In Australia, the end of financial year (EOFY) on June 30 marks a pivotal time for businesses to finalise their financial records and lodge tax returns. It also provides companies with a valuable opportunity to assess their financial health over the past year. Businesses seeking debt collection also use this…
Australia has experienced several economic downturns in recent decades. Supply chain disruptions due to a global pandemic, combined with persistent inflation, significantly affected small and medium-sized businesses (SMBs) in recent years. Many businesses with unclear payment terms and weak collection efforts struggled to maintain their cash flow and ensure long-term…
Australian businesses face ongoing economic challenges shaped by years of disruption. Although the COVID-19 pandemic peaked in 2020 and 2021, its lasting effects on payment habits, consumer confidence, and financial stability are still evident across the country. Rising inflation, interest rates, and increased credit reliance add further pressure. Recent data…
Late payments are a growing issue in Australia, with small and medium-sized businesses (SMBs) often bearing the brunt. When invoices go unpaid for 30, 60, or even 90 days, it disrupts cash flow and makes it difficult for enterprises to pay their own bills, suppliers, or staff. Over time, this…
Delayed invoice settlements are a significant issue for small and medium-sized businesses (SMBs) in Australia. Buyers ‘ negligence can still result in profit losses even with a debt recovery collection agency’s support. Many SMB owners ignore this problem as chasing payments is time-consuming and may risk damaging relationships with regular…
Late payments are on the rise, and businesses are feeling the pinch. According to CreditorWatch’s Business Risk Index, September 2024 saw the highest level of late payments since March 2021. The rate of B2B payments overdue by more than 60 days jumped 21.4% year-on-year and 7.9% since the start of…
Payment disputes are a frustrating but common reality in business. In 2024, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) acknowledged how these delayed payments can impact cash flow and, potentially, the supply chain. This comes after 42% of the ASBFEO’s assistance cases were payment disputes among small businesses. …
Effective management of accounts receivable is vital for maintaining a healthy financial ecosystem within any business. While often underestimated, unpaid overdue invoices can substantially impede sustainable growth and efficiency. These outstanding debts can disrupt cash flow, stifle growth, and compromise long-term financial stability. To mitigate these risks, businesses should develop…
In today’s hyper-connected world, a business’s reputation is more valuable than ever. With consumers having instant access to information and reviews, a single misstep can drastically impact public perception and, in turn, a company’s bottom line. Among the many challenges businesses face, managing the delicate balance between effective debt collection…