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Slow payers hurting business


More than half of Australian executives are being negatively impacted by late payments, even though payment behaviours improved slightly during the June quarter, according to the latest Dun & Bradstreet survey. This equates to a 17 per cent increase in the number of firms negatively impacted by lagging payments since April.
 
The latest business-to-business payments figures, which examine the more than nine million current accounts receivable records contained on the Dun & Bradstreet database, reveal that Australian firms took an average of 53.4 days to settle their accounts during the June quarter. However, despite firms now being four days quicker to settle their accounts than they were during the height of the Global Financial Crisis, payments exceed the standard 30-day term by more than three weeks and remain above pre-crisis levels.
 
According to Christine Christian, Dun & Bradstreet’s CEO, the latest data provides a clear sign that businesses must continue to focus on the fundamentals of cash flow management throughout the global recovery.
 
"Business-to-business payment data provides a strong indicator of the cash position of firms,” said Ms Christian.
 
“The latest data suggests that the cash position of businesses is strengthening, however, Australian executives are indicating that the small improvement in terms experienced during the June quarter is not enough.
 
"Access to cash is vitally important during a recovery period as firms seek to meet growing demand. Consequently, if we are to experience the significant improvement in terms that is required to positively affect the cash flow of firms, executives need to take prompt action to collect their bills."
 
All groups improved payment terms compared to the previous quarter and the June quarter 2009. Firms with 50-199 employees were the biggest improvers compared to the previous year, with payments dropping by 4.1 days. This move made the group the fastest to pay during the June quarter (at 49.4 days) and the only group to pay its accounts in less than 50 days.
 
Conversely, firms with 500+ employees were the biggest improvers compared to the March quarter, reducing the time taken to settle accounts by 2.3 days. Despite this decline in payment days, the group continued to be the slowest to settle its...
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