SMEs are far more punctual in paying invoices issued by corporates than those issues by other SMEs, a leading commercial credit reporting bureau has revealed. The latest quarterly risk review of CreditorWatch – an analysis of payment data sourced from over 40,000 active customers – shows SMES take, on average, nearly two weeks longer to […]
New research by MYOB highlighting the financial and emotional toll late customer payments are having on SME owners has prompted the cloud accounting provider to renew calls for federal government and big business to implement a solution. The company’s latest SME Snapshot, revealed 77% of business owners had been impacted by late payments. Notably, 35% […]
The Federal Government’s Public Data Policy Statement, released last December, flagged its commitment to make non-sensitive government data ‘open by default’, with the aim being to stimulate innovation and drive productivity improvements across all sectors of the economy. Nearly a year on, a slice of data with huge potential benefits for the small business community, if […]
If you’ve effectively taught a client that they have 60 to 90 days in which to pay you, it is then very difficult to get them to start paying on time. To avoid this, make sure you and your client both agree to the credit terms when you set a new account up. This may […]
While it’s a vital part of good cashflow management, chasing late payments is not something that most business owners enjoy. What can you do to get your clients to pay on time? And what can you do when you’re stuck with a customer who won’t settle their debt? Prevention is cure The first way to […]
When you start a business, it isn’t just about what you do well that ensures your path to success, but your customers. Don’t fall into the trap of accepting any client because you’re desperate for business: if you are careful and patient at the beginning, it will pay dividends for your business and your reputation […]
After spending years getting yourself up and running, working on sales and the front end, it’s likely that the back end – accounting practices and accounts receivable – have been somewhat forgotten. With more and more companies defaulting on payments, going into administration and getting wound up by the ATO, now more than ever is the […]
Customer service vs. chasing payments – it can be tough to get the balance right between keeping a customer happy and getting your bills paid on time. There are few things tougher for an SME than trying to collect overdue invoices from clients while also keeping them on-side. To ensure this process is made as […]
As the owner of a successful publishing business, entrepreneur Colin Porter became sick of slow payers and non-payers impacting his cash flow, and decided to do something about it.
The results of the Credit and Debt Survey are in. Run by Dynamic Business in tandem with CreditorWatch, the survey found two thirds of businesses have seen a rise in the time it takes them to be paid over the last year.
