Completing the bookkeeping tasks is important, even for small businesses. Knowing the amount of money your business has, where the money is coming in, and what the money is being spent on is all important information to keeping a business afloat. But bookkeeping tasks are time consuming and tedious, which is why hiring a bookkeeper might be the best choice for your small business. Many small business owners view the cost of hiring a bookkeeper as worth it when the time that they would have used to do the books themselves is used instead to grow the business by producing the next successful product or innovative marketing strategy.
It is also important to note that the IRS requires certain financial records to be kept by small businesses.