Debt recovery efforts will be improved significantly following announcement by Australia’s Finance Minister Mathias Cormann last week that the federal government will now be using e-invoice and begin paying businesses late payment interest. The new rules are set to take effect on 1 January 2020 starting with the Department of Finance and Services, with the
Cash is important to a business of any size. Businesses need to collect whatever money is owed to them to maintain positive cash flow and continue to operate. If you are a small to medium business, you have three options to recover unpaid debts: Use your in-house invoice and payment reminder system, Hire a debt
The Australian government is beginning their crack down on late payments and it seems at the top of their list are the biggest players of the building industry. In an interview with the Australian Financial Review, Australian small business ombudsman Kate Carnell said that CIMIC and other construction companies that do not pay their sub-contractors
In an article published in The Australian earlier this month, business analyst Robert Gottliebsen suggested that the best way to jumpstart the economy is to urge big companies to pay SME invoices on time. Mr. Gottliebsen pointed out that this is the perfect strategy for the government as it won’t cost the national budget a
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
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