Small business leads pack to settle bills faster
Australian businesses are settling outstanding bills faster, with illion’s Late Payments analysis showing a new record low at 11.7 days at the end of March 2018. Small businesses, particularly those with less than 50 employees, are the country’s best payers, while big businesses (those with 500+ employees) continue an 18th consecutive quarter streak recording the slowest late payment times. One-third (31.2%) of businesses fail to pay their bills on time.
"Late payment times have fallen to a record low in our latest analysis, which also reveals more invoices than ever are being
paid on time. The March quarter results confirm the underlying strength in the economy. While payment times dropped annually across
all regions, sectors and business sizes, the big end of town are still squeezing the small guys and there is no sign of a culture
Simon Bligh, illion CEO