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million smallbusinesses nationwide, making up 99.9% businesses and employing nearly half of the private workforce [1]. But running a smallbusiness is no small feat. Even smallbookkeeping mistakes can snowball into inaccurate reporting, compliance issues, and cash flow problems. of all U.S.
Even though a basic understanding of financial management may bring an entrepreneur through the first stages of business development, a comprehensive understanding is eventually required. In the content below, we seek to provide a helpful smallbusinessbookkeeping guide for startups looking to pave the way to long-term success.
If you’re a smallbusiness owner or entrepreneur, you’ve probably heard of GAAP, the Generally Accepted Accounting Principles. This set of accounting principles provides standard rules and methods for businesses to collect and report financial information. For instance, GAAP requires the use of accrual basis accounting.
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