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In a research conducted by a U.S. bank, it's reported that 82% of companies fail due to failure being a poor handling of cash flow. Proper accounting practices are essential to any business with a small budget to effectively manage their financials and set their business up to be successful.

Small-business accounting is a set of financial practices to track, manage, and understand the business's finances including inventory and cash flow tracking. Read on for a walkthrough of the fundamental accounting practices that small-scale business owners must know.