Helping Australian small businesses receive on-time payment has been a top priority for the Australian Parliament. Why? Because cash flow is the primary reason small businesses fail—and payment terms are a key factor.
That’s why the Payment Times Reporting Bill is rolling out in January 2021. It requires large businesses and government enterprises (with revenues over A$100 million) to report their small business payment terms and times publicly.
This is an opportunity to generate goodwill with suppliers by ensuring you are paying correctly and on time; which in turn can improve their cashflow. To report on your payment terms, you may require extra systems and reports—but automation can assist so your staff aren’t burdened by this additional workload.
Check out this short informative flyer on the Payment Times Reporting Bill and the key steps you can implement within your business to prepare and ensure compliance.