Getting Cosy with Your Numbers: Why October Is the Best Month to Review Your Finances
The jumpers are out. The candles are lit. There’s something bubbling away in the slow cooker and the evenings are drawing in.
Autumn has a way of making us slow down, get comfortable, and take stock. And while you’re doing that, there’s one part of your business that deserves exactly the same attention.
Your finances.
October might not be the most obvious time to think about your numbers. It’s not the start of the year, it’s not tax deadline month, and it’s not year-end. But that’s exactly why it’s the best time to sit down with them. The pressure is off, the year isn’t over yet, and there’s still enough time to do something meaningful before January arrives.
Here’s why October is the unsung hero of financial review season and what you should actually be looking at.
The Year Isn’t Over, But It’s Close
Let’s start with the obvious: we’re in Q4. The last stretch. The final quarter before the books close on another year.
That might feel like a reason to wait, to see how everything plays out before reviewing anything. But that logic is exactly what leads to January panic.
By the time the festive season kicks in, most people have mentally clocked off. December is hectic. January is exhausting. And if you haven’t looked at your numbers since the summer, you’ll be scrambling to make sense of them just when you need to be submitting your Self Assessment.
October gives you a window. A calm, clear window before the noise begins. Use it.
What an October Financial Review Should Actually Cover
This doesn’t need to be an all-day affair. A focused review, done properly, can take a couple of hours and leave you with a clear picture of where you stand. Here’s what to look at.
1. How Did Q3 Really Go?
July, August and September have passed. Now is the time to look at what actually happened.
Did income come in as expected, or were there shortfalls?
Where did costs run higher than planned?
Did you win the clients or projects you were hoping for?
Q3 has a habit of being a quieter period for many businesses, but that doesn’t mean it should be glossed over. Understanding what worked and what didn’t, gives you the information you need to go into Q4 with intention rather than hope.
2. Your Cashflow for the Next Three Months
October to December is a month where cash can move in unpredictable ways. Some businesses see their best trading of the year. Others face the opposite, as clients slow down ahead of the festive break and payments get delayed.
Look ahead. What’s coming in, and when? What’s going out? Are there any gaps that need bridging?
A simple cashflow forecast doesn’t have to be complicated, but having one means you’re making decisions based on reality, not assumptions.
3. Outstanding Invoices
If you have invoices sitting unpaid, now is the time to chase them. Not in December when everyone’s unavailable. Not in January when clients are back at their desks and focused on other things.
October is the sweet spot. People are back from summer, businesses are in full swing, and there’s no distractions yet. A polite, firm nudge now is far more likely to get results than one sent in the chaos of Christmas week.
4. Your Expenses — What’s Still Earning Its Place?
Over the course of a year, costs have a way of creeping in and quietly staying. That subscription you signed up for in January. The tool you meant to cancel after the free trial. The service you’re still paying for even though you switched providers months ago.
An autumn expenses audit is one of the most satisfying things you can do for your business. Go through your outgoings line by line and ask: is this still adding value? If the answer is no, or even “not sure”, it’s time to make a decision.
Cutting unnecessary costs now means you head into year-end leaner and with a clearer picture of your actual overheads.
5. Are You On Track for the Year?
Cast your mind back to January. What did you want to achieve this year? What were your targets; financial, client, personal?
Where do things stand now?
This isn’t about beating yourself up if the numbers aren’t where you hoped. It’s about understanding the gap, if there is one, so you can decide what’s realistic in the next three months. You might be closer than you think. Or you might need to adjust expectations and plan accordingly.
Either way, knowing is better than not knowing.
Don’t Forget: Self Assessment Is Three Months Away
For sole traders, limited company directors, and anyone with income outside of PAYE, the 31st January Self Assessment deadline will be here sooner than it feels right now.
October is genuinely the ideal time to start pulling things together. Not to file necessarily (but how good would it be, if you were that prepared?), but to gather your records, identify anything that’s missing, and give yourself or your accountant enough time to work through it without pressure.
The people who dread Self Assessment are almost always the ones who leave it to the last fortnight of January. The ones who sail through it are the ones who started early.
Which one do you want to be?
Make It a Date (With Your Numbers)
Here’s a simple challenge: block out two hours this October to sit down with your finances.
No distractions. A good coffee. Your accounting software open in front of you. And a commitment to actually look at what’s there, not just assume it’s fine.
You might find everything is in great shape and leave feeling reassured. Or you might find a few things that need attention, and feel relieved you spotted them now rather than in three months’ time.
Either way, you’ll finish the year in a far better position than if you’d waited.
Your numbers aren’t something to be nervous about. They’re just information. And the better you understand them, the better decisions you can make.
This October, get cosy with them.
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