As we approach the end of what’s been an incredibly tough year, many small business owners will be looking forward to a reopened economy, busy trading period, and a fresh start in 2021, writes David Rennex, CEO and co-founder of AI-powered debt recovery platform, DebtForce. With the prospect of a COVID-normal new year not far… Read more »
Australia’s Small Business and Family Enterprise Ombudsman, Kate Carnell, has once again unleashed a shot across the bow of the big companies that continue to subject small businesses to extended payment terms,” writes Bronwyn Reid. Ms Carnell said that the practice of imposing long payment terms on small businesses, and then offering them discounts for… Read more »
In a win for business owners, the government has announced as of January 2020 it will pay interest on electronic invoices that are paid past their due date. The move was announced by finance minister Mathias Corman who said the government would commit to paying contractor invoices up to $1 million, within five days or… Read more »
Late payments are an increasingly hot topic. Many small businesses aren’t able to hire staff, improve their business or grow fast due to a cash flow gap. So, why do late payments matter? Because when a large business takes advantage of its market power to unilaterally extend or delay payments to its SME suppliers it… Read more »
The average amount of time it takes for an invoice to be paid in Australia is 26.4 days overdue.