ATO ‘debtor crisis’ expected in September

New research indicates that the Government might face a wave of ‘tax debtors’ within the Australian business community when the stimulus and wage subsidies end in September. This is because, even before the nationwide shutdown – when the economy was fairly healthy – 25 per cent of businesses could not find the cash to pay… Continue reading ATO ‘debtor crisis’ expected in September

What can you do to legally recover your debts?

As a small business owner, you could be wondering if during the chaotic times of COVID-19, is it still possible to sue a customer for an unpaid account/debt?  In the first instance, you should try as hard as you can to recover funds you’re owed through processes such as payment plans if a customer simply… Continue reading What can you do to legally recover your debts?

Big businesses shouldn’t use COVID-19 as “excuse” not to pay

Kate Carnell, Small Business Ombudsman

Small businesses are pleading to be paid on time, with Ombudsman Kate Carnell urging big businesses not to use the COVID-19 economic downturn as an excuse not to pay up. The reports of big businesses using COVID-19 as an excuse to delay payments to their small business suppliers is disappointing. “Now is the time for… Continue reading Big businesses shouldn’t use COVID-19 as “excuse” not to pay

How to manage cash flow, late payments and risk: Patrick Coghlan

Patrick Coghlan (right), CEO of CreditorWatch and Loren Webb (left)

Have you ever struggled with cash flow as a result of late payments to your small business? We know this is an ongoing issue for small business owners, and so in today’s podcast that’s really what we are focussed on. We are going through the top tips to achieve a healthy cash flow and healthy… Continue reading How to manage cash flow, late payments and risk: Patrick Coghlan

“A sound and resilient SME sector” despite increase in company wind-ups

Prushka Fast Debt Recovery has revealed, through data sourced from court records, that 953 businesses issued Notices of Winding Up Application during the Oct-Dec quarter. This figure increased 5 per cent compared to the July quarter, and by 6 per cent year-on-year. The Australian Taxation Office continues to be the largest petitioner, with ATO and other… Continue reading “A sound and resilient SME sector” despite increase in company wind-ups

Telstra and Rio Tinto move to 20 day payment terms for small businesses

Telstra office, Canberra

Only a few big businesses, such as Telstra and Rio Tinto, have done ‘the right thing’ according to Australian Small Business Ombudsman Kate Carnell, in terms of addressing late payments. Late payments is a huge problem for the Australian small business community, with a Xero report last June (2019) citing a loss of $7 billion per… Continue reading Telstra and Rio Tinto move to 20 day payment terms for small businesses

How to know if your customers will actually pay you

Many small businesses take on jobs and incur costs in buying materials, even carry out work well before they get paid for the job. In an ideal world, your business would obtain payment upfront from the customer to cover significant job costs. However, a lot of the time this isn’t possible, particularly if your customer… Continue reading How to know if your customers will actually pay you

Don’t accept late payments, just because you’re a small business

Any small business owner will know the struggle of time – being short on time, and not getting paid on time. It’s often easy to forget the importance of back office functions, particularly invoicing and debt collection processes. Luckily, if you take the time to streamline these processes, the amount of time wasted chasing late… Continue reading Don’t accept late payments, just because you’re a small business

Dominique Grubisa: The entrepreneur that bounced back from serious debt

In three years Dominique Grubisa went from being millions of dollars in financial debt to having a turnover of $12 million dollars in the 2017-2018 financial year with her company DG Institute. Prior to 2008, Dominique and her husband Kevin were thriving with a seven figure business in renovating and selling property. The global financial crisis… Continue reading Dominique Grubisa: The entrepreneur that bounced back from serious debt

Employers can help stamp out predatory lending

This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public. In fact, the 2019 Coalition government’s budget pledged $640 million to continue… Continue reading Employers can help stamp out predatory lending