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August 2025 Reminders
August is an ideal month to focus on financial organization and long-term planning. With no major federal tax deadlines, you can turn your attention to optimizing systems, reviewing your year-to-date progress, and preparing for a strong Q4. Here are the key accounting and bookkeeping tasks to prioritize in August 2025:
Accounting and Tax Deadlines
State & Local Obligations
- Check for any state or local sales tax, business license, or industry-specific filings due in August.
- Ensure monthly payroll tax deposits are submitted on time.
Mid-Quarter Estimated Tax Check-In
- Review financial performance to date and begin preparing for your Q3 estimated tax payment, due in September.
- Make adjustments if your income or deductions have significantly changed since Q2.
Bookkeeping Recommendations
Close July’s Books & Reconcile Accounts
- Reconcile bank, credit card, and loan accounts.
- Confirm that invoices, payments, and expenses are all properly recorded and categorized.
- Address any uncategorized or unmatched transactions in your bookkeeping software.
Review Accounts Receivable & Payable
- Run your A/R aging report to follow up on overdue client payments.
- Review your accounts payable and schedule upcoming payments to avoid late fees.
- Organize vendor files and confirm W-9s are on file for all independent contractors.
Organize and Digitize Records
- File or scan receipts, contracts, and statements.
- Ensure all documentation is stored in a secure, searchable format.
- Set up a cloud-based backup system if you don’t already have one.
Mid-Year Budget Adjustment
- Review your actual vs. budget reports.
- Adjust forecasts to reflect updated revenue and expense projections for Q3 and Q4.
Financial Planning & Strategy
Evaluate Financial Software & Tools
- Is your current accounting or payroll system still meeting your needs?
- Research and test new tools that could help automate tasks, improve reporting, or reduce errors.
Plan for Upcoming Tax Deductions
- Consider making planned business purchases in the coming months to maximize deductions.
- Start preparing for any retirement contributions or bonus payouts.
Analyze Profitability by Segment
- Break down your income and expenses by product, service, or department.
- Identify which areas are performing well and which may need restructuring or support.
Begin Q3 Goal Review
- Check progress toward your Q3 goals and determine what needs to happen to finish the quarter strong.
- Revisit sales, marketing, and operational plans to realign efforts if needed.
Staff and Contractor Planning
- Review current and projected workload to determine if you’ll need to hire or outsource.
- Reassess roles and responsibilities for efficiency.
Final Thoughts
August offers breathing room to regroup and refine your financial systems before the fall rush. By tightening your bookkeeping processes, reviewing performance metrics, and planning ahead, you’ll be ready to finish the year strong.
Looking to fine-tune your systems or prepare for tax season early? Contact VirtuCount Bookkeeping, Accounting, & Tax—we’re ready to support your success.
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