#Credit
How to manage cash flow, late payments and risk: Patrick Coghlan
Have you ever struggled with cash flow as a result of late payments to your small business? We know this is an ongoing issue for small business owners, and so in today’s podcast that’s really what we are focussed on. We are going through the top tips to achieve a healthy cash flow and healthy […]
A sale is only a sale once payment is made
Most businesses trade on credit terms with their customers, letting them purchase as they need and pay later. This can be a great way for businesses to build their customer base and gain more work or sales, since customers will often buy more if they don’t have to pay immediately. However, extending credit to customers, […]
Growth in loans to businesses evaporates
RBA statistics for April recorded the slowest annual growth in credit for mortgages since the data was first collected in the late 1970s. The growth of lending to businesses flatlined in April while personal loans retreated for the seventh month in a row and annual property credit plummeted to unprecedented lows, central bank statistics suggest. The […]
Equifax accused of breaching consumer law
The ACCC has initiated proceedings in the Federal Court against Equifax (formerly Veda), alleging the credit reporting bureau made false or misleading representations to consumers between June 2013 and March 2017, in breach of consumer laws. Allegations include that Equifax claimed that its paid credit reports were more comprehensive than free reports, when they were not. […]
Proposed tax debt disclosure laws ‘unlikely to help SMEs’, says debt collection agency’s CEO
Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus. While the stated aim is to “help the SME sector”, in reality SMEs will be largely […]
“We’re positioned to be amongst the world’s top 50 fintechs next year,” says MoneyMe CEO
Millennial-centric fintech lender MoneyMe has hit some impressive milestones in 2017. In addition to reaching $150 million in loans funded, the North Sydney startup received a $120 million capital injection and debuted on the coveted Fintech100 list, placing it amongst the world’s most innovative fintech companies. Despite reaching lofty heights, co-founder and CEO Clayton Howes […]
Headed for financial trouble? Spotting the warning signs could make all the difference
Business insolvency is a very real risk for many small businesses but countless business owners are not spotting warning signs early enough. The reality is that around 60% of businesses don’t make it past the first three years, which is why business owners should seek help early on to ensure their financial health. But first, […]
Securing your SME’s future through capital
The mantra of many successful entrepreneurs is the idea that you must spend money to make money. It is also one of the biggest reasons that some people fail to act on their business aspirations, because they believe that they don’t have the money required to take their business to the next level. I believe […]
Long-time customers can become bad debtors if credit checks are neglected, businesses warned
Nearly one in two Australian businesses are leaving themselves vulnerable to bad debt by not performing credit checks on their existing customers, new research shows. In a survey conducted by Australian credit bureau CreditorWatch, business owners, accountants and credit professionals from small to large-scale businesses were asked questions in relation to their credit management responsibilities. […]
How a debt detox could help your small to medium business in the new financial year
Many SMB owners think that that debt management is frustrating, repetitive and even awkward, but it doesn’t have to be. When approached with professionalism and a clear plan of attack, the right debt strategy could save weeks’ worth of work per year, while also doubling or tripling working capital. So, why isn’t everyone doing a […]
Debt recovery: what to do and when to do it
Are you struggling to make ends meet? Do some customers take liberties and pay you weeks or months after you finish the work? Do you have a large outstanding debtor balance that just doesn’t seem to reduce? If you answer ‘yes’ to any of these questions then more often than not the answer to your […]
Why banks are rejecting small business loans
When it comes to acquiring finance for your business either to get started or expand, traditionally banks have been the popular option; however, with more than half of SME loan applications being rejected by banks every year, banks are proving to be yet another hurdle for small businesses. Whether it is to fund start-up costs, […]
Credit card fee changes could devalue reward schemes used by SMEs, warns American Express
New card payment regulations, which commence mid-year, could impact how SMEs conduct business but a majority have a limited understanding of the changes, American Express has warned. Card payment regulations announced by the Reserve Bank of Australia last year are due to come into force from July and will cap the fee that Visa, MasterCard and bank-issued American Express […]
‘Tried and true’ cash flow methods costing businesses $6.12b in growth opportunities
Australia’s mid-size businesses are missing out on $6.12 billion in growth opportunities annually due insufficient or variable cash flow, according to new research from American Express. The company’s new report, Behind the balance sheet: unlocking hidden value in credit, involved a survey of 355 Chief Financial Officers from companies with annual revenue values between $2 […]
Steps SMEs should take to secure export success
Small businesses often have specific financing needs and may require funding support to compete in international markets or to fulfil export-related supply chain contracts. For businesses trying to navigate that next growth phase into an overseas market, there are a number of differences between exporting and operating in Australia which will have an impact on […]
The high-risk countries for budding exporters
Too many Australian businesses are jumping into exporting without fully understanding and researching the risks involved, resulting in business losses and unnecessary expenses. There are a lot of country-specific details that businesses should be aware of before they consider exporting. For example, Turkey, Brazil, Indonesia, and India are currently viewed as high-risk areas because of […]
Alternative lending – the long and short of it
Small business owners are each a jack of all trades – they’re CEOs, marketers, sales guns and customer service gurus all rolled into one (somewhat tightly wound) package. With their fingers in so many pies, the challenge becomes keeping on top of the new stuff – the emerging trends and technologies. With that in mind it’s no surprise […]
Embrace cashless consumers to boost business and remain relevant, retailers told
As Australia transitions to being a cashless country, retailers are being urged to stay ahead of the curve and embrace new payment innovations. Those who don’t futureproof their businesses, but instead restrict the ability of consumers to make electronic payments, are not only missing out on sizeable business but risk becoming obsolete. Garry Duursma, Head, Market Development […]
Are small businesses using ATO as bank?
According to national SME finance specialist, Scottish Pacific, many small businesses may be using the Australian Tax Office (ATO) as a line of credit being unaware of alternative funding solutions. Scottish Pacific CEO, Peter Langham said the ATO was owed $35.3 billion in 2013-14 according to a recent report by the Inspector-General of Taxation. “It […]
What to do when your customer doesn’t pay
No matter the size of your business, if you’re offering credit to your customers it’s highly likely at some point you will do work for a customer who will blatantly refuse to pay.
10 cash flow resolutions for small business
Your organisation may be making sales left and right, but if you’re not collecting funds from these transactions, you may find yourself with insufficient cash during critical periods.
Know when NOT to provide credit
You can be swayed thinking that your new customer is going to be one of your best – so, really, is there that much risk in providing them some credit? You have crosschecked the credit application against an ASIC search and there are no discrepancies – so what could go wrong?
Brandis weighs in on late payment grace periods
Attorney General, Senator George Brandis has requested the Credit Reporting Privacy Code be changed so the current five-day grace period for late payments be extended to 14 days.
Credit reporting changes strike a chord
A report by the Australian Retail Credit Association (ARCA) has found that Australians are largely positive about the new credit reporting system set to be introduced next month.