Running a small business is hard work and payment delays make it even harder.
Payment times in Australia are among the worst in the world, with invoices paid on average 26.4 days late.
The Australian Small Business and Family Enterprise Ombudsman has announced an urgent review of payment times, to measure how late or extended payment practices affect the cash flow of small businesses and family enterprises.
The Ombudsman wants to hear your experience with payment times, including:
- What are the payment times in your contract?
- Do you have to provide a discount if you want to be paid in 30 days or less?
- Are you paid later than the contract states?
The results of the survey will be used to provide advice on how late and extended payment practices might be improved to better protect the cash flow of small businesses.
CLICK HERE to complete the survey.