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In a research conducted by a U.S. bank It was found that 82% of businesses fail with the source of failure being a poor handling of cash flow. Proper accounting practices are essential for any small business owner to effectively manage their financials and prepare their company to be successful.

Small-business accounting is a set of the use of financial methods to monitor, manage, and understand the financials of businesses including inventory and cash flow tracking. Check out this post for an overview of the fundamental accounting practices entrepreneurs in small businesses need to understand.