Small businesses are having to wait longer to be paid for goods and services and it is costing them hundreds of millions of dollars, a new report has revealed.Late payment is getting worse for small businessesExclusive new data from accounting software firm Xero provided to 7.30 shows the average payment time for a small business has increased from 25.5 to 26.5 days between February and May.
Ms Carnell is now calling for a mandatory, regulated maximum payment time to force big businesses to pay small businesses within 30 days. "It shows that voluntary codes simply don't work and we need to move to legislation," Ms Carnell said. "You feel like you're being a little bit ostracised by wanting tighter payment terms, so you don't end up going for it," he said.
Why was there a fascist IPA member on the program? What an utter disgraceful bunch of people in our society. Absolute grubs! Besides having that stooge on, the reporting was great
Bau for these companies. Had to beg a major national retailer to conform to their 30 day terms in the contact they signed when they tried to delay by 90 days
This is nothing new. I sold to many Fortune 500 companies and they were always trying to push past our Net 30 terms to Net 90. Whenever this subject would come up, regardless of the size of the contract, we would refuse to extend credit because the cost to us was too great.
Assets rich, cash poor.
Welcome to the market.
Back in the 20th C I was surprised to see that a world famous software company was a slower payer to a small privately owned company.