Posts Tagged "debt"

Debt Chasing – The Long Wait To Be Paid

Posted by on Apr 6, 2016 in Blog

Debt Chasing – The Long Wait To Be Paid

Cash flow makes small businesses go round and without it, you have a huge challenge on your hands just to stay afloat. You probably have at some point had to face the issue of late payments – hopefully, it was not too serious, and the bill was settled within a week or two at the maximum. In all seriousness, however, things can get complicated when companies fail to pay on time, and the problem can have a knock on effect to you, your business payments and the growth of your business. The scary thing is that a huge 24% of small and medium-sized businesses say that they have had to wait more than six months for an invoice to be paid. Thanks to data collected in a recent Sensis Business Index survey, we can see that Australian businesses are, on the whole, failing to pay their invoices promptly. While six months is at the extreme end of the situation, 63% of businesses confirm that their invoices are paid late with 65 confirming that more than ¾ of their invoices are paid late. And at the top of the late paying list; manufacturing, construction and wholesale businesses. Late paying clients...

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