Guide to a mid-year accounting review

We’re over halfway through 2023, so now is an opportune moment to review your business and progress for the year.

Chances are, it’s been a tough year so far: in the 12 months to May 2023, the Consumer Prices Index of inflation rose by 8.7% and the bank rate is 5%. A skills shortage and the cost of energy continue to hurt businesses.

However, the Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, stabilised at -6 in May, much improved from the -64 we saw in November 2022.

According to the IoD’s surveys, 55% of business leaders even expect revenues to rise in the year, compared to 19% who expect theirs to fall. Another 35% expect to increase their headcount in the next year, compared to 14% who expect it to reduce.

So, with 2023 still marked by an air of uncertainty, how are you going to make sure your business doesn’t just survive, but thrives in the current economic climate?

We’ve put together a guide to carrying out a mid-year accounting review so you can see if you’re hitting your business goals.