Your 2021 Guide to Small Business Tax Deductions

Yep, it’s that time of year: we’re talking about taxes. IRS Tax filing isn’t part of our services, however, so this post was inspired by the latest newsletter from one of our favorite tax partners, Atchley & Associates. Let’s talk about small business tax deductions for 2021.  Based on the qualification requirements set by the IRS, certain expenses can be subtracted from your taxable income. These deductions change from year…  Read more

How to Calculate Your Burn Rate

What is burn rate? The burn rate is an important metric for startup owners who are operating with negative cash flow in their early-stage business. It just refers to the amount of cash you’re spending every month, and is most effective if calculated as an average across multiple months. Understanding your average burn rate, or the amount of cash typically coming out of your account every month, helps you to…  Read more

Our Best Tips for Owners Managing Their Own Bookkeeping

Maybe you’re not ready to outsource your bookkeeping or hire a full-time bookkeeper. Plenty of owners manage bookkeeping for their early-stage businesses. We’re here to give you some tips for managing your own bookkeeping that will put a good system in place which will not only save you time and money, but will ultimately make for a smoother transition when you pass off the bookkeeping to someone else.     It’s…  Read more

Bill Pay Tips to Make Life Easier

Simplifying bill pay will simplify your life. As you’re closing out the year for your company and preparing for a new year with new contractors and vendors, changing the way you pay bills could make running your business easier.  Keeping track of your accounts payable is one of the keys to managing cash flow in your company. We know that bill pay isn’t always an easy process in running a…  Read more

Your End of Year Bookkeeping Checklist

Let’s keep it real: year-end bookkeeping is all about preventing unnecessary stress for your annual tax return. For things to go as smoothly as possible, it’s a good idea to get the company’s books in order before the end of the year. Not only will it bring you peace of mind, but it’ll give your business a good start to the new year, without any looming deadlines or forgotten paperwork.…  Read more

Should Your Workers Be Employees or Contractors?

There is no simple yes or no answer to this question, in fact. It all depends on your company. But in this post we’re going to break down the differences between hiring employees and hiring contractors, and what situation calls for one or the other.    Pros and Cons of Hiring Employees The benefits of hiring an employee for your company include consistency, flexibility, and commitment to your company and…  Read more

Managing Cash Flow: Don’t Let Customers Get Past Due

Cash flow is the lifeblood of a start-up. For early stage businesses, learning to manage cash flow is essential in order to become a long-term, profitable company. That’s why it’s vital to have strong collections processes in place to ensure you are getting paid on time and in full.  The money owed to you by your customers is known as your accounts receivable. A lack of a proper system for…  Read more

5 Vendor Management Tips for Startups

Let’s face it: you can’t always hire an employee for every job that needs doing in your small business, and sometimes it makes more sense to outsource to a vendor in the first place. Vendors can be a huge asset to getting your startup off the ground, from saving money to forming long-term business relationships. That being said, there are some slip-ups that can occur in vendor management. We’ve collected…  Read more

The 2020 Insurance Checklist for Your Small Business

If you own a business, insurance coverage is important. The right coverage will keep you protected from minor mishaps—and major mishaps that could wipe out your company’s assets in one claim. Seeking out proper insurance policies is also important because your business may have industry-specific circumstances that require specialized insurance. It pays to be covered. Even before something happens, you might be asked for proof of insurance by lending institutions,…  Read more

When to Outsource Accounting for Your Startup

When to Outsource Accounting for Your Startup | Chastain Partners If you’re a small business owner, you know what it’s like to juggle it all—product development, marketing, sales, bookkeeping, networking—maybe you still feel like you’re juggling even after you’ve started adding employees to your team. But as a business grows, owners usually find that, although they had a hand in every aspect of their company at the start, their time…  Read more

Quick Tips For Reading Your Financial Statements

Let’s face it, financial statements aren’t always straightforward. We’ve got some tips for you to make reading them easier. There are four main financial statements:       balance sheets       income statements or profit & loss statements       cash flow statements       statements of shareholders’ equity  Balance sheets show what a company owns and what it owes at a fixed point in time,…  Read more

Managing Cash Flow: Why You Can’t Trust Your Bank Balance

Monitoring your cash flow is vital to running a stable business. Owners who don’t stay on top of their cash flow often find themselves scrambling when it comes time to pay their employees and vendors.  The disturbing feeling of being one (or more!) steps behind can be avoided with a good strategy for predicting cash flow.   A common mistake small business owners make is to look at their bank balance…  Read more

PPP Loans: The Forgiveness Process

  PPP Loans: The Forgiveness Process | Chastain Partners Let’s talk about Paycheck Protection Program loans. If you’re reading this, you have likely received a PPP loan under the CARES Act and would like to know how to receive loan forgiveness. The government has updated rules with more flexibility as of June 5th.  What to know when applying for PPP loan forgiveness: The coverage period is 24 weeks during which…  Read more

Your Simple Guide to R&D Tax Credits

What are R&D tax credits? R&D tax credits, or research and development tax credits, allow qualified businesses to deduct the cost of research and development from their taxable income. This is a big help for small businesses.    When you see the words “research and development” you may be thinking of super-scientific product testing and white lab coats, but it’s important to know that in today’s economy, a lot of R&D…  Read more

What To Do If You Missed This Year’s 1099 Deadline

In our last post we talked about the benefits of hiring freelancers for small businesses. If you’ve already been hiring contract work, though, you might be familiar with the process of filing 1099s. And if you’re only familiar with this process because you just learned you’ve missed your deadline to file them, this post is for you. First of all, don’t panic. If you missed the January 31st deadline, you…  Read more

Five Tech & Accounting Trends for Small Businesses in 2020

congerdesign / Pixabay   We’ve made it almost a full month into the new year. But this isn’t just a new year, it’s a new decade. Whether it’s about catching up, or getting a leg over the competition, here are five tech and accounting trends for your small business in 2020:    Becoming Mobile-Friendly Every new smartphone is more capable than the last, and they can be handy on both…  Read more

Want to grow your business? Our Free Resources will Help