{"id":2690,"date":"2025-08-01T11:59:17","date_gmt":"2025-08-01T18:59:17","guid":{"rendered":"https:\/\/profitsolutions.com\/?p=2690"},"modified":"2026-01-08T08:15:02","modified_gmt":"2026-01-08T08:15:02","slug":"bookkeeping-newsletter-july-2025-edition","status":"publish","type":"post","link":"https:\/\/profitsolutions.com\/blog\/bookkeeping-newsletter-july-2025-edition\/","title":{"rendered":"Bookkeeping Newsletter July 2025 Edition"},"content":{"rendered":"

Bookkeeping Newsletter<\/strong>
\nJuly 2025 Edition<\/strong><\/p>\n

Hello Clients & Friends,<\/p>\n

Summer is here, and so is your mid-year financial checkup! July is the perfect time to pause, reflect, and make sure your books and business goals are on track for the rest of 2025.<\/p>\n

\n
\n<\/div>\n

In This Edition<\/h3>\n
    \n
  • \n

    Mid-Year Bookkeeping Tips<\/p>\n<\/li>\n

  • \n

    New IRS Updates for Small Businesses<\/p>\n<\/li>\n

  • \n

    Smart Money Moves for Q3<\/p>\n<\/li>\n

  • \n

    Client Q&A: How Often Should I Review My Financial Reports?<\/em><\/p>\n<\/li>\n<\/ul>\n

    \n
    \n<\/div>\n

    Mid-Year Bookkeeping Tips<\/h2>\n
      \n
    • \n

      Reconcile Accounts<\/strong>
      \nDouble-check that all bank and credit card accounts are reconciled through June 30.<\/p>\n<\/li>\n

    • \n

      Review Profit & Loss<\/strong>
      \nCompare year-to-date actuals with your budget. Are you over or under in key areas?<\/p>\n<\/li>\n

    • \n

      Catch Up on A\/R & A\/P<\/strong>
      \nFollow up on overdue invoices and pay outstanding bills on time to keep vendor relationships strong.<\/p>\n<\/li>\n

    • \n

      Assess Payroll & Tax Liabilities<\/strong>
      \nEnsure payroll taxes are current and quarterly estimated tax payments are made.<\/p>\n<\/li>\n

    • \n

      Plan for Equipment or Major Purchases<\/strong>
      \nMid-year is a great time to plan ahead before year-end rush spending.<\/p>\n<\/li>\n<\/ul>\n

      \n
      \n<\/div>\n

      For eCommerce Businesses<\/h2>\n

      Mid-Year Tips<\/strong><\/p>\n

        \n
      • \n

        Audit your shipping costs to ensure you\u2019re getting the best rates.<\/p>\n<\/li>\n

      • \n

        Review your sales tax nexus in other states\u2014new thresholds may trigger filing requirements.<\/p>\n<\/li>\n

      • \n

        Automate inventory syncing between your online store and bookkeeping software.<\/p>\n<\/li>\n

      • \n

        Reminder: Payment processors such as Stripe, Shopify, and PayPal issue 1099-K forms if thresholds are exceeded. Ensure gross sales match your records.<\/p>\n<\/li>\n<\/ul>\n

        \n
        \n<\/div>\n

        For Landscapers & Lawn Care Professionals<\/h2>\n

        Mid-Year Tips<\/strong><\/p>\n

          \n
        • \n

          Summer is peak season\u2014bill promptly to maintain strong cash flow.<\/p>\n<\/li>\n

        • \n

          Review outstanding invoices weekly and apply late fees if necessary.<\/p>\n<\/li>\n

        • \n

          Track fuel and equipment maintenance costs carefully\u2014receipts are essential.<\/p>\n<\/li>\n

        • \n

          Review or add seasonal contracts to avoid last-minute cancellations.<\/p>\n<\/li>\n<\/ul>\n

          Bonus Tip:<\/strong>
          \nIf you hire seasonal workers, organize W-9s and payroll records now to avoid tax issues later.<\/p>\n

          \n
          \n<\/div>\n

          Don\u2019t Forget: Industry Check-In Calls<\/h2>\n

          We love supporting our clients across every industry.<\/p>\n

          Book your complimentary, industry-specific review this month to keep your business running efficiently through the rest of 2025.<\/p>\n

          Book Your Industry Check-In Today<\/strong>
          \nEvery industry is unique\u2014let\u2019s ensure you\u2019re following best practices tailored to your business.<\/p>\n

          \n
          \n<\/div>\n

          Client Q&A<\/h2>\n

          Q: How Often Should I Review My Financial Reports?<\/strong>
          \nA:<\/strong> We recommend reviewing your profit & loss, balance sheet, and cash flow monthly, with a deeper review each quarter. Regular reviews help you make timely decisions, spot errors early, and avoid surprises.<\/p>\n

          \n
          \n<\/div>\n

          Mid-Year Tax Advice: Stay Ahead & Save<\/h2>\n

          Now is the best time to review your tax strategy and reduce stress at year-end.<\/p>\n

          Mid-Year Tax Tips<\/strong><\/p>\n

            \n
          • \n

            Review Estimated Taxes<\/strong>
            \nAdjust Q1 and Q2 payments if income has changed to avoid penalties.<\/p>\n<\/li>\n

          • \n

            Maximize Deductions<\/strong>
            \nTrack mileage, home office expenses, travel, and supplies.<\/p>\n<\/li>\n

          • \n

            Track Depreciation<\/strong>
            \nEnsure equipment, vehicles, and furniture purchases are properly recorded.<\/p>\n<\/li>\n

          • \n

            Retirement Contributions<\/strong>
            \nSEP IRAs and Solo 401(k)s can lower taxable income.<\/p>\n<\/li>\n

          • \n

            Payroll & Contractor Compliance<\/strong>
            \nConfirm W-2 and 1099 classifications are correct.<\/p>\n<\/li>\n

          • \n

            Separate Business & Personal Finances<\/strong>
            \nA must for audit protection and clean bookkeeping.<\/p>\n<\/li>\n<\/ul>\n

            Pro Tip:<\/strong>
            \nMajor changes like hiring, expanding, or adding services can impact taxes\u2014plan ahead.<\/p>\n

            \n
            \n<\/div>\n

            IRS Updates: Stay Compliant<\/h2>\n

            The IRS has announced new reporting thresholds for certain transactions.<\/p>\n

              \n
            • \n

              Business payments through Venmo, PayPal, Cash App, and similar platforms may trigger 1099-K reporting over $5,000 in some states.<\/p>\n<\/li>\n

            • \n

              Always track transactions accurately and keep business and personal accounts separate.<\/p>\n<\/li>\n<\/ul>\n

              \n
              \n<\/div>\n

              Smart Money Moves for Q3<\/h2>\n
                \n
              • \n

                Review subscriptions and recurring expenses.<\/p>\n<\/li>\n

              • \n

                Automate savings for taxes.<\/p>\n<\/li>\n

              • \n

                Schedule your Q3 strategy session with us to plan ahead.<\/p>\n<\/li>\n<\/ul>\n

                \n
                \n<\/div>\n

                For Aestheticians & Beauty Professionals<\/h2>\n

                Mid-Year Tips<\/strong><\/p>\n

                  \n
                • \n

                  Review product inventory and remove expired or slow-moving stock.<\/p>\n<\/li>\n

                • \n

                  Run a full inventory count and bundle slow sellers as promotions.<\/p>\n<\/li>\n

                • \n

                  Track tips accurately\u2014tips are taxable income.<\/p>\n<\/li>\n

                • \n

                  Review booth rental and commission structures for profitability.<\/p>\n<\/li>\n<\/ul>\n

                  \n
                  \n<\/div>\n

                  For Chiropractors & Physical Therapists<\/h2>\n

                  Mid-Year Tips<\/strong><\/p>\n

                    \n
                  • \n

                    Stay on top of insurance reimbursements and patient co-pays.<\/p>\n<\/li>\n

                  • \n

                    Reconcile accounts receivable weekly and follow up on aging claims.<\/p>\n<\/li>\n

                  • \n

                    Evaluate services with higher margins for growth opportunities.<\/p>\n<\/li>\n

                  • \n

                    Keep continuing education expenses documented.<\/p>\n<\/li>\n<\/ul>\n

                    Pro Tip:<\/strong>
                    \nIf you\u2019re planning to expand or hire, now is the time to plan cash flow.<\/p>\n

                    \n
                    \n<\/div>\n

                    For Service-Based & Seasonal Businesses<\/h2>\n

                    Mid-Year Tips<\/strong><\/p>\n

                      \n
                    • \n

                      Review recurring service agreements and customer payment status.<\/p>\n<\/li>\n

                    • \n

                      Track supply and chemical costs carefully as they fluctuate seasonally.<\/p>\n<\/li>\n

                    • \n

                      Maintain mileage logs\u2014vehicle expenses are major deductions.<\/p>\n<\/li>\n<\/ul>\n

                      Pro Tip:<\/strong>
                      \nOffer prepaid seasonal packages to improve cash flow and reduce no-shows.<\/p>\n

                      \n
                      \n<\/div>\n

                      For Construction Industry Contractors<\/h2>\n

                      Mid-Year Tips<\/strong><\/p>\n

                        \n
                      • \n

                        Reconcile job deposits, progress payments, and retainage accounts.<\/p>\n<\/li>\n

                      • \n

                        Compare estimated vs. actual job costs to protect margins.<\/p>\n<\/li>\n

                      • \n

                        Keep subcontractor W-9s on file and issue 1099s correctly.<\/p>\n<\/li>\n

                      • \n

                        Review open jobs in your job-costing software to ensure accuracy.<\/p>\n<\/li>\n<\/ul>\n

                        Pro Tip:<\/strong>
                        \nMid-year is ideal for reviewing insurance certificates, licenses, and bonding.<\/p>\n

                        \n
                        \n<\/div>\n

                        Ready for a Tax Check-In?<\/h2>\n

                        We\u2019re here to make tax time stress-free and help you keep more of what you earn.<\/p>\n

                        Book your mid-year tax review today.<\/p>\n

                        \n
                        \n<\/div>\n

                        Let\u2019s Talk<\/h3>\n

                        Need help with your mid-year review?
                        \nBook your complimentary check-in session with your dedicated bookkeeper today.<\/p>\n

                        \n
                        \n<\/div>\n

                        Helpful Resource<\/h3>\n

                        Check out our Free Financial Health Checklist<\/strong>.
                        \nReply to this email or visit our website to download your copy.<\/p>\n

                        \n
                        \n<\/div>\n

                        Thank you for trusting Profit Solutions<\/strong>.
                        \nWe\u2019re here to help you stay organized, informed, and ready for whatever 2025 brings.<\/p>\n

                        Happy July\u2014and keep thriving!<\/p>\n

                        Stay Connected<\/strong><\/p>\n

                          \n
                        • \n

                          Facebook<\/p>\n<\/li>\n

                        • LinkedIn<\/li>\n<\/ul>\n

                          <\/h1>\n","protected":false},"excerpt":{"rendered":"

                          Bookkeeping Newsletter July 2025 Edition Hello Clients & Friends, Summer is here, and so is your mid-year financial checkup! July is the perfect time to pause, reflect, and make sure your books and business goals are on track for the rest of 2025. In This Edition Mid-Year Bookkeeping Tips New IRS Updates for Small Businesses […]<\/p>\n","protected":false},"author":2,"featured_media":2718,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-2690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"_links":{"self":[{"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/comments?post=2690"}],"version-history":[{"count":1,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2690\/revisions"}],"predecessor-version":[{"id":81072,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/2690\/revisions\/81072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/media\/2718"}],"wp:attachment":[{"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/media?parent=2690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/categories?post=2690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/profitsolutions.com\/blog\/wp-json\/wp\/v2\/tags?post=2690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}