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In an study conducted by U.S. bank, it's reported that 82% of business fail, with the root of failure being a poor handling of the flow of cash. Proper accounting practices are essential to any business with a small budget to be able to control their finances efficiently and prepare their company for success.

Small-business accounting includes accounting practices that help track as well as manage the financials of businesses such as inventory management and cash flow tracking. Read on for a walkthrough of the fundamental accounting practices small business owners need to know.