Mitigating risks also goes a long way toward ensuring losses are minimal and earnings are high. So, what can you do to reduce or eliminate the unique B2B supplier risks you face? 1. Determine Your B2B Supplier Criteria Take a look at your current sales and payment data. What would you like...
Have you considered online invoicing for your business? Companies are using invoice software to create invoices and streamline their accounting processes to improve their productivity. Even if your business doesn’t yet have its own separate website for setting up payments, you can use so...
Some industries, such as retail and food service, operate primarily on a payment at the time of service basis. However, most business-to-business transactions are made on credit. This means goods or services are delivered before payment is received. Accounts receivable is how businesses tr...
82% of businesses fail due to poor cash flow. Most of these businesses are wholesale/suppliers who offer their goods on trade credit. Why do they fail? Late payments. You probably already knew this. You’re in the game yourself and face these problems on a regular basis. Late payments are...
Getting paid on time should be simple, but sadly, a lot of businesses that release stock on credit are left out in the cold waiting for their payment to come in for weeks. In a recent study on 150,000 small Australian businesses, 53% of all invoices sent were paid late by an average of 23 ...
A powerful addition to your collections toolkit is having a demand letter. This comes into play when you have tried everything to receive a payment from your customer/s. A letter of demand, also known as a dunning letter or debt collection letter, helps your B2B customers know that there a...
In industries, such as wholesale and distribution, credit is seen as a necessity when doing business. Credit offers you a way to sell more to your customers and grow faster. However, sending out goods before receiving payment has its risks. It leaves you open to late payments, and in some ...
The Australian Taxation Office (ATO) will be rolling out Director Identification Numbers (DINs) in 2021. The introduction of DINs is to help address illegal phoenix activity and help protect businesses from being affected by the damage it causes.  The Australian Business Registry Servic...
If your overdue invoices are building up, no doubt you have looked at ways of automating the process using some type of reminder process. This most likely has been out of your accounting software; however, you may not have turned them on as they don’t provide the right solution for you a...
