Summer is a rare window for business owners to slow down and look under the hood. You're past the chaos of Q1 and tax season, and you’ve still got enough runway to shift gears before year-end. But without a CFO in the room, most Canadian businesses miss this opportunity entirely.
That’s where this guide comes in. Whether you're managing your finances solo, leaning on a bookkeeper, or working with an external firm, this mid-year review gives you the lens of a CFO: What’s working? What’s off? And what can you do now to avoid pain later?
Let’s break it down into five CFO-level focus areas.
1. Financial Performance: Are You Hitting Your Targets?
This is where a CFO would start: by comparing the story you told at the start of the year (your budget) to what’s actually happened.
Key Actions:
- Review your income statement year-to-date
- Compare actuals to budget or forecast in each category
- Note key variances in revenue, COGS, operating expenses, and margins
- Check your net profit margin and EBITDA trends
Pro tip: Don’t just look at dollars. Look at ratios (gross margin %, overhead %) to see what’s creeping up.
Time required: 1–2 hours if your books are up to date Owner: Business owner or controller, with bookkeeper support
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2. Cash Flow and Tax Positioning: Are You Prepared for What’s Ahead?
Strong revenue doesn’t guarantee healthy cash flow. A CFO would stress-test your position for the next 3–6 months.
Key Actions:
- Build or update a rolling 13-week cash flow forecast
- Flag upcoming payroll, tax, or large vendor obligations
- Check for late receivables and aging A/R
- Review GST/HST remittances and corporate tax installments
- Check your shareholder loan accounts and make sure you have recorded everything you have taken out or contributed to the business
- If applicable, plan year-end salary vs. dividend split - talk to your CPA or tax advisor about this proactively
Time required: 2–3 hours with support Owner: Bookkeeper for baseline, controller/CFO to model scenarios
What your controller would flag: "You're profitable on paper but tight on cash because you haven't collected on $45K in invoices."
3. Operational Efficiency: Are You Wasting Money?
This is where cost creep lives: SaaS tools no one uses, vendors that haven't been renegotiated in years, and processes that are still manual.
Key Actions:
- Audit all software and subscriptions
- Review payment terms with vendors and clients
- Check payroll creep: Have hours or roles quietly expanded?
- Flag manual processes (e.g. Excel-based approvals, receipt collection)
- Benchmark operational costs against industry norms
Time required: 1–2 hours + follow-up actions Owner: Ops manager or business owner
Quick win: Trim unused tools and consolidate platforms to recover budget before Q4.
4. Strategic Alignment: Are You Actually on Track?
Even profitable businesses drift from their original goals. A CFO wouldn’t just review numbers—they’d ask, “Are we headed where we want to go?”
Key Actions:
- Revisit your original 2025 goals: Revenue, profit, headcount, product roadmap
- Check alignment between financial data and strategic priorities
- Identify goals that are no longer realistic (or now within reach)
- Use updated forecasts to reallocate resources for Q3 and Q4
- Decide what you can confidently say "no" to
Time required: 1 hour of reflection + 1 hour of team alignment
Owner: Founder, CEO, or strategic lead with CFO/Controller insight
Don’t skip this step: It’s where the shift from reactive cleanup to proactive leadership begins.
5. Compliance and Clean-Up: Are You Year-End Ready?
Mid-year is the perfect time to get ahead of deadlines and de-risk your finances.
Key Actions:
- Reconcile all bank and credit card accounts through June
- Submit any financial documents required to lenders if you have covenant reporting requirements
- Organize receipts and back up all supporting documents
- Review CRA filing deadlines (GST/HST, payroll, corporate tax)
- Assess whether your chart of accounts needs cleanup
- Flag any missing reimbursements, invoices, or contractor forms
Time required: Varies depending on backlog (2–5 hours)
Owner: Bookkeeper, reviewed by controller or external accountant
Final Thoughts: You Still Have Time to Get It Right
A mid-year checkup isn’t about perfection. It’s about course-correcting while there’s still time to make an impact.
If you uncovered problems in any of the above areas—or just need help turning financial noise into insight—Enkel can help.
We work with Canadian businesses every day to deliver CFO-level clarity and controller-grade reliability, without the full-time overhead.
Explore our Fractional CFO Services and talk to an Enkel Controller.
