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According to a studies conducted by the U.S. bank It was discovered that 82% of businesses fail with the cause of this being the poor control of the flow of cash. Effective accounting practices and efficient are essential for small-scale entrepreneurs to business to ensure they manage their financials effectively and prepare their business to be successful.

Accounting for small-scale companies involves the implementation of methods for financial management to track the administration, analyze and manage the financials of an organization, such as controlling cash flow and inventory. Check out this post for an overview of the accounting basics that owners of small-scale businesses should be aware of.

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