Tax season is over—the crunch time, the late nights, the final filings…are all behind you (for now). But for business owners, the weeks following tax season are not just for breathing a sigh of relief. In fact, this is one of the best times of the year to shift focus toward strategic planning, internal reviews, and tackling any financial housekeeping that got pushed aside during the mad dash to April 15.
Here are key steps businesses should take after tax season to stay ahead and make the most of the months ahead:
1. Reflect and Reset: Learn From This Year’s Tax Experience
Before diving into new projects, take a moment to review what went well—and what didn’t—during tax season. Did you scramble for missing documents? Were your books clean and accurate, or did you have to do some last-minute cleanup? Did your accountant ask for reports you didn’t have readily available?
Identifying pain points now can help you fix them long before next year’s deadlines roll around. Set aside time to document these lessons and use them to improve your financial processes.
2. Revisit Your Strategic Plan
With the first quarter behind you and tax filings out of the way, it’s a great time to reassess your business strategy for the rest of the year. Look at your revenue projections, expense trends, and goals. Are you on track? If not, now’s the time to pivot.
Some questions to consider:
- Are your current pricing and cost structures still working?
- Do you need to adjust hiring plans based on your cash flow?
- Are there new markets or services you want to explore this year?
A mid-year strategy session—whether with your team, board, or advisors—can provide valuable clarity and course correction.
3. Conduct an Internal Financial Audit
Even if you’re not due for a formal audit, now is the ideal time to conduct an internal review of your financials. This helps you:
- Catch errors or inconsistencies in your books.
- Verify that your internal controls are working.
- Ensure policy and regulatory compliance.
- Prepare for any external audits or funding applications.
It doesn’t have to be complicated. Start by reconciling your accounts, reviewing major transactions, and checking for outdated or duplicate entries. Your accountant can help identify areas worth a deeper dive.
4. Catch Up on Deferred Tasks
Let’s be honest: During tax season, non-urgent financial tasks tend to pile up. Now’s the time to clear that backlog and get your operations back in sync. Some items that may need attention:
- Invoicing and collections
- Payroll reconciliations
- Vendor payments and 1099 tracking
- Updating budgets and forecasts
- Organizing and digitizing financial records
Tidying up now can prevent bigger issues from snowballing later in the year—especially when it comes to cash flow or regulatory compliance.
5. Meet With Your Advisor (Yes, Even After Filing)
Tax season may be over, but your trusted advisor is still a valuable resource. Schedule a post-tax-season check-in to:
- Discuss your business performance so far this year.
- Review your estimated tax payments (especially important if your income has changed).
- Explore tax planning strategies for the remainder of the year.
- Set up automated systems or tools to make next year’s filings smoother.
A proactive approach helps you avoid surprises—and keeps your finances aligned with your business goals. Need to establish a relationship with a trusted advisor? Get in touch and talk to our team.
6. Plan for Growth
With a clear picture of your current financials, it’s easier to make smart growth decisions. Whether you’re thinking about expanding your team, upgrading technology, or exploring new products or markets, strong financial footing is key.
Now is the time to:
- Secure financing if needed (your post-tax financials will support loan applications).
- Review your business structure (is your current entity still the most tax-efficient?).
- Evaluate your KPIs and set measurable goals for the second half of the year.
Keep Your Foot on the Gas Pedal
The end of tax season isn’t the end of your financial responsibilities—it’s an opportunity to regroup, reassess, and set your business up for a more strategic and successful year.
By focusing on audits, planning, and catching up on neglected tasks, you’ll not only reduce next year’s stress but also uncover opportunities for efficiency, savings, and growth. So don’t just check “file taxes” off your to-do list—use this season to sharpen your operations and strengthen your business.
And remember, our team is always here to help.