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In a research conducted by a U.S. bank the study found that around 82% of companies fail due to the issue being the poor management of the flow of cash. Accounting practices that are efficient and effective are crucial for any small business owner to be able to control their finances efficiently and prepare their company to be successful.

Small business accounting includes financial practices to track as well as manage the finances of a business such as inventory management and cash flow management. Take a look at this article for a thorough overview of the accounting fundamentals that small-scale business owners must be aware of.