TLDR (too long didn’t read): What you need to know
If you’re running a purpose-led small business, reviewing your finances every quarter is one of the smartest habits you can build. This blog gives you a practical quarterly financial checklist to help you stay on top of compliance, avoid cash flow surprises, and make confident, well-timed decisions.
Why quarterly reviews matter
You don’t need to be glued to your finances every day, but checking in once a quarter is essential. It’s your chance to:
- Step back from the day-to-day and take stock
- Spot cash flow red flags before they become problems
- Make sure you’re on track for tax, funding, or growth plans
- Plan your next moves with clarity and confidence
Whether you’re the founder of a growing consultancy or a creative business with a small team, a regular quarterly financial review helps you avoid last-minute stress and feel more in control.
Your quarterly financial checklist
Here’s what to check and review at the beginning of each new quarter:
Start with a top-level review:
- Revenue vs targets
- Gross and net profit margins
- Key cost categories
- Variances from budget
Look at trends, not just numbers. Are profits dipping? Are costs creeping up? Do you have seasonal patterns worth noting?
Cashflow is the heartbeat of your business.
- Roll forward your forecast for the next 3–6 months
- Adjust for upcoming VAT, PAYE or Corporation Tax deadlines
- Factor in any large purchases, project work or funding plans
If you’re unsure how to do this, a quick conversation with your accountant can give you clarity fast.
Chasing unpaid invoices might not be fun, but leaving them unchecked can hurt your cash position.
- Follow up with customers who are late
- Review supplier payments and outgoings
- Automate reminders where you can
If this feels like a constant struggle, it might be time to review your payment terms or credit control process.
If you’re using cloud accounting software, make sure all bank feeds are up to date and transactions are reconciled.
- Check for any uncategorised or duplicate transactions
- Ensure you’re claiming all allowable expenses
- Flag anything that looks unusual
This helps ensure your reports are accurate and useful.
Each quarter, check what’s due (or coming up soon):
- VAT returns
- Corporation Tax
- PAYE/NIC payments
- Personal tax payments (if you’re a director)
Planning ahead helps you avoid cash shocks and stay compliant.
If you set financial goals earlier in the year, now’s the time to measure progress.
- Have you hit your quarterly revenue target?
- Are you staying within budget?
- Is your pricing still working for you?
If not, it’s a chance to reset and refocus.
Use your quarterly review to ask:
- Where can we improve margins?
- Could we automate or streamline anything?
- Are we ready to invest in the next stage of growth?
These reviews don’t just protect your business, they drive it forward.
What to focus on each quarter
While the core financial checks are useful all year round, each quarter has its own priorities. Here’s a guide to what matters most in each part of the financial year (April to March):
Quarter 1: April-June
Start strong
The beginning of the new financial year is the perfect time to set your direction.
• Set or review your financial goals
• Refresh your budgets and forecasts
• Review pricing and supplier costs
• Plan strategic investments or team growth
Getting clear now sets you up for more confident decisions later.
Quarter 2: July-September
Get your records ready
If your year-end is March, this is when we’ll ask for your financial records to complete your annual accounts.
• Submit your books and documentation
• Reconcile invoices and payments
• Review Directors’ Loans or dividends
• Plan for Corporation Tax
It’s also a great time to check whether your systems and software are still fit for purpose.
Quarter 3: October-December
Think ahead
This is your planning window before year-end pressures kick in.
• Review year-to-date performance
• Explore early tax planning strategies
• Finalise next year’s cash flow and budgets
• Talk to us about structure, salaries, or investment planning
Getting proactive now gives you more options and less stress in Q4.
Quarter 4: January-March
Wrap up the year wisely
This is your final chance to influence your financial results before the year-end.
• Make strategic purchases or investments
• Finalise bonuses and pension contributions
• Tidy up Directors’ Loan Accounts
• Confirm anything that will affect your year-end tax position
It’s also the ideal time to reflect on what you’ve achieved, and set intentions for the next financial year.
FAQs
How long should a quarterly financial review take?
Set aside 1–2 hours. With a good accountant or finance team, it can be quicker and much more useful.
Do I need to use accounting software?
Yes. Cloud software like Xero or QuickBooks makes quarterly reviews far easier. And if you’re VAT registered, Making Tax Digital rules now require it.
Can Harland help me with this review?
Absolutely. We help our clients build regular financial habits that support better decisions. All our clients are able to schedule a quarterly check-in with their dedicated Client Manager, where we tailor the meeting to suit your goals and not just your numbers! If you require something more in-depth, then take a look at our Management Accounts service. Essentially, these are quarterly (or monthly) reports prepared to your specific requirements, allowing you to extract pearls of wisdom from your financial data in real time, not just at the end of the financial year.
Ready to build smarter habits?
You don’t have to do this alone – We can help you turn your finances into a powerful decision-making tool, not just something you file at year-end.
Book a free discovery call to explore how we can support you with strategic financial and business guidance. Already a client? Get in touch with your Client Manager or email us directly to talk next steps.
