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The federal government has given the Payment Times Reporting Regulator a stronger mandate to reduce payment times for small businesses by increasing the visibility and accessibility of payment times data.
The aim is to incentivise faster payment times and enable Australia’s 2.6 million small businesses to better understand and interpret findings.
With improved dashboards and a more accessible reporting system, small businesses will be able to easily compare data, identify poor payment performers and make informed decisions about who they work with.
It is hoped this increased transparency will create a business environment where small businesses get paid on time, rather than being forced to wait while big businesses hold onto their cash.
Minister for Small Business Julie Collins said faster payment times was one of the biggest issues continually raised by small businesses.
“Small businesses are the engine room of our economy and it is critical we continue to back them with our reforms to payment times.”
#accountant #invoicing #smallbusiness
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