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June 2025 Reminders
June is a key month for payroll and employee-related compliance, as well as mid-year financial check-ins. With Q2 wrapping up soon, now’s the time to review payroll processes, employee benefits, and your financial performance to prepare for a strong second half of the year. Here’s your guide for keeping your small business finances in top shape this June:
Accounting and Tax Deadlines
Payroll Compliance
- Review payroll systems to ensure all employee information, tax withholdings, and benefits are current.
- Submit state and federal payroll tax deposits for May on time to avoid penalties.
- Begin preparing Form 941 (Q2), due next month.
Sales Tax Deadlines
- If applicable, file and pay your monthly or quarterly sales tax by your state’s June deadline.
Estimated Tax Planning
- Evaluate your revenue and expenses to adjust your Q2 estimated tax payment, due July 15. Accurate projections now can help avoid over- or under-payment.
Bookkeeping Recommendations
Close May’s Books
- Reconcile bank, credit card, and loan accounts for May.
- Verify and categorize all income and expenses.
- Ensure payroll entries are posted correctly and match pay runs.
Review Accounts Receivable
- Run an A/R aging report and follow up on any overdue invoices.
- Consider offering early payment incentives for slower-paying clients.
Audit Employee and Contractor Records
- Confirm that employee files include up-to-date W-4s, I-9s, and benefit enrollments.
- Ensure contractors have provided updated W-9s, and verify payment records for accurate 1099 reporting later in the year.
Verify Employee Benefits & Deductions
- Double-check that deductions for health insurance, retirement plans, and other benefits are accurate and consistently applied.
- Review employee time off balances and accruals.
Financial Planning & Strategy
Mid-Year Financial Review
- With half the year nearly complete, conduct a mid-year review of your business’s financial performance.
- Compare your YTD numbers to your budget, and update forecasts for Q3 and Q4.
- Identify which products or services are most profitable—and which may need attention.
Plan for Q2 Closeout
- Prepare to close out Q2 books by reviewing revenue, expenses, and tax obligations.
- Organize documentation and summaries for quarterly financial reporting if needed.
Evaluate Compensation Strategies
- Consider whether pay increases, bonuses, or benefits are appropriate mid-year.
- Review industry benchmarks and employee performance metrics to make informed decisions.
Forecast Cash Flow for Summer Months
- Use a rolling forecast to identify seasonal cash flow dips or spikes.
- Plan for upcoming expenses, such as tax payments, inventory restocks, or hiring.
Check Licenses & Insurance
- Ensure all business licenses and permits are current.
- Review insurance policies for coverage gaps or upcoming renewals.
Final Thoughts
June is the perfect time to evaluate the financial and operational health of your business before the second half of the year kicks in. With payroll compliance, tax planning, and a mid-year review on the agenda, staying proactive can help you avoid surprises and make smart financial decisions.
Need help preparing for Q2 close or reviewing payroll processes? Contact VirtuCount Bookkeeping, Accounting, & Tax—we’re here to help you move forward with confidence.
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