With nearly half of SMEs having more than $20,000 in overdue invoices tying up their cash flow, business owners must be more proactive in mitigating the risk of late payments and bad debts, writes Damian Arena and Kirk Cheesman.
Its not surprising cash flow and bad debt keep many business owners awake at night. After all, unpaid debts lead to poor cash flow, and in the worst cases, poor cash flow leads to insolvency.
While almost half of all small businesses have more than $20,000 owing to them in late payments, according to the ASBFEO Late Payment and Practices Inquiry, a recent report by National Credit Insurance shows businesses are staring down the barrel of a sudden spike in trade credit risk.
And we dont have to look further…
Read the full article at: https://www.mybusiness.com.au/growth/3165-beating-bad-debts-requires-proactive-approach