#Invoice
Invoice payment woes? Try debtor finance
Don’t let slow payers slow your business this new financial year.
Invoice Financing vs Factoring: What’s the difference?
Here's why invoice financing is often confused with factoring and business owners must understand the difference.
New Xero report: Late payments cost small businesses $7billion a year
A new report from Xero, the global small business platform, reveals for the first time the magnitude and impact of late payments to Australian small businesses, putting the value of outstanding, late payments at $115 billion a year. The research finds that half of all trade credit invoices are paid late and that solving the […]
Small Business Ombudsman unveils register promoting best practice in B2B payments
Businesses are being encouraged to promote their commitment to good payment time practices by signing up to the National Payment Transparency Register, established this week by the Australia Small Business and Family Enterprise Ombudsman (ASBFEO). The Ombudsman, Kate Carnell, first called for a national register in her report into payment times and practices, published in […]
Turnbull Government paying 60% of its small business invoices within 20 days, report shows
Federal Government agencies are paying 96% of their small business contractors within thirty days of receiving an invoice, according to a new report. Minister for Small Business, Michael McCormack said the latest Pay On-Time report also found agencies were paying 60% of invoices up to $1 million within 20 days, and that the overall results […]
How to survive the Christmas blackout period
The Christmas Blackout period can bring Australian small businesses to a halt as wage bills take priority and payments begin to dry up. With everybody looking to preserve the cash they have available, business to business transactions begin to slow down from November through to February, leaving some business owners scrambling or tying themselves up […]
The Federal Government commits to paying small businesses ten days sooner by July 2019
The Federal Government will begin paying small business suppliers ten calendar days sooner to improve their cashflow, it has been announced. Under the Government’s revised ‘pay on time’ policy, Small Business Minister Michael McCormack said federal agencies and entities will be required to pay invoices for contracts worth up to $1 million within 20 calendar […]
Fintech lender Waddle heads to NZ to offer funding solutions to high-growth sectors
Sydney fintech startup Waddle is expanding into New Zealand due to strong interest for its cloud-based funding software technology amongst SMEs from the neighbouring nation, its co-founders explained. Founded in 2014 by high-school friends Simon Creighton, Leigh Dunsford and Nathan Andrews, the SME lender integrates with accounting software platforms and provides businesses with a real-time view […]
When small business suppliers are paid late, this “slows down cash flow for all”: MYOB
Companies that sign-up to the voluntary Australian Supplier Payment Code commit to not only paying small business suppliers within thirty days of receiving a correct invoice but also helping them implement technologies and practices to speed up invoicing. The code is an initiative of the Business Council of Australia (BCA), which believes that it will […]
Top tips to get your SMB paid by EOFY
Getting paid: one of the toughest issues every small business owner faces. As if building a great reputation, creating a stellar client list and securing sales isn’t hard enough – sometimes weeks go by and business owners are still waiting to see the money in the bank. Last year, data from MarketInvoice highlighted Australia as one of the […]
‘Act like a large company’ and other tips to help SMEs avoid the sting of late payments
Last week, the Australian Small Business and Family Enterprise Ombudsman released the findings of the Inquiry into Payment Times and Practices in Australia. The results were startling but, for many small businesses across Australia, they were not surprising. The inquiry revealed almost half of small business are owed more than $20,000 from late payments, and […]
Late payment research from Amex and Xero highlights the cashflow burden for SMEs
Coinciding with the anticipated release of the Small Business Ombudsman’s report on its inquiry into payment times and practices, American Express has released research showing mid-sized Australian businesses owe $8 billion in outstanding payments to suppliers, with more than $2 billion currently overdue. According to Martin Seward, VP, Small & Medium Enterprises at American Express Australia, […]
How small businesses are vulnerable to fraud
A small business is more than a bottom line for an owner; it is often their heart, soul and passion. By taking the plunge and setting up and running a small business, all your time and energy becomes focused on making your life’s dream a success. However, with all of your energy invested in your […]
Staff buy-in is critical to the success of an SME’s digital document management projects
Organisations planning to streamline workflows by using a digital document management system need to ensure staff are consulted throughout the deployment process. Regular communication about the new technology and its impact on jobs will ensure staff embrace rather than resist the changes. Staff consultation Digital document management systems sit at the heart of an organisation’s workflows. […]
How to improve your cashflow within 60 days
Cashflow is the lifeblood of any business and more SMBs have been destroyed through cashflow issues than from any other cause. The last thing you need is to be stressing about whether you have enough cash to pay your own suppliers when you should be running your business. So, you’re not ready to hire an […]
When it comes to accounting, it increasingly makes sense to have your head in the cloud
There are many options out there for sole traders and SMEs when it comes to managing business invoicing and accounting. The first solutions people tend to turn to are the reliable classics: Word and Excel. While these offer some snazzy invoice templates, they may be a bit harder and more time consuming to work with […]
Ecommerce partners: who’s right for you?
Partnering with the right suppliers will give you a head start in running an efficient ecommerce business, potentially saving you thousands of dollars each year. [Editor’s note: This article is the second article in a seven-part series by Chris Dahl of Pin Payments, providing an essential guide to setting up an ecommerce business. Read part one: Ecommerce Success […]
Business after Brexit: what can your SME do?
The UK’s decision to exit the European Union is causing market instability and while much of the focus has been on the valuation of ASX200 companies, SMEs are on the frontline during this volatile period. SMEs are considerably more likely to have direct exposure to lending conditions, greater dependency on a handful of key clients and, given their smaller size, […]
Improve your cashflow cycle by retraining your debtors
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 […]
Ad-hoc expense management systems a burden for financial controllers and sales staff
Small businesses can take the pain out of meeting EOFY tax-time requirements by ditching the shoebox overflowing with expense claims and invoices. Dynamic Business spoke to Concur, an expense management solutions provider, to find out more about how small businesses can better manage their invoices and expense claims at tax-time. According to Murray Warner, director business development […]
How to stop bill shock
Smartphones and tablets are key tools for modern business – but for small business owners, they can lead to unnecessary stress when staff rack up unexpectedly high mobile bills.
Telstra offers online payments to save you time (and Telstra money)
Telstra will give customers online self-service options for bills and payments, rather than require over the phone or in person payments as the telco moves to improve its public image.