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May 2025 Reminders
May is the perfect month to give your business finances a spring refresh. With tax season behind most businesses, now’s the time to focus on organizing your books, reviewing financial systems, and planning for mid-year success. Here’s your guide to staying financially sharp this month:
Accounting and Tax Deadlines
State & Local Tax Deadlines
- While federal taxes may be filed, some state and local business taxes or license renewals may have May deadlines. Be sure to check with your state’s tax department or business portal.
Monthly & Quarterly Sales Tax Filings
- If your business files monthly or quarterly sales tax, check your filing frequency and ensure your May due dates are on the calendar.
Payroll Tax Compliance
- Continue making timely federal and state payroll tax deposits.
Stay updated with any state-level payroll tax changes that took effect in Q2.
Bookkeeping Recommendations
Close April’s Books & Reconcile Accounts
- Reconcile all bank, credit card, and loan accounts.
- Make sure all income and expenses are properly recorded and categorized.
- Verify that your cash flow statement and balance sheet accurately reflect April’s activity.
Follow Up on Outstanding Invoices
- Review your Accounts Receivable (A/R) aging report.
- Follow up with clients who are past due and consider setting up automated reminders.
Spring Clean Your Chart of Accounts
- Review your Chart of Accounts for accuracy, clarity, and simplicity.
- Merge or deactivate old accounts that are no longer used.
- Add new accounts that better reflect your current financial tracking needs.
Organize Digital Files & Receipts
- Create or update your document management system.
- File receipts, contracts, and other important financial docs in clearly labeled folders.
- Back up digital files to a secure cloud service or external drive.
Financial Planning & Strategy
Mid-Year Financial Check-In
- We’re nearly halfway through the year—review your YTD income and expenses.
- Identify variances from your budget, both positive and negative.
- Set or revise Q3 goals based on current performance.
Prepare for Quarterly Reporting
- If you present quarterly reports to investors, lenders, or stakeholders, begin compiling key figures and insights.
- Summarize key metrics such as revenue growth, profit margins, and cost controls.
Evaluate Operational Efficiency
- Look for opportunities to improve workflows or cut unnecessary spending.
- Revisit any software subscriptions or service contracts that can be adjusted.
Forecasting & Cash Flow Planning
- Update your rolling cash flow forecast to reflect current trends.
- Plan for any large purchases, hires, or seasonal sales fluctuations.
Business Insurance & Compliance
- Conduct a quick audit to ensure insurance policies are active and appropriate.
- Renew or apply for any licenses or permits that are coming due.
Final Thoughts
May is a great month to tidy up your financial systems, follow up on loose ends, and prepare for the rest of Q2. Staying proactive now helps avoid surprises later. If you need help with your bookkeeping, cleanup projects, or forecasting, the team at VirtuCount Bookkeeping, Accounting, & Tax is ready to help.
Let’s make May your most financially organized month yet—reach out today!
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