I used to have the cleanest office in the world when I had a horrible or uncomfortable task to do. It was always easier to scrub the floors than it was to address a problem, or an elephant, in my business. However, by allowing our businesses to work around a big elephant in the room we are losing money.
There are many ways for you to improve your cashflow simply by altering your business processes and taking advantage of things such as interest-free days on credit cards where possible.
The Better Regulation Office and the Department of Justice and Attorney General are undertaking a joint review of the debt recovery process in New South Wales and need to hear from NSW businesses.
CreditorWatch is a new service that lets small business expose clients who have not paid invoices on time and monitor current and potential clients credit ratings to avoid bad debt.
Small to medium sized businesses (SMEs) are urged to strengthen their cash flow position now to lessen the risk of liquidity or financial distress, especially after the Australian Tax Office (ATO) is taking a tougher approach to collect outstanding tax debt.
In new figures released by the National Credit Insurance Brokers (NCI) claims received by bad debts in June 2010 were 44 percent higher than the 2004 – 2009 average over the same period.
The outlook for Australia’s economy might be improving, but there appears to be no end in sight to the cash flow pressures hitting most SMEs, with a higher than average number of debtors defaulting on what they owe due to insolvency, said cash flow finance specialist, Oxford Funding.
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