What’s really holding back your business
Small businesses must follow cash-strapped consumers down every payment pathway, says Rowan Wilde, Co-Founder of HelpPay
Small businesses must follow cash-strapped consumers down every payment pathway, says Rowan Wilde, Co-Founder of HelpPay
According to new data from the Payment Times Reporting Regulator, nearly 25 per cent of big businesses take over 120 days to pay their small business customers
Small businesses experience challenges enforcing payment terms and recovering payment arrears, as evidenced by the fact that their average late payment rates across all industries are three times greater.
The move will allow SMEs to make more informed decisions about who they do business with.
Small businesses are pleading to be paid on time, with Ombudsman Kate Carnell urging big businesses not to use the COVID-19 economic downturn as an excuse not to pay up. The reports of big businesses using COVID-19 as an excuse to delay payments to their small business suppliers is disappointing. “Now is the time for […]
Have you ever struggled with cash flow as a result of late payments to your small business? We know this is an ongoing issue for small business owners, and so in today’s podcast that’s really what we are focussed on. We are going through the top tips to achieve a healthy cash flow and healthy […]
Only a few big businesses, such as Telstra and Rio Tinto, have done ‘the right thing’ according to Australian Small Business Ombudsman Kate Carnell, in terms of addressing late payments. Late payments is a huge problem for the Australian small business community, with a Xero report last June (2019) citing a loss of $7 billion per […]
Many small businesses take on jobs and incur costs in buying materials, even carry out work well before they get paid for the job. In an ideal world, your business would obtain payment upfront from the customer to cover significant job costs. However, a lot of the time this isn’t possible, particularly if your customer […]
Any small business owner will know the struggle of time – being short on time, and not getting paid on time. It’s often easy to forget the importance of back office functions, particularly invoicing and debt collection processes. Luckily, if you take the time to streamline these processes, the amount of time wasted chasing late […]
Late payments: Top mistakes small businesses make when dealing with late payers A new report from Xero, the global small business platform, revealed 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 found that half […]