July 22, 2020Cash Flow , Late Payments
PencilPay’s Top 6 Trade Credit Rules Victorian small businesses had a false start last week. Shop owners everywhere tried to make the best of a bad situation, big orders were placed with suppliers and storerooms were stocked. Let’s stop for a moment. You have tens of thousands of small businesses that have been closed, or …
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January 13, 2020Invoicing , Late Payments
Managing your cash flow as a freelancer can be a difficult task. When clients are late with payments and invoices are ignored this can really have a negative impact on your lifestyle and stress levels. Freelancers are constantly having trouble collecting payments from their client’s but this unneeded stress can be dealt with quite easily …
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November 27, 2019Late Payments
For business owners who are looking to obtain a loan for their small businesses, checking your business credit score is a critical step in this process. Here is why. When you apply for a business loan, the lenders take a number of different factors into consideration, this most likely will include your business credit score. …
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October 29, 2019Late Payments , Subcontractors & Tradesmen
Many subcontractors are facing financial difficulties lately due to builders going broke or just flat out refusing to pay. In the last 5 years, 20 builders have gone bust. This has affected hundreds of subbies and leaving them tens of millions of dollars out of pocket. Subcontractors are the most vulnerable party when it comes …
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October 21, 2019Late Payments
Collecting payment on a job/project you have worked on can be a difficult task at times. However, most of the time these delays happen because of simple misunderstandings and poor communication. A quick phone call can clear these things up. Although sometimes a phone call isn’t enough. Here is what you can do to get …
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October 7, 2019Late Payments
Dealing with late payments and unpaid invoices is one of the most common problems business owners face day-to-day. Late payments to small businesses negatively affect their operations. They have staff to pay, equipment cost to cover and various other bills. If paid late, the demand for these costs can close a business down if they …
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September 30, 2019Late Payments
Businesses are slowly getting better at paying on time, but sadly for wholesale distributors, this is far from the truth. Wholesalers are still suffering from the late paying habits of their retail customers. According to Xero’s recent study, the retail sector remains the slowest payment times, paying bills an average of 23 days late. This, …
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September 16, 2019Late Payments , Subcontractors & Tradesmen
No matter what trade you’re in, we all face a common issue… Not being paid on time. Or sometimes, not even getting paid at all! When you’re busy finishing up on a job and booking new ones, there is nothing worse than having to worry about chasing up customers for their late invoices on-top of …
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September 2, 2019Late Payments
We all know that sales are what keeps us in business, but if we don’t receive the money we are owed, sales won’t achieve anything for us. According to ASIC statistics, having bad cash-flow is why most companies fail. To give you an precise figure, a survey undertaken by Xero showed that if invoices went …
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August 28, 2019Late Payments , Wine Merchants
The Alcoholic Beverage Industry is at the mercy of the market. This means that when Retailers and Hospitality venues are struggling, cash becomes tight and suppliers are always the last to be paid. Wine and liquor suppliers & distributors need to observe some basic customer management rules in order to get themselves to the front …
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