An increasing number of small businesses are falling behind on tax and superannuation obligations with the ATO currently chasing $50billion in outstanding debts.
Angus Sedgwick is CEO of leading financing company OptiPay and outlines the main mistakes SMEs are making when it comes to managing their accounting.
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With a growing number of insolvencies from small businesses experiencing cash flow struggles, Angus outlines alternate options that don’t involve going to the bank.
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You’ve probably heard the phrase ‘cash flow is king’ and with tough economic times for many Australian SME’s never has this been more true. Cash flow is what separates a thriving business from one struggling to stay afloat.
It encompasses all revenue generation, operational expenses and investment activities. Businesses that manage their cash flow efficiently ensure more cash is entering the business than leaving it which enables them to grow and expand.
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Leading financial services company OptiPay has put together the list with commercial properties services and mining companies waiting the longest.
With many Australian businesses struggling to maintain cash flow in current economic conditions, OptiPay CEO Angus Sedgwick can provide advice on how to navigate late invoices.
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Angus Sedgwick is the CEO of leading Australian financing company OptiPay and has some great advice on avoiding cash flow challenges during the busy holidays ahead. Whilst some SMEs are preparing to wind down over the holiday season, for many Australian businesses this is their busiest time of the year and they’re preparing to make their biggest profits.
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