As fall approaches, here are five financial tasks you should do:
- Pay Q3 estimated taxes,
- Reconcile the books,
- Review the budget,
- Collect W-9s from contractors, and
- Build a cash flow forecast for Q4.
Why Fall Matters for Your Business
Fall is a turning point. Summer is winding down. The holidays are coming. The year is more than two-thirds over.
September also brings a few key deadlines. Get ahead of them now, and Q4 will feel a lot less rushed.
Here are five tasks to finish before the month ends.
1. Pay Your Q3 Estimated Taxes
Does your business pay estimated taxes? These are tax payments you make during the year, rather than paying them all at once at tax time. If so, your third payment is due September 15, 2026.
Miss this date, and you could owe a penalty. That’s true even if you plan to pay in full later.
This date matters for one more reason. September 15 is also the final deadline for S-corps and partnerships that filed for an extension back in the spring. If that’s you, don’t let it slip by.
2. Reconcile Your Books Through Q3
“Reconciling” your books just means checking that your records match your bank and credit card statements. It sounds boring, but skipping it leads to bigger problems down the road.
Set aside time to:
- Match your records to your bank statements.
- Fix any transactions that were coded incorrectly.
- Confirm your invoices and bills are current.
- Clean books make every other money decision easier. That includes budgeting and tax planning.
3. Review Your Budget and Adjust for Q4
Your January budget may not fit your business today. Costs shift. Sales patterns change. A plan from six months ago can go stale fast.
Review:
- How does your actual income compare to your budget?
- Which costs are running higher or lower than planned?
- Whether you need to adjust spending before Q4.
- A short review now means fewer surprises later.
4. Collect W-9s and Clean Up Vendor Records
Did you pay any contractors or freelancers this year? If so, you likely owe them a 1099 form in January. A W-9 is the form that gives you what you need for that, like their legal name and tax ID number.
Chasing down W-9s in January is stressful. Collecting them now is not.
Take a few minutes to:
- Confirm you have a signed W-9 for every contractor paid $600 or more.
- Check that names and addresses are still correct.
- Ask right away for any forms you’re missing.
5. Build Your Q4 Cash Flow Forecast
Cash flow is just the money coming in and going out of your business. A forecast is your best guess at what that will look like in the coming months.
Q4 brings its own ups and downs. You might see a holiday sales rush, a slow season, or extra costs for inventory and staff. Mapping this out now helps you avoid a cash crunch later.
A solid forecast should cover:
- The income you expect, based on past trends.
- Costs you have planned, including any big purchases.
- A cushion for surprises.
Frequently Asked Questions
What happens if I miss the September 15 estimated tax deadline?
You may owe a penalty, even if you pay in full later. If you think you’ll miss the date, talk to your accountant right away. They can help you figure out your best next step.
How often should I reconcile my books?
Monthly is best. But if you’ve fallen behind, a quarterly catch-up like this one is a good reset. The longer you wait, the harder it gets to sort out.
Do I need a W-9 from every contractor I hire?
You need one from any contractor you pay $600 or more in a year, as long as they’re not a corporation. Get it before you pay them. That’s the easiest way to stay ahead.
Close Out The Year With Confidence
Fall does not have to sneak up on your business. The businesses that close out the year with confidence are the ones that plan for it in September, not December.
You do not have to figure out Q4 alone. Start a proactive planning conversation with us today.