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Recruitment Consultancies are warned to plan ahead for Christmas

Recruitment businesses are being advised to plan ahead and communicate with their financial partners ahead of the Christmas period to avoid sleepless nights and problems with BACS payments.

Paul Saunders, director of the Recruitment Finance Division of Lloyds TSB Commercial Finance, explains: “Because Christmas falls on a Thursday this year, all BACS payments for the week ending 21st December will need to be processed and completed on Monday 22nd in order for temps’ bank accounts to be credited before the Bank holiday. Therefore, it is important for recruitment consultancies to plan ahead in order for the process to be quick and efficient. Financiers are going to be inundated with requests to bring payments forward, so you need to get your requirements agreed early. We began talking to clients about the need to plan ahead at the beginning of this month and would advise anyone who hasn’t spoken to their finance provider to do it immediately. After all, no one wants a BACS headache just before Christmas!”

17 December 2008

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