CheckTender

Just one bad job from going out of business

in Business / Our articles  by Prathamesh 0 comments

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

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Amendments to Security Of Payments Act now in place

in News / On the road / Our articles  by Prathamesh 0 comments

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:

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Survival rate in construction industry lower than average

in News / Our articles  by Prathamesh 0 comments

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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

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