Tales of successful startups permeate our lives on a daily basis. And why shouldn’t they when chances are, we use products borne out of humble beginnings? For example, Snapchat was created by three college buddies, while WhatsApp was the brainchild of two friends who could not get into Facebook. Using business tactics like hiring cheap digital accountants can help make or break your project. You can easily search online for the best startup accountants in your area so you can take control of your finances early on.

Here are 8 common financial mistakes that startup founders make.

1. DIY finances

Unlike huge corporations with hundreds of employees, startups involve only a handful of people to see their project through. Founders know they will have to play the role of several positions to get the business off the ground. One mistake that they make is trying to make sense of all financial operations by themselves especially if they have no previous training. Cheap digital accountants exist for this special reason. They know you’re a small group, but that does not mean you don’t need help with bookkeeping or accounting.

2. Budget expenses

In business, we all know that you need to spend money in order to make money. But the best startup accountants will tell you that even if you have a great idea that you believe in, you should set a budget for your expenses. You might have raised good capital in the beginning, but burning through all that money does not guarantee success.

3. Unnecessary risk

Startups work on very slim margins and the prospect of making a profit early in the game is not easy. Best startup accountants can advise you if you might be taking unnecessary risks to your business.

4. Upsizing too early

Some startup founders tend to get excited when the business starts doing well. Ideas for expansion start to come in like renting a bigger office space or spending a big chunk of the budget on advertising. Don’t get swept up in the initial uptick and see if you can sustain it first before expanding.

5. Too many cooks

Founders may want to hire extra help early on. But when the company is still trying to get its footing, don’t add more people to your payroll especially if they don’t share your vision. A better step would be to get cheap digital accountants onboard, who can better help you stabilize your finances.

6. Not focusing on customer loyalty

Startup founders would do well to study their customers carefully and build a solid following instead of trying to chase a large crowd at once. This way you can come up with more accurate product pricing too.

7. Taxes

Getting fined by the government for not filing your taxes properly can take up a lot of time not to mention extra costs. The best startup accountants will help you avoid this problem and make sure the appropriate paperwork is taken care of so you can focus on your product.

8. Not protecting personal finances

Founders consider the startup their baby, and it is not uncommon for them to give everything they’ve got to try to sustain it and keep it alive. However, you shouldn’t sacrifice your personal finances just for this one project alone. Even if you are trying to do business, you should still take measures to protect yourself.