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What are the best accounting practices for small businesses?
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The best accounting practices for small businesses include creating accurate financial statements, tracking all income and expenses, tracking accounts receivable and accounts payable, creating a budget, recording business transactions, and reconciling bank statements regularly. It is also crucial to track cash flow, maintain clear financial records, take advantage of automation tools, create a financial dashboard, and establish and maintain internal controls. Finally, small businesses should regularly consult with a qualified accountant or financial advisor to ensure compliance with relevant regulations.