The Small Business Ombudsman has launched a survey seeking data on payment times being experienecedc by small businesses. This survey will help develop understanding of the current payment times being experienced by small businesses.
Partial and late payments, seeking discounts to pay in 30 days, offering loans to cover extended terms, forces the business to find ways to finance the short fall in their working capital.
ASBFEO’s 2017 Payment Times and Practices Inquiry found Australian corporations paid invoices on average 26.4 days late – the worst in the world. Our more recent research, involving 1600 businesses, identified the biggest cause of dispute remains payments (44%); either the full amount not being paid (26%) or not being paid on time (18%). The ASBFEO is seeking feedback from small and family businesses on this issue.
If you run accounts in your business, this quick survey is a good way of ensuring your experiences in getting paid are represented at an important level of government.