The government’s decision to introduce shorter payment times for small businesses has drawn mixed reactions from the bookkeeping industry, with one association calling for payments to be processed in ‘hours not days’.
Earlier this week, the government announced that federal government departments and agencies will now be required to pay invoices for contracts worth up to $1 million within 20 calendar days, following a recommendation of 15 business days put forward by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).