Newsletter
December 2018 Newsletter
Review into business payment times established
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) announced a review into business payment times that will aim to measure the effects of late and extended payment times on small businesses. This review was announced by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).
ASBFEO created a quick 5-minute survey to be sent out to small businesses enquiring about the effect that late payments has had on their business, in order to see the real impact it is having in our economy. After a large portion of the responses came back, it was clear that the average time it took for Australians and Australian businesses to pay invoices was 26.4 days late. This resulted in Australians having some of the worst recorded payment times in the world.
More research, with 1,600 businesses involved, identified that the biggest form of business disputes are payments.
Source – Read the full article at Public Accountant: http://www.pubacct.org.au/news/review-payment-times-established