Accountants urge government to legislate the late payment of small businesses

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James Harkness
Dynamic Business
January, 2018

The Institute of Public Accountants (IPA) is calling for the Federal Government to introduce a loan guarantee scheme and legislate maximum payment times for business-to-business transactions in order to improve financial implications faced by small to medium businesses. Late and extended payment times are having a critical impact on cashflow finance for small businesses, restricting growth and creating solvency issues. IPA CEO Andrew Conway says “the consequences of late payments on small businesses across the economy and across all industry sectors cannot be over stated.” Small businesses are the backbone of Australian society, however late payment of invoices can put these businesses on the back foot. All businesses should have access to solutions that alleviate the stress that comes with such. Want to know more about how invoice finance can help your small business? More information here, and read the full article here.