Skyplex Management Blog: Financial Tips, Tax News & Small Business Advice

Explore expert insights on bookkeeping, taxes, and business finances. Get the latest updates—including Ohio tax-free weekends, growth strategies, and accounting tips for entrepreneurs.

ChatGPT Image Aug 11, 2025, 08_43_22 AM.png

Mid-Year Financial Checkup for Small Businesses | Skyplex Management

Get your business ready for Q4 with a mid-year financial checkup. Learn key steps to improve cash flow, reduce taxes, and plan ahead for year-end.

Why August Is the Perfect Time to Look Ahead

Mid-August is a critical pivot point for small businesses. Summer’s slowing down, Q4 is coming fast, and the financial decisions you make now can make the difference between scrambling at year-end and finishing the year strong.

A mid-year financial checkup helps you:

  • Spot cash flow gaps

  • Identify tax-saving opportunities

  • Set realistic targets for Q4 growth

✅ 1. Review Your Year-to-Date Financial Statements

Pull your Profit & Loss, Balance Sheet, and Cash Flow statements through July or early August.

Ask yourself:

  • Is revenue on track to meet your annual goals?

  • Are expenses creeping up in certain categories?

  • Is your net profit margin where it should be?

Pro Tip: Compare this year’s numbers to the same period last year to identify trends.

more
ChatGPT Image Aug 4, 2025, 09_43_01 AM.png

Stay ahead this August with a bookkeeping checklist tailored for small business owners. Track income, expenses, and plan ahead for Q4 with Skyplex Management.

🗓️ Why August Matters for Bookkeeping

August may feel like the "dog days of summer," but it's a critical checkpoint in the financial year. With two-thirds of the year behind you, now is the time to make sure your books are clean, your reports are accurate, and you're financially prepared for Q4 — and tax season beyond that.

Here’s your August bookkeeping checklist to stay ahead.

✅ 1. Reconcile July’s Bank & Credit Card Accounts

Start by reconciling all accounts through July 31.

  • Match your bank and credit card statements to your books

  • Review any uncategorized or uncleared transactions

  • Make sure beginning balances match the prior month

➡️ Why it matters: Clean reconciliations prevent errors from snowballing. If you’re behind more than 30 days, your reports may be misleading.

✅ 2. Review Year-to-Date Profit & Loss

Generate a year-to-date P&L report through July.

more
ChatGPT Image Jul 31, 2025, 09_21_11 AM.png

Ohio’s 2025 sales tax holiday runs from August 1–14. Discover what qualifies, how much you can save, and smart ways to maximize the tax-free weekend.

What Is Ohio’s Sales Tax Holiday?

Ohio’s annual tax-free weekend is getting a major upgrade in 2025. What used to be a three-day sales tax break focused on school supplies has expanded into a full two-week statewide sales tax holiday, thanks to new legislation passed in 2024.

The 2025 Ohio tax-free holiday will run from:

🗓 Friday, August 1 at 12:00 a.m. through Thursday, August 14 at 11:59 p.m.

This expanded window gives Ohio shoppers more time—and more options—to save on qualifying purchases statewide.

What’s Included in Ohio’s 2025 Tax-Free Holiday?

Unlike previous years, the 2025 sales tax holiday covers nearly all tangible personal property priced at $500 or less per item.

Qualifying Items Include:

  • Clothing and shoes

  • School supplies and backpacks

  • Computers, tablets, and accessories

    more