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So i’ve been working at this company for 3 months now and the first 2 months were great! I work in accounts payable and from the 3 months that ive been working here, it is clear to me that this is company is crazy strapped for cash.. they have trouble paying their bills on time.. its so bad to the point that vendors have held our orders for nonpayment. Its gotten really bad. They’ve laid off more than 50 plant/corporate employees so far.. this is a small-mid size manufacturing company so they are significantly downsizing. Had a meeting today with management today and its going to get worse before it gets better. our sales are decreasing and payables/expenses keep increasing. Theyve brough in new people to restructure everything but its going to take some time before it gets better (more than 6 months).
we owe vendors a lot of money.. and they call every day asking for payment and im at the point where i dont know what to tell them anymore. Ive talked with the cfo and my managers and theyre suggesting I negotiate the amount we pay ( we have a lot of past due invoices) … like ask them if theyll release our order if we cut a check for half the amount of the past due invoices). sometimes that doesnt work. these people want their money and im at a loss for words. Obviously I cant tell them that we dont have the money.. or we have to save what little money we have for other stuff…
Ive only been with this company for 3 months and even though they laid off a buncha people, my department actually.. promoted me to staff accountant.. I was only a clerk before and im sort of a recent grad (graduated a year ago). Its so bad i can see them not being able to pay my salary if it doesnt get better. I kinda wanna leave because its basically a shithole here now (after laying off a whole buncha people i was close with) but i want to stay because i want to help make a difference and Id get a lot of experience… so two questions
1.) how do i handle vendors asking for payment
2.) should i stay or go?
Any advice would be appreciated!
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