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In an study by U.S. bank the study found that around 82% of business fail, with the root of the problem being poor management of cash flow. Proper accounting practices are essential to any business with a small budget to manage their finances effectively and position their business to be successful.

Small business accounting includes accounting practices that help track as well as manage the finances of a business including inventory and cash flow monitoring. Take a look at this article for a thorough overview of the most fundamental accounting procedures that small-scale business owners must be aware of.