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E-Invoicing, Shortened Payment Time and Better Debt Recovery Efforts

E-Invoicing, Shortened Payment Time and Improved Debt Collection

Debt collection efforts will be improved significantly following announcement that the Australian government will now be using electronic invoicing (e-invoicing). The federal government will also and begin paying businesses late payment interest. In December 2020, the Department of Treasury officially adopted a fully integrated electronic invoicing solution. E-Invoicing & Efficient …

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How to Recover Unpaid Debts? From Demand Letter to Legal Action

How to Recover Unpaid Debts? From Demand Letter to Legal Action

Cash is important to a business of any size. Businesses need to collect whatever creditors owe 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 …

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Contractors Urged to Pay Invoices on Time–Or Be Put on Notice

Contractors Urged to Pay Invoices on Time–Or Be Put on Notice

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 …

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Want to Jumpstart the AU Economy? Pay SME Invoice on Time!

Want to Jumpstart the AU Economy? Pay SME Invoice on Time!

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 …

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New Study Reveals SMEs Losing Up to $7b from Late Payments

New Study Reveals SMEs Losing Up to $7b from Late Payments

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 …

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