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In an research conducted by a U.S. bank It was found that 82% of businesses fail with the source of the problem being poor management of cash flow. Accounting practices that are efficient and effective are crucial for small-scale business owners to be able to control their finances efficiently and position their business for success.

Small-business accounting includes the use of financial methods to monitor the management, understand, and monitor the finances of a business, like inventory and cash flow management. Read on for a walkthrough of the fundamental accounting practices that small-scale business owners must be aware of.