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One of the earliest lessons I learnt while running an IFA business was the need to take control of t...

One of the earliest lessons I learnt while running an IFA business was the need to take control of the company's finances. Although our business in North Wales was turning over just £250,000 per annum, we employed a fully qualified chartered accountant. Taking on what in 1992 seemed like a massive overhead of £20,000 plus a car gave me sleepless nights. However, 14 years later I look back on that appointment and realise now that it was one of our most sensible moves. Without fail I have had on my desk on the fifth working day of the following month a full profit and loss account and a bala...