Risk Management
There are many things a business owner has to do to ensure their business succeeds. Offering a quality product or service to earn a profit is one of the most important aspects however, what’s equally important is making sure your customers can pay for the products or services you provide, and on time. Exposing your […]
Sometimes, it’s inevitable that we have to deal with a slow or non-paying customer. Here are 5 benefits to registering a default against debtors that can help you and other businesses. 1. It can encourage a debtor to pay its debt faster and on time 2. It demonstrates that you take debt seriously 3. It […]
Findings from the Small Business Risk Review have been released for the first quarter of 2017. The latest quarterly analysis of aggregated and trade payment data reveals a need for businesses to be more vigilant of their customers. Court actions in Victoria and New South Wales have risen 6 months after a significant increase of the average payment […]
No business operates in complete isolation. Agreements must be made between your business and its customers, as well as with other businesses such as suppliers and distributors. So how do businesses enforce their agreements? The answer is through the formation of legally binding contracts. Unfortunately, many businesses get caught out with unenforceable contracts and, in turn, […]
A healthy cash flow allows a business to thrive and grow. The effects of not properly managing cash flow can go beyond hurting just your business. Whilst the concept of managing debtors is simple, consistently practicing the steps for better credit management is key. Click here to view six easy-to-remember steps beginning with “Re” to […]
Knowing that a business doesn’t pay their bills is incredibly important for anyone in the position of providing trade credit; it is the sole reason that thousands of businesses access credit bureaus in an effort to mitigate risk and safeguard their cash flow. The question is why should knowing that a business has defaulted on […]
It is very common these days to see Companies using trading Trusts as a vehicle to run their business. So how should you open an Account for your Customer if the Credit Application has been filled out in the name of a Trust? A couple of points should be made at the outset: – A Trust […]
The number of failed unincorporated entities has significantly increased from the September quarter of 2015. The findings were revealed in CreditorWatch’s latest Small Business Risk Review, which also shows a continuous high in national payment defaults (+67%) during Q4 2016. Unincorporated entities (typically sole traders and partnerships) are commonly small privately owned businesses. The operators […]
A new arrangement will come into effect from 1 July 2017 that will allow the Australian Tax Office to contribute information to credit reporting bureaus (including CreditorWatch) about Australian businesses with unsettled tax debts over $10,000 that are 90 days overdue. Businesses that have not paid their tax debts to the ATO will likely hurt […]
We all start the new year with the usual well-intentioned resolutions (lose weight, get fit, find love…) but after a few weeks (or sometimes, hours) we are back to our old habits. In 2017, more than any other year, the outlook both nationally and globally is uncertain. Will the Turnbull Government’s one seat majority last? […]