As a contractor, the key is always to be the best that you can possibly be in every form of engagement. However, administration can be an extreme burden – taking your focus away from the many other important tasks at hand.
One piece of administration that contractors constantly deal with are invoices. Regardless of whether it's an invoice to your client or from a supplier, contractors must keep a keen eye on their cash flow as it's something that can easily affect their lifestyle.
What can you do to ensure that your invoices are always taken care of?
Addressing late invoices
Based on recent statistics from illion, Australian businesses are getting better at paying invoices on time. In the September 2016 quarter, the average late payment time was 13.9 days, compared to the 12.6 days reported in the latest quarter.
According to illion CEO Simon Bligh, this is good for the country and supports smaller businesses and sole traders in maintaining consistent cash flow.
"Payment behaviour helps us track the health of business in real time," he said.
"If a company's annual report is like the yearly medical check-up, then payment data is like Fitbit data. Timely payments are a crucial sign of business health. They are critical to small businesses running on slim margins, reducing the risk of job cuts and business failures."
"Timely payments are a crucial sign of business health."
Although these numbers are promising, it's important to remember that 34 per cent of invoices aren't being paid to invoice terms and many people experience delays in payment. If you want to experience good payment times in 2018, Oncore Services' market-leading technology can get your business off on the right foot with comprehensive, timely invoice management.
Contractor management solutions from Oncore Services
With our 20 years' of experience working with contractors, we've learnt the importance of being paid on time and in full everyday. While there are many variables that impact payment times, it all begins with sending accurate invoices to clients in a timely manner. That is part of Oncore's speciality – we take the administration headaches away and ensure that you only need to worry about doing a good job.
Administration can cover taxes, insurance, compliance and liabilities – everything that can slow your workday down and cause you unnecessary stress.
If your New Year's Resolution is to have better cash flow and set you and your family up for the future, let Oncore Services help. Have any questions about our services and how they work? Get in touch with us – we look forward to working with you!