Many businesses take late payments for granted. They think of it as just being part of business. They’ll just keep working. Their clients will pay. Eventually. Usually.
What these businesses don’t take into consideration is
If you own a pool or spa and are looking to rent or sell the property on which it is located, you’ve been given some extra breathing space.
Last month the New South Wales Government extended the deadline for pool owners to register their pools until 29 April 2015. A Compliance Certificate will be issued following the registration which applies to all rental and sale properties which will remain valid for three years.
“Cash flow forecasting is an essential skill to learn. It helps you identify and prepare for hidden opportunities and risks, and make key strategic decisions with confidence.
“A cash flow forecast looks ahead at the flow of cash that could come in and out of your business, and the surplus working capital left over you can re-invest. It’s the core tool for
Walton Construction collapsed over six months ago. Many of the unsecured creditors are still left wondering if they’ll get anything back. Unfortunately for them, statistics show that an unsecured creditor in the construction industry gets less than 1c in the dollar. We feel for them. Cases like this are the very reason we at CheckVault are so passionate about making sure businesses can get their payments secured.
Interestingly, according to one source Walton Construction had a record as
I was reading an article on the Masonry Contractors Association of NSW & ACT website recently in which they published an article titled “USA low margin lesson“. The writer tells a great story of how, when chatting with friends who ran their own businesses across varied professions, they were all ultimately in the same situation. From doctors to lawyers, accountants to contractors, they “are all just one bad job away from going out of business.”
A scary thought. And one CheckVault is changing.
Until recently the only option a contractor, builder, accountant or even lawyer, really had was
Earlier this week, on 21st April 2014, changes came into effect for the Building and Construction Industry Security of Payment Amendment (SOPA) Act 2013 (“Amendment Act”). The amendments will apply to all contracts entered into on or after this date. The amendments include some of the recommendations made in the Collins Inquiry which looked at depth at insolvency in the NSW construction industry.
The Master Builders Association of NSW notified it’s members of the key amendments as follows:
We know the construction sector can be a tough space to work – in both the physical and economic sense. There’s a lot of risk to any construction business. So do you love it so much you’ll work for free? That’s the predicament many a contractor and builder face when their client can’t pay the bills.
Recent figures from the Australian Bureau of Statistics (ABS) show that
We are kicking off our 2014 MBA roadshow series in the Blue Mountains tonight.
Kieran Martin, will be the guest speaker at the Blue Mountains Divisional Information Night with a presentation focusing on:
A key trend deserving pride in your business in 2014 is the use of cloud computing.
Commonly referred to as ‘the cloud,’ cloud computing allows you to access information over the internet rather than having to work from a static desk-based location. By embracing the power the cloud you can simplify your work processes to help you free up time for more important and interesting things.
The construction sector is one of the latest industries to see
“John, are you sure you will get paid for that big job?”
John finally has a new answer.
Enough said.