A recent study published by accounting software company Xero revealed that SMEs lose up to $7 billion every year because larger companies fail to pay their invoices on time. This puts the value of outstanding invoices to a whopping $115 billion per year. These findings are based on Xero’s review of over 10 million invoices
Both the ACN and the ABN are crucial pieces of information you need from clients to facilitate a smoother and more successful debt collection process. But before we delve deeper into the reasons behind this, let’s first understand the difference between these two numbers. ACN / ABN Defined An Australian Company Number (ACN) is a
Here at Slater Byrne, we always strive to get the best results for our clients. This is why it is so rewarding for us to know, through your feedback, that we have achieved that goal. In the past three months, we received 30 positive reviews from satisfied clients, bringing our total to 175 reviews on
Many people make the mistake of shrugging off a credit default, mainly because they don’t fully understand how such a record can affect their financial future. But credit defaults come with grave consequences and they should not be taken lightly. What Is a Credit Default? By definition, a commercial credit default is a debt of
After several unsuccessful attempts at communicating with clients, you’ve finally decided it’s time to outsource your company’s debt recovery tasks. You give out a sigh of relief because someone else will be in-charge of this time-consuming and stressful process. Before you hand over the unpaid invoices, though, there are some credit control tasks you must
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