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In a study by U.S. bank It was found that 82% of businesses fail with the source of the problem being poor management of cash flow. Proper accounting practices are essential for any small business owner to be able to control their finances efficiently and position their business to succeed.

Small-business accounting is a set of financial practices to track as well as manage the finances of a business including inventory and cash flow management. Check out this post for an overview of the most fundamental accounting procedures that small-scale business owners must be aware of.