April 12, 2022Late Payments
If your business is a small- to mid-size Australian supplier, you likely have specific questions about trade credit risk. It is common practice in business-to-business relationships to provide trade credit, but this mode of operation may put the supplier at a disadvantage. Will the buyer honour the B2B relationship and pay on time, or will …
Read more
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 While trade credit is standard practice, suppliers often deal with a time-consuming and outdated process.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 …
Read more
February 4, 2022Cash Flow , Late Payments
Everything that happens leading up to signing a new wholesale customer is the hard part. You need to create a product, then produce it at a price that stacks up. You then need to create a brand, get the name out there, visit customers, negotiate pricing, volumes and get them to say yes. As I …
Read more
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 …
Read more
January 11, 2022Cash Flow , Late Payments
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 track the money that is owed to them for goods or services …
Read more
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 …
Read more
November 19, 2021Cash Flow , Late Payments
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 a large problem for small to …
Read more
September 28, 2021Late Payments
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 …
Read more
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. …
Read more