Are Businesses Finally Learning How to Protect their Cash Flow with the PPSA?
I had a Creditors Report come across my desk today, which is not that unusual, but what was unusual is the number and types of businesses I saw listed as Secured Creditors, having obviously registered themselves as Credit Providers on the PPSR. (Personal Property Securities Register) Now whilst there were 262 Unsecured Creditors totaling a […]
Terms of Trade & Debt Collection
I first met Saul, who has a landscaping business in Hillary’s, some 4 years’ ago. I explained to Saul at the time how Terms of Trade would provide his business with consequences to impose on to his clients, should they refuse to pay him or even refuse to pay him on time. I also told […]
Are You Sure That Your Clients Will Pay You?
I recently addressed a group of plumbers working in the Malaga area. I asked them what sort of documents they had in place to ensure payment from their customers. A couple said that they had Terms of Trade on their invoices. On looking, I saw that they had written “Payment Terms: 7 days”. This is […]
The importance of making registrations on the PPS register
The importance of making registrations on the PPS register cannot be overstated. I was in an appointment last week, with Glen, a partner in a commercial electrical contracting business in Osborne Park. We started chatting about the importance of making registrations on this Government register. Glen told me that he was already making them. Glen […]
Warren loves EC Debt-Collection Service
I was chatting to small business-owner, Warren, at a BBQ in Tapping last weekend. He complained that as a small business owner- he has a plumbing business in Neerabup – he spends far too much time chasing debt. This is dead time – he could rather spend it doing his trade & generating income. I […]
The Importance of Terms of Trade
I met up with a lady, Anna last week. Anna runs an interior design business in Joondalup. I asked Anna if she has Terms of Trade in place. She replied ”yes, 7 days” (on her invoices). I explained to her that proper Terms of Trade are the small-print that goes onto Credit Account Application Forms […]
The Value of Terms of Trade Documentation
I have just returned from a meeting in Wangara with Allan, the owner of a food wholesale business. Allan supplies goods, sends the invoice to the client and then hopes to get paid. He has had to resort to Debt Collection in the past as people don’t always pay their accounts. I explained to him […]
The importance of up-to-date Terms and Conditions of Trade
I was visiting a plumber who has been in business for a number of years. He has no Terms of Trade in place, so is therefore “doing business on a handshake”. I mentioned to him the importance of having correct Terms of Trade and especially that these need to be compliant with the new PPSA […]
More Than a Handshake Deal
Last week I met with Michael, a tiler in Malaga. Michael just works on a handshake deal. I explained to him that these days this is not sufficient in order to protect the cash flow of the business. I asked him what would happen if someone did not pay an account & he said that […]
Are You Running 2 Businesses By Default?
First & foremost you are in your primary business or trade. However, by default, do you realise that you are also running an interest-free loans business? You may ask “why, what makes you say that”? The answer is very simple: with the diminishing value of debt, each month that your client/customer drags out paying you, […]