Tag: Late Payment

A new report from CreditorWatch reveals a significant increase in late payments across Australian businesses.

According to new research, almost one in every four large corporations takes four months or longer to pay their small company suppliers’ payments.

The Institute of Public Accountants (IPA) has called for the Federal Government to improve the financial outlook of SMEs by introducing a loan guarantee scheme and legislating maximum payment times for business-to-business transactions. In its 2018 pre-Budget submission, the IPA – a professional accounting body representing 35,000 accountants, business advisers, academics and students – made […]

The Victorian Small Business Commissioner, Judy O’Connell, provided Dynamic Business with insights into the state’s small business sector, including barriers to growth and the need for owners to prioritise mental health, ahead of her appearance at the Vodafone National Small Business Summit on Friday (25 August). DB: What will you be speaking on at the summit? O’Connell: […]

Getting paid: one of the toughest issues every small business owner faces. As if building a great reputation, creating a stellar client list and securing sales isn’t hard enough – sometimes weeks go by and business owners are still waiting to see the money in the bank. Last year, data from MarketInvoice highlighted Australia as one of the […]

Last week, the Australian Small Business and Family Enterprise Ombudsman released the findings of the Inquiry into Payment Times and Practices in Australia. The results were startling but, for many small businesses across Australia, they were not surprising. The inquiry revealed almost half of small business are owed more than $20,000 from late payments, and […]

By extending payment times to small businesses in the supply chain, large Australian and multinational organisations are effectively using them as ‘a cheap form of finance’, according to a new report by the Small Business and Family Enterprise Ombudsman (ASBFEO). The report, which responds to the Ombudsman’s inquiry into payment times and practices, highlighted the […]

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 Coalition has been urged to follow the example set by the UK Government and introduce legislation to deter big business from making late payments to SME suppliers. From April 2017, large companies and limited Liability Partnerships (LLPs) in Britain will be required by law to publicly report twice a year on their payment practices […]

New research by MYOB highlighting the financial and emotional toll late customer payments are having on SME owners has prompted the cloud accounting provider to renew calls for federal government and big business to implement a solution. The company’s latest SME Snapshot,  revealed 77% of business owners had been impacted by late payments. Notably, 35% […]