Finance Q&A

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HUNTER LEONARD added an answer to this question
HUNTER LEONARD

HUNTER LEONARD, FOUNDER AND CEO at BLUE FROG MARKETING PTY LTD

Hi Susan
I'd say no, unless the outstanding money is significant. My experience is that you'll end up spending way more money, and still not get the debt paid.
Best to just move on, and put in place policies to reduce the risk of it happening again.
One possible way to force the person to pay up (and provided ...  Continue Reading
Keith Rowley added an answer to this question
10
Keith Rowley

Keith Rowley, Joint Owner and Customer Strategist at

Depends what you eman by 'safe'. I don't know the details of how Quoin is backed, but in principle, being backed by a finite resourse means that it can't be inflated to low values -that was the wau currencies were backed before the gold standard was abandoned for fiat currencies, which ...  Continue Reading
Hatty Bell

, Team at

Very helpful answers here @Keith Rowley You certainly know a lot more than I do!

Steve Wilson added an answer to this question
Steve Wilson

Steve Wilson at

The Federal Govt will be introducing a Coronavirus Supplement of $550 per fortnight to individuals who are receiving certain eligible income support payments AND for the next 6 months will expand access to certain individuals as well. This expanded access will include Sole Traders, self employed and ...  Continue Reading
Shane Van De Vorstenbosch added an answer to this question
Shane Van De Vorstenbosch

Shane Van De Vorstenbosch, Director at

When you consider that a huge percentage of new businesses fail within the first couple of years, with many failing in their first year, it is not surprising that the owners don't have a good income.

On top of that, most startups rely on external money being injected into the business. This ...  Continue Reading
Brian Dorricott added an answer to this question
Brian Dorricott

Brian Dorricott, Business Specialist at

It all depends what stage your business is and how well you know your customers. Without knowing this it is hard to give you a good answer. Feel free to contact me directly and I'll see how I can help.

Deborah Vella added an answer to this question
Deborah Vella

Deborah Vella at

Top 10%

It can depend on the type of work and industry.  Make sure you check their standard contracts and don't be afraid to ask for a change in the payment terms.  The worst they can do is say no.  What I find can usually happen is that you'll receive the details of a dedicated person who can help process your invoice quickly so it is in the accounting system and will be paid on the next cycle.  It may not be perfect, but it's a manageable win!

Felicity Law added an answer to this question
Felicity Law

Felicity Law, HR Executive at

Absolutely.

Neil Halls added an answer to this question
Neil Halls

Neil Halls, Director at

Simple Answer, Cahsflow is King. We have come across many business were Cashflow problems have caused profitable businesses to get into difficulty. Almost always, that difficulty can be avoided


We have a blog on our website which talks about this exact topic in more detail