If your company is one of the many Australian wholesale businesses that supply goods to other businesses, you probably offer credit to your clients. Although it’s risky to issue trade credit, customers will likely take their business elsewhere if you don’t offer this option. Pencil is an Australian company that offers a solution to the …
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June 8, 2022Credit Applications , Inventory , Invoicing
When running a wholesale business, it’s important to have a website and supporting programs to increase your market size and expand your operations. There are a lot of digital platforms that cater to eCommerce businesses, but the ability to meet the unique needs of your company is what makes any particular platform effective. Functionality is …
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Business-to-business relationships often require good faith arrangements. Due to a lack of up-front funds, suppliers like you must extend trade credit to maintain B2B partnerships. However, when you enter into trade credit agreements, you place yourself in a vulnerable position. With too few regulations and security measures, these arrangements are risky. Issuing more than $1.3 …
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March 15, 2022Invoicing , Late Payments
In Australia, small to medium-sized enterprises provide about $1.3 trillion in business-to-business credit. Trade credit allows consumers to access goods and services that they may be unable to under other circumstances. While trade credit is standard practice, suppliers often deal with a time-consuming and outdated process. Unfortunately, without innovation, your company is more likely to …
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January 18, 2022Invoicing , Late Payments
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 software to submit online invoices. Is it worth trying? Consider the benefits …
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The financial health of a business is arguably the biggest determining factor for longevity. This is why accounting plays such a crucial business role. However, no matter how skilled the accountants you have onboard may be, the more manual processes involved in accounting, the higher the risks of human error. Accounting software greatly eliminates these …
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January 5, 2022Invoicing
Very few accountants will rank the account reconciliation process as one of their top favourite tasks to do. Throw in human error and the complexity of spreadsheets required to pull this off, and it becomes more and more frustrating. The good news is, it doesn’t have to be that way. Try these five methods for …
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December 5, 2021Invoicing , Late Payments
Getting paid for the work you do is usually a given, however, in the world of wholesale product supply, things work differently. Providing delayed payment terms means trying to get paid can be time-consuming, annoying and dangerous. Why dangerous? Because when buyers don’t pay, suppliers hound them. This is fair enough. However, when communication between …
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August 2, 2021Invoicing , Late Payments
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 are consequences for paying you late. …
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