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Late payments surged to an average of 49 days in June, according to CreditorWatch’s latest data. In comparison, debtors paid within 11 days for the same month last year. This is not surprising as COVID-19 has reportedly affected 70% of Australian small, medium, and large businesses. The increase in late payments suggests several things. This could mean an increase in administration proceedings once the government lifts the moratoriums on insolvent trading laws. This also suggests a decrease in cash flow causing businesses to struggle with their payment terms. Two-thirds of companies experienced revenue decline in June, according to a report by the Australian Financial Review. Businesses...Read More
Secure your funds to get debts paid faster and do this the earliest time possible. Time is of the essence when it comes to debt collection. The longer you allow invoices to go unpaid, the lower your chances are of successful recovery. But if you are quick to take action and you partner with the right people, then you can save yourself from bad debts. This case study shows how taking immediate action can help businesses secure their funds and get their debts paid faster. The Case Recently, a client approached Slater Byrne to help them recover an outstanding invoice. The...Read More