It's true that hiring a bookkeeper, or even an accountant, is an expense — and you may be trying to keep your expenses down. However, don't decide to do your own bookkeeping and tax preparation just to save yourself some money. The time you spend on it and the mistakes that you could potentially make if you don't understand what you're doing, could result in missed tax savings that will cost you just as much as an expert would have charged you.

As your business grows in complexity, so too will your need for expert help. It may simply be a factor of time: If you're running out of it, you need to delegate some of your tasks to other people. Think, too, about how much your time is worth. If you're earning $40 an hour for your services, and a bookkeeper would charge you only $25 an hour, it makes more sense for you to pay the bookkeeper's fee and spend that time earning money instead.

If you need to keep your costs down, there are some ways to do it: You can always enter your income and expenses into an accounting software program and send an electronic file to your accountant when it's tax time. Or you can hire a bookkeeper to enter in your receipts while you handle financial statement preparation.

If you've set your business up as a corporation or if you have employees, however, the added complications may make having an accountant, payroll specialist, or bookkeeper essential.