SBF Logo

Become a member

Join the socially driven business community

SBF Logo

Thanks for becoming a member

Tell us about your business

SBF Logo

Welcome

Thanks for joining the community

close

Why do we need this information?

This information will help us source offers and tailor your experience on the website and help in our advocacy efforts with government.

close

Why do we need this information?

This information will help us source offers and tailor your experience on the website and help in our advocacy efforts with government.

close

Why do we need this information?

This information will help us source offers and tailor your experience on the website and help in our advocacy efforts with government.

close

Why do we need this information?

This information will help us source offers and tailor your experience on the website and help in our advocacy efforts with government.

close

Why do we need this information?

This information will help us source offers and tailor your experience on the website and help in our advocacy efforts with government.

Please check your email for your sign-up confirmation

Already a member? Log in
Close
Join now Finish

Log in to your account

Reset your password

We’ll send a reset link to your email address

Create a new password

Enter a new password below

Join now for free

  • Access exclusive deals and offers
  • Support campaigns for better rights for SMBs
  • Network with other SMBs
  • Access expert tips and advice
Join the community
or

Log in with email address

Sign in Or log in via social media

Done! Please check your email for your password reset link

Back to log in

Oz businesses - slowest payers In the world

Australian companies are the slowest in the world at paying invoices, according to data from UK finance company, MarketInvoice.

They assessed 30,000 invoices from 1,000 companies in 80 countries over five years to put together its Late Payment Report 2016, and found that globally, 72.5 per cent of invoices are paid late.

The average amount of time it takes for an invoice to be paid in Australia is 26.4 days overdue. In Mexico, the second-worst country, the average is 18.6 days overdue. The fastest-paying countries in the world are Japan (an average of 6.5 days early), Belgium (4.1 days early) and the Netherlands (3 days).

“The payment records of SMEs and bluechips are more similar than one would expect. However, SMEs tend to pay far more sporadically, often very late or very early,” the report says. “This would suggest an ad hoc attitude to payment, or a deliberate delay for the sake of cash flow. There is also the possibility that SMEs are merely passing on a payment problem from the top of the chain.”

When it comes to specific sectors, banks were the earliest payers, paying on average 0.3 days after a bill is due. Tech companies were next, paying 1.7 days after a bill is due, and the FTSE 350 rounds out the top three, paying four days after a bill is due. At the other end of the spectrum, supermarkets and e-commerce retailers tend to pay more than a week late, while high-street retailers are the worst, paying bills 14 days late. .

While the research was UK-focussed, CEO and co-founder of MarketInvoice Anil Stocker says “the simple act of not getting paid when you should has an adverse effect on the success of any company.”

Fed up with late paying customers? Sign our petition here!

0 comments

user
Follow Us
 
Follow us on