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Accounting for small businesses is confusing and a leading cause of small business fails in Australia. Australian Business Podcast episode #8 is now live on the Rask network: understanding the basics of accounting for small businesses. A great accountant is worth their weight in gold but the reality is no one will ever care for your business as you do – so it’s vital you understand what’s happening with your business. Lack of understanding the finances of your business is the number-three 🥉 reason most small businesses fail. In this episode, I -- Owen Rask, founder of The Rask Group -- dive into the following business topics (with simple accounting case studies): Why accounting doesn't have to be a scary word How you can save your business by knowing the basics of accounting The difference between turnover, cash flow, profit and revenue Bank overdrafts and how they can smooth your cash flow What "payment terms" are and why they are so important Multiple case studies 👋 Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify. 👋 If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. 📜Podcast resources📜 Owen Rask’s free business course: https://bit.ly/rask-biz-course Ask a question: https://bit.ly/3QtiY00 Email Owen: https://www.rask.com.au/about/contact/ Business Podcast show notes: https://bit.ly/rask-biz ⚠️INFORMATION WARNING⚠️ The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.