May isn’t just about warmer weather and counting down to vacation—it’s also the perfect time to spring clean your business finances.
Whether you’re running a law firm or managing a fast food franchise, chances are your books could use a little post-tax-season love. You’ve made it through Q1 and (hopefully) survived the stress of tax filings. Now’s your chance to get proactive and clean up the financial side of your business so you can avoid surprises and confidently move into the summer months.
Let’s break down five smart financial tasks you can tackle this month to keep your business organized, profitable, and growing.
1. Reconcile Bank and Credit Card Accounts (Yes, Every Last One!)
This one might sound basic, but you’d be surprised how often it’s skipped—especially when things get busy.
If you’re an attorney juggling billable hours and trust accounts or a franchise owner dealing with multiple vendors and POS systems, reconciling your accounts monthly is your best defense against errors, fraud, and missed deductions.
Why it matters:
- Catch duplicate charges, missing deposits, or subscription fees you forgot about
- Spot client payments that never came through
- Ensure your financial reports are accurate for decision-making
✅ Quick tip: Reconcile ALL business accounts—checking, savings, credit cards, and even payment processors like Square or Stripe.
2. Review Profit & Loss Statements and Compare to Your Budget
Do you know how your business is actually performing… or are you just hoping things are going well?
Now’s a great time to review your P&L reports for the year so far and compare them to your budget or prior year performance. This will help you identify areas of overspending, spot opportunities to cut costs, and make data-driven decisions.
For attorneys, this might mean reviewing how much you’re spending on legal research tools or contract labor. For franchise owners, you might want to look closely at food cost percentages, labor expenses, or marketing ROI.
Questions to ask yourself:
- Are we hitting our revenue goals?
- Are there categories where expenses are creeping up?
- Should we adjust our goals or shift spending before Q3?
3. Clean Up Accounts Receivable and Payables
Cash flow problems don’t always stem from lack of income—often, it’s just money that’s stuck in limbo.
For law firms: Do you have clients with outstanding invoices from earlier in the year? Are retainers being replenished on schedule?
For franchise owners: Are you behind on any vendor payments or sitting on unpaid customer invoices?
Take time this May to follow up on aging receivables and close out payables. This also helps clean up your balance sheet, which is especially helpful if you’re planning to apply for funding or want to get a better picture of your business’s net worth.
✅ Pro tip: Set up email reminders or automate follow-ups for unpaid invoices—your future self will thank you.
4. Reassess Your Software Subscriptions and Tools
We’re all guilty of it—signing up for software and forgetting we’re still paying for it months later. 😅
May is a great time to audit your tech stack and see what tools are actually moving the needle in your business. Are you using that extra CRM feature you’re paying for? Could you downgrade your accounting software package? Or maybe it’s time to upgrade to something that integrates better and saves you time?
What to look for:
- Unused or underused tools
- Duplicate tools that serve the same function
- Expired discounts or upcoming renewals
- Annual plans coming due soon
Cleaning up your software expenses is like trimming fat off your budget—it adds up fast and feels amazing.
5. Meet With Your Bookkeeper or Accountant to Plan for Q2–Q3
You made it through tax season, and hopefully you have a good handle on what worked and what didn’t.
Now it’s time to get strategic. Set up a mid-year check-in with your bookkeeper or accountant to review your tax plan, cash flow forecast, and growth strategy.
For attorneys, this might mean exploring ways to increase profitability per case or discussing tax-saving strategies related to hiring or retirement planning.
For franchise owners, you might want help planning for summer staff onboarding, supply costs, or even expansion.
Bonus: If you had a tax bill this year that caught you off guard, this is your chance to adjust your estimated payments before the next quarter hits.
✅ Need help? That’s what we’re here for—keep reading for a way to connect with our team.
A Clean Financial Foundation = A Profitable Summer
Getting your books in order now means less stress, better decisions, and more profit as the summer rolls in.
These five financial tasks may not feel glamorous, but they’re exactly what separates smart, forward-thinking business owners from the ones constantly putting out fires.
If you’re ready to spring clean your business finances and set yourself up for a stronger second half of the year, we’re here to help.
Whether you need someone to dig into your reports, clean up your books, or just talk strategy—our expert team is ready to step in.
👉 Contact us today to schedule a free consultation and let’s get your financial house in order before summer hits.