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CreditorWatch Blog

Turnbull Government paying 60% of its small business invoices within 20 days, report shows

Turnbull Government paying 60% of its small business invoices within 20 days, report shows

Federal Government agencies are paying 96% of their small business contractors within thirty days of receiving an invoice, according to a new report. Minister for Small Business, Michael McCormack said the latest Pay On-Time report also found agencies were paying 60% of invoices up to $1 million within 20 days, and that the overall results were a […]

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The Federal Government commits to paying small businesses ten days sooner by July 2019

The Federal Government commits to paying small businesses ten days sooner by July 2019

The Federal Government will begin paying small business suppliers ten calendar days sooner to improve their cashflow, it has been announced. Under the Government’s revised ‘pay on time’ policy, Small Business Minister Michael McCormack said federal agencies and entities will be required to pay invoices for contracts worth up to $1 million within 20 calendar […]

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How to master risk management in an SME

How to master risk management in an SME

Every business owner understands that the rewards of running their own company are immeasurable, but the tradeoff is that you also bear the brunt of the consequences if things go wrong. This is why it’s important to have a risk management plan in place. Having a strategy for the common pain points that your business […]

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Small Business Risk Review: Q3 2017

Small Business Risk Review: Q3 2017

CreditorWatch has conducted its quarterly analysis of aggregated and trade payment data to highlight small business behavioural and payment trends. View the latest Small Business Risk Review to see: State breakdown of court actions Payment trends of SMEs and Corporates Average Payment Default Cancelled Unincorporated Entities Click here to view a recording of a webinar we […]

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Small business ombudsman Kate Carnell calls for prompt payment of government subbies

Small business ombudsman Kate Carnell calls for prompt payment of government subbies

Stating that small business subcontractors are vulnerable to delayed payments, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has announced she is examining payment terms and conditions for “subbies” working on government projects. “Most government departments pay their invoices within 30 days, but when a prime contractor is appointed to manage a project […]

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Let’s Talk… Late Payments

Let’s Talk… Late Payments

SMEs are vulnerable to late payers in Australia, with Small Business Ombudsman Kate Carnell stating, in April, that larger organisations are using them as a “cheap form of finance”, restricting their growth and causing solvency issues. From calls for legislation to the introduction of a voluntary code to deter late payments, late payments have never been a hotter topic, and […]

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ASIC launches crowd-sourced funding regime

ASIC launches crowd-sourced funding regime

Small to medium-sized businesses will have an opportunity to access crowd-sourced funding to help them begin or grow their business when the Australian Securities and Investments Commission (ASIC) releases its new crowd-sourced funding (CSF) regime on September 29, 2017. ASIC Commissioner John Price said: “Crowd-sourced funding provides an opportunity for small to medium-sized businesses to […]

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