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 …
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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 …
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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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July 26, 2021Cash Flow , Late Payments
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 cases, no payment at all. …
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June 25, 2021Cash Flow , Late Payments
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 Services (ABRS) is now beginning to test the new platform with a controlled …
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May 6, 2021Late Payments
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 and your customers. Done …
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March 22, 2021Late Payments
Does the following sound like you? Your credit agreements have evolved over time from a word doc to a PDF that needs to be printed off, filled in, signed and scanned back. Your customers are still printing, filling-in, signing, scanning and sending back incomplete credit apps. Missing information is just part of the process. If …
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July 22, 2020Cash Flow , Late Payments
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 running at less than 50% capacity, …
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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 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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