The mid-year (Q3) check-in Australian businesses shouldn't skip

For Australian businesses, January feels like a fresh start. But financially, it's something else entirely. ​

With a June EOFY, the new calendar year lands right in Quarter 3 of the financial year. That makes January-February the ideal moment to pause, assess what the first half of the year has delivered, and make informed adjustments before the final stretch. ​

A mid-year check-in is less about resetting everything and more about deciding what deserves your focus for the remaining six months. ​

By this point, you have six months of real data behind you. The holiday period has passed, operational rhythm is returning, and there's still time to influence outcomes before EOFY decisions are locked in. ​

Handled well, a Q3 check-in can highlight risks early, surface opportunities you still have time to act on and prevent rushed decisions in May and June. ​

Goals set at the start of the financial year are often based on assumptions that may no longer apply. ​

At the mid-year point, review how the business is tracking against those goals. Are they still realistic? Are they still relevant? ​

In some cases, it may make sense to adjust targets or reset expectations based on what the last six months have shown. Making changes now allows you to focus on achievable outcomes for the remainder of the year.​

Examples​

If your bookkeeping has fallen behind, Q3 is a good time to catch up.​

Outstanding reconciliations can make it harder to understand your true financial position. Bringing records up to date now reduces pressure as EOFY approaches and means that any decision you make for the rest of the year is based on accurate and current information.​

Tax planning is most effective when it's done early. A mid-year review is a good opportunity to talk to your accountant about potential tax planning options while there is still time to act. ​

This can help avoid last-minute decisions and provide more control over outcomes at the end of the financial year. It's also a chance to prepare for upcoming changes, such as Payday Super, and understand how they may affect cash flow and payroll processes. ​

Six months into the year is a good time to assess how smoothly the business is running day to day. ​

Review workflows, systems, and processes that may be slowing things down or creating unnecessary manual work. Small changes to the way work is done can improve efficiency, reduce costs, and free up time as the business moves through the second half of the year. ​

This is also a useful point to identify any growth opportunities or cost-saving measures that weren't obvious earlier in the year. ​

Examples​

The business environment rarely stays the same for a full year. Consider whether there have been changes in the market, your customer, or the wider economy since the start of the financial year. ​

These changes may require adjustments to how the business operates or where it focuses its efforts. Some strategies may need refining, while others may be worth continuing or expanding. ​

A mid-year check-in should end with a plan. ​

Based on what you have learned from the first half of the year, this might involve refining targets, adjusting pricing or cost structures or prioritising a small number of operational improvements.​

Clear actions make it easier to stay focused and avoid rushed decisions as EOFY approaches. ​

A mid-year check–in is a simple way to turn 6 months of experience and data into more confident decisions for the rest of the year.​

While most of this review can be done internally, having an accountant involved for the financial aspects can provide extra clarity on areas such as working capital efficiency, profitability trends across product lines or business units, and key metrics like gross margin.​

Taking the time now to review performance and plan ahead helps your business stay on track and well-positioned for the remainder of the year.​