When starting out, it’s not uncommon to personally handle all the work involved with running your business, but if all goes well, you’ll reach a point where it makes more sense to pay someone else to perform some of the administrative functions, so you can devote more time to serving customers and generating more income. In many cases, bookkeeping is one of the first tasks to be delegated.
Unless you’ve been well trained, a qualified bookkeeper will be able to process your paperwork more efficiently than you and make sure that all income and expenses are recorded appropriately for income tax purposes. Keep in mind, however, that for your bookkeeper to do his or her job accurately, it’s up to you to provide all required information. Since you are likely paying for the service by the hour, it is also in your best interest to make sure that your paperwork is organized in a way that your bookkeeper doesn’t have to spend a lot of time going through it all to figure out what everything is.