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.

• Are you profitable overall?

• Are any categories over budget?

• Are revenue and expense trends seasonal — or concerning?

➡️ Tip: Review % of income breakdown by expense category. You’ll likely spot areas for trimming.

✅ 3. Track Outstanding Invoices (A/R Aging)

Unpaid invoices are hidden cash flow killers. Check:

• Who still owes you money?

• How old are the balances (30, 60, 90+ days)?

• Do you need to follow up, send reminders, or write anything off?

➡️ Tool Tip: If using QuickBooks Online, run an Accounts Receivable Aging Detail report.

✅ 4. Clean Up Unpaid Bills (A/P)

If you use accrual accounting, review:

• Any past-due bills you still owe vendors

• Accrued expenses that were never paid or cleared

• Duplicate entries that should be deleted or marked paid

➡️ This keeps your liability totals clean and ensures your profit isn’t understated.

✅ 5. Evaluate Payroll and Tax Liabilities

Are all payroll liabilities current and paid?

• Review Q1 and Q2 payroll tax payments

• Check for 941, 940, and state tax filings

• Plan for Q3 estimated tax payments (due September 16, 2025)

➡️ Pro tip: Start prepping for year-end W-2s and 1099s now — especially for contractors.

✅ 6. Update Fixed Assets and Depreciation

If you purchased equipment this year, now is the time to:

• Record new fixed assets properly

• Tag any Section 179 depreciation

• Remove disposed assets (and update your depreciation schedule)

➡️ Why this matters: Many small businesses overpay in taxes due to unclaimed depreciation.

✅ 7. Set Your Q4 Strategy

Use August as a time to plan:

• Do you need to increase marketing or cut costs?

• Are you hiring, expanding, or launching anything new?

• Do you need help closing out your books for the year?

Now’s the time to bring in expert help so you’re not scrambling in December.

📅 Need a Mid-Year Bookkeeping Review?

At Skyplex Management, we help small business owners clean up their books, analyze their numbers, and plan with confidence.

✅ Monthly reports

✅ Accurate reconciliations

✅ Tax-smart decisions

Book your free consultation today →

👉 Calendly.com/kevin-skyplexmanagement

Skyplex Management LLC

4020 Kinross Lakes Parkway, Suite 110

Richfield, OH 44286

📞 (440) 554‑0025

🌐 www.skyplexmanagement.com