strategy / Consulting
- Wealth Management
- Auditing
We provide proactive, tailored guidance designed to support your business goals.
The result is clearer insight, fewer surprises, and greater confidence as you navigate today’s complex financial decisions.
To Be Noted:
We send this monthly newsletter to keep you informed and connected with our team. It’s also a chance to share a bit of the personality behind H&S Companies. Look for it in your inbox around the first Wednesday of each month, with timely updates, upcoming webinars, and behind-the-scenes highlights. You can always find it on our website as well.
If you have received our newsletters in the past, and have unsubscribed from our content, you may need to unsubscribe again due to a new email marketing platform. No hard feelings, we understand that inboxes can get overwhelming.