Month ends in business banking are often fraught with difficulties.
This month is no exception....
A couple of clients have got to month end without enough cash for payroll. We've been telling them this is coming up for months - but as ever, heads get buried in sand. Somehow it's all our fault.
Another client who uses a payroll company to make payments has received a communication from the payroll company changing their bank account details. Payroll company has called them to say their payment hasn't been received and of course the initial communication was a scam. £300k sent to the fraudsters! Luckily - and rarely, the receiving bank froze the account and the money has been recovered. I made a free of charge fast payment to the payroll company using the returned funds.
A rough calculation shows that about 5% of our clients will now be loss making due to the new interest rate hike and those that are already loss making will see the losses grow.
And, I have mentioned before, how our new managing director is an a***. I got in to a candid one to one conversation with one of his direct report executives after popping in to their office for a chat about a client and noticed they were browsing situations vacant. It seems the MD loves to create conflict - he seems to enjoy getting his staff to fight each other - he sets them off and sits back and enjoys the fight. The exec has had enough of it. I've heard the same from another senior bod so it does seem to be his way. Luckily I'm too dense for office politics.
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