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In a study by U.S. bank It was found that 82% of business fail, with the root of the issue being the poor management of cash flow. Accounting practices that are efficient and effective are crucial for any small business owner to manage their finances effectively and prepare their company to succeed.

Small business accounting includes financial practices to track as well as manage the business's finances such as inventory management and cash flow management. Check out this post for an overview of the most fundamental accounting procedures entrepreneurs in small businesses need to understand.