Whether or not you need a bookkeeper for your small business all depends on your specific situation. In the beginning, you may be able to keep up with the bookkeeping yourself, but as your business grows, so does the amount of work you have to put into it.
The time-consuming, meticulous data entry involved in keeping up with your bookkeeping may become a chore you just don’t have time to deal with. It is important to calculate how much time you are spending on the bookkeeping tasks and give that time a monetary equivalent so you can see how much of your time it is literally costing to do your own books. If you wouldn’t be spending much extra to outsource the task, it is most likely the best route to take. A professional bookkeeper can keep your books up-to-date and accurate and provide you with the necessary reports regularly.
If you are on the fence about paying someone else to do the job, know that letting your books fall behind is not the answer. When your books fall behind, you will be making decisions blindly and your chances of attracting a lender or investor become slim. The information you receive from your bookkeeping reports is invaluable.