August Opportunity: Getting Your Finances in Order Before Q4

While many businesses slow down during August, with clients on holiday, inboxes quieter than usual, and meetings few and far between, this lull offers a hidden opportunity. Rather than waiting for the end-of-year scramble, August is the perfect time to step back and get your finances in shape before Q4 kicks in.

Here’s how to make the most of it.

1. Review Year-to-Date Financials

With three quarters nearly behind us, now is a great moment to review:

• Profit & Loss Statements
  
• Cash flow forecasts
  
• Outstanding invoices and liabilities
  

Look at what’s going well, and where things are off course. Are expenses creeping up? Is revenue on track? Taking stock now helps you course-correct with time still on your side.

2. Prepare for Q4 (Don’t Just React to It)

Q4 often brings seasonal demand spikes, year-end reporting pressure, and tax planning deadlines. Use August to:

• Adjust stock levels or staffing in advance
  
• Schedule in key client reviews or marketing pushes
  
• Set goals for closing the year strong
  

Whether you’re gearing up for a Christmas rush or tying up a quieter year, planning now means fewer surprises later.

3. Tidy Up Your Books

It’s easy for small errors to creep into your records—especially when you’re busy. August is a chance to:

• Reconcile bank statements
  
• Chase missing receipts
  
• Categorise uncoded transactions
  

Your accountant (and your future self) will thank you come January.

4. Revisit Your Tax Position

With changes to tax thresholds and allowances in motion, it’s smart to:

• Project your year-end tax liability
  
• Make early pension or dividend decisions
  
• Use any remaining allowances wisely
  

This is especially important for directors and limited companies looking to balance salary vs. dividend draws.

5. Evaluate Your Systems and Subscriptions

Slower months allow time to look at your tools:

• Are you using the right accounting software?
  
• Still paying for tools you don’t need?
  
• Is your payroll or invoicing process as efficient as it could be?
  

August is ideal for making small operational tweaks that can save you time and money heading into Q4.

6. Reconnect with Your Accountant or Adviser

You don’t need to wait until tax return season to check in. A short August meeting or email exchange can help you:

• Flag potential tax issues early
  
• Spot efficiency gaps
  
• Get a second pair of eyes on your numbers
  

And because most businesses are quieter, turnaround times are usually faster this month.

August may be associated with holidays and heatwaves, but it’s also a rare window of calm in the business calendar. Using this time wisely can help you head into Q4 not just caught up — but ahead.

Even a few hours spent reviewing your financial position this month can pay dividends come year-end.