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In an study by U.S. bank, it's reported that 82% of business fail with the source of failure being a poor handling of the flow of cash. Accounting practices that are efficient and effective are crucial for small-scale business owners to manage their finances effectively and prepare their company for success.

Small-business accounting is a set of financial practices to track, manage, and understand the finances of a business such as inventory management and cash flow monitoring. Check out this post for an overview of the accounting fundamentals that small-scale business owners must know.