I started a new job last week as a finance manager.

I started a new job last week as a finance manager. Today I was going through the process of learning their payroll system and how they process payroll. I learned that they haven't paid payroll taxes in the past 8 payroll cycles nor have they made the 401K contributions. I also learned that last year through Jan. of this year, they had been paying partial pay checks, and have paid employees late. I began to ask questions as I thought this issue was pandemic related. Looking at the company's P&L statements, they've been in the negative and there have been gross cash flow issues since at least 2015.

During the interview I asked several questions and one of the questions I asked was how they had managed their operations through the pandemic and what lessons were learned from the crisis? I was told that their profits had been low since they couldn't hold in person events, but that things were rebounding and that they were seeing positive results thus far in 2022. I was also told that they downsized to a smaller office space to cut costs. While these things may be true, it's not the whole picture since I can clearly see in the financials that they've been struggling for at least seven years and more than $50,000 in the red.

I'm trying to not jump to conclusions, but I feel that they have been deceptive and are naiive in their assessment of the current conditions. We're still in a pandemic and with inflation and the rising costs of gas, food, housing, etc., there's no way I'm working for free or going to deal with being paid partially. This news is devastating and I don't even know what to think. I'm just in shock and really want to quit after learning all of this information. My husband works and I have money in savings. I also had two companies reach out to me yesterday to schedule interviews.

Has anyone else been through something like this? Any advice?

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3 Comments

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  1. Sabrina Cortes

    Wow, that's quite an eye-opener the first week at your new job! Is there anyone you can talk to about this? I'm a Resume Writer and don't know all of what a Finance Manager does. Still, I'd imagine that you'd create different strategies to help them balance their books by cutting unnecessary spending and streamlining procedures and payroll.

    I'd go ahead and go on those interviews (because you're actually interviewing them too) and see what that job is about.

    Then, write out the pros and cons of each company (including the one that you're with now) to help you decide what you should do.

    I hope this helps, and best of luck to you!!

  2. Lorna Rose, J.D., M.S.

    Exit stage left before your name gets too attached to this mess. that's it, that's the advice lol

  3. Focused414995

    Keep interviewing with the intent to leave. But I wouldn't quit until I found a new job or they couldn't pay me or they asked me to do something unethical. Sure you have a husband and savings, but we are in a pandemic with prices rising on everything. I wouldn't live off my savings unless I had to.

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