The Payment Times Reporting Bill aims to address late payments and the consequential struggle with cash flow, which is an ongoing problem for Australia’s 3.4 million small businesses, with the negative impacts spreading widely across the broader economy with juggling suppliers. Paying small businesses late creates a back log effect. The Government has been prompted […]
Competition reforms tabled in Federal Parliament this week backs small businesses to grow, innovate and create more jobs, according to Small Business Minister Michael McCormack. He said the Competition and Consumer Amendment (Competition Policy Review) Bill 2017 implements a number of recommendations from a landmark review of Australian competition policy to help small businesses to compete […]
Coinciding with the anticipated release of the Small Business Ombudsman’s report on its inquiry into payment times and practices, American Express has released research showing mid-sized Australian businesses owe $8 billion in outstanding payments to suppliers, with more than $2 billion currently overdue. According to Martin Seward, VP, Small & Medium Enterprises at American Express Australia, […]
The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order. Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts and invoices […]
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