Many business owners focus on creating quality products and services and build awesome teams but forget about getting high-quality bookkeeping service in Irvine . All of your efforts will be futile if you don’t understand different types of bookkeeping being used in your business. Here are some basic types of bookkeeping that you should know Retained earnings This type of accounts tracks your profits being reinvested in the business. These types of earnings are cumulative. The retained earnings are retained since the business started. It doesn’t take a lot of time to manage this account. It is important to lenders and investors who want to know how well the company has done since it started. Owners’ equity This type of account tracks the amount that each owner of the business invests in the business. Most small businesses are owned by a group of partners. The money invested is recorded in tracked accounts and the money taken away from the business is recorded in draw