Lean Season Checklist: 10 Things Every Accountant Should Review Now

From the Desk of a Filipino Accountant Who Has Seen It All

Tax season is finally over. As an accountant serving entrepreneurs across the Philippines—from start-ups to growing SMEs—I’ve learned one important truth: the work doesn’t end after filing season… it just shifts. The so-called "lean season" is the perfect time to step back, review, clean up, and build better systems for the next quarter—or even next year.

This is the time when accountants like me partner more deeply with business owners to strengthen internal controls, improve processes, and create systems that reduce stress come next deadline. Whether you're handling your books solo, working with an outsourced team, or managing an in-house accounting department, here are 10 things you should absolutely be reviewing right now.

✅ 1. Review the Chart of Accounts (COA)

Many businesses grow and evolve, but their COA stays outdated. I once helped a client simplify their COA from 130 accounts to just 45—with clearer expense categories and improved tracking. A leaner, more strategic COA gives better insights and less confusion.

✅ 2. Reconcile All Accounts

Use this lean period to reconcile your bank accounts, credit cards, loans, and even government contributions. I’ve seen clients shocked by how much money they thought they had—until we reconciled and found missed entries or double posting.

✅ 3. Check for Unclaimed Deductions

Now that the rush is over, it’s the perfect time to look for missed deductible expenses. I once helped a business owner recover ₱42,000 in unclaimed input VAT simply because receipts weren’t recorded properly.

✅ 4. Audit Your Receivables

Who still owes you money? Who’s long overdue? Many small businesses lose cash flow because they don’t track receivables carefully. Create a simple aging report and start sending out reminders.

✅ 5. Clean Up the Books

This is your "bookkeeping detox" moment. Organize receipts, recategorize wrongly coded transactions, and close out pending items. If it’s been a mess, now’s the time to get your accountant or bookkeeper involved to restore order.

✅ 6. Strengthen Internal Controls

Tax season may have exposed gaps in your process—like missing receipts, undocumented cash outflows, or unchecked purchases. Let’s use this time to establish better internal controls like:

• Segregation of duties

• Authorization thresholds

• Document retention practices

I helped one client reduce their unverified expenses by 80% just by installing a basic approval workflow.

✅ 7. Review Payroll and Government Compliance

Are all employee contributions up to date—SSS, PhilHealth, Pag-IBIG, and BIR? This is also a good time to update employee files and fix discrepancies in compensation reports.

✅ 8. Evaluate Cash Flow Trends

Look at your last 6–12 months. Are you constantly running short? What months are lean? What months are strong? Cash flow visibility is key to survival, and many business owners overlook it until they’re in a crisis.

✅ 9. Organize and Back Up Records

Protect your digital and paper files. One client almost lost months of financial data due to a corrupted Excel file. From then on, we installed a secure cloud-based backup system with access controls—especially useful in the event of a BIR audit.

✅ 10. Create a Mid-Year Financial Review Report

Get ahead by reviewing your revenue, expenses, profit margins, and projections. This will guide your next moves—whether it’s marketing more, cutting costs, hiring new staff, or preparing for Q3-Q4 tax obligations.

🧾 Final Thoughts: Why This Checklist Matters

Tax season showed you what needs fixing. This lean season is your opportunity to actually fix it. As accountants, our role doesn’t stop at filing deadlines—we help business owners like you build a system that works smarter, not harder.

Whether it's helping you design a better chart of accounts, cleaning up your financials, or preventing the same tax-time chaos from happening again, this is the time to invest in your systems. And the return? Less stress. More clarity. Better decisions.

If you need a hand going through this checklist or want to turn insights into actions, let’s talk. Together, we can build not just compliance—but control and confidence in your business.