Posted: 04 November 2024 # Debt Managment Crisis: How Accountants Can Help #### Accountants Minute 383 Thousands of small and medium-sized enterprises (SMEs) in Australia are facing significant financial challenges, often due to limited fiscal management knowledge. This is where accountants can play a crucial role, particularly in helping SMEs establish efficient debtor management systems to maintain healthy cash flow. #### Understanding the problem According to the [February 2024 *“Financial Review”* article](https://www.afr.com/work-and-careers/leaders/deadset-nightmare-why-small-business-failures-are-soaring-20240205-p5f2i4) from MYOB CEO Paul Robson, a survey of new business owners revealed widespread challenges with debtors after just six months of operation. Common issues included: - Not realising that credit terms aren’t mandatory for every customer. - Lacking a systematic approach to debt management. - Not recognising the importance of following up with debtors. - Failing to monitor the **‘Debtor Days Outstanding’** KPI, a critical metric for understanding cash flow health. The implications are serious: slow payment practices create ripple effects that jeopardise the financial stability of dependent businesses. In fact, Australia gained an unfortunate distinction in 2016 for having the **longest average debt payment terms globally, at 56.4 days**. #### ![am383payment](https://www.essbiztools.com.au/images/zoo/blogs/2024/am383payment.jpg)Legislative action: a step towards faster payments In response, the Australian government enacted the [***Payment Times Reporting Act***](https://paymenttimes.gov.au/about/legislation) in 2020. Although designed to improve payment times, the impact was minimal until the scheme was revamped in July 2024. The legislation now targets large businesses (with turnovers exceeding $100M), mandating timely reporting to the [**Payment Times Reporting Regulator**](https://paymenttimes.gov.au/about/payment-times-reporting-regulator). Penalties are imposed on companies among the slowest 20% of small business payers, while faster payers are publicly recognised. #### The role of Accountants in supporting SMEs ![am383debtmgt](https://www.essbiztools.com.au/images/zoo/blogs/2024/am383debtmgt.jpg)Accountants are uniquely positioned to guide SMEs through the complexities of managing credit sales, moving beyond traditional tax services. Many SMEs, however, still see accountants as tax advisors rather than strategic financial partners. By proactively offering debtor management services, accountants can redefine this perception. How Accountants can assist: - Reviewing and improving the client’s current debtor management system. - Ensuring clear, documented credit terms for all customers. - Setting up ongoing monitoring and follow-up processes. - Educating clients on crucial KPIs like **‘Debtor Days Outstanding’**. #### Tools and solutions for efficient debtor management For accountants looking to expand their advisory services, platforms like **ESS BIZTOOLS** offer valuable resources. **ESS BIZTOOLS** has been providing product packages and training to accounting firms for over 25 years, including a dedicated **Debtor Management System** to assist SMEs. This package includes: - Templates for forms, letters, and credit applications. - Guidelines for using the Personal Property Securities Register. - A structured process for setting up credit terms and monitoring debtor accounts. #### ![am383debtorsbt](https://www.essbiztools.com.au/images/zoo/blogs/2024/am383debtorsbt.jpg)DIY or Subscription? Choosing the right path Accountants can choose between developing these processes internally or subscribing to ready-made solutions. **ESS BIZTOOLS** offers a **Debtors Management Package** as part of their **‘BIZ AID’** initiative, available for a **12-month subscription at $300 plus GST**. This allows accounting firms to offer debtor management services to an unlimited number of clients, potentially generating additional revenue through consulting fees. #### Interested in Learning More? [**CLICK HERE**](https://www.essbiztools.com.au/debtors-management-system) to find out more about the **ESS BIZTOOLS Debtors Management Package** and to subscribe. **By embracing these tools, accountants can play an instrumental role in helping SMEs navigate financial challenges, ultimately contributing to a more resilient small business landscape in Australia.** Visit our website – [**www.essbiztools.com.au**](http://www.essbiztools.com.au) – to discover the detailed overview of the services provided by **ESS BIZTOOLS**. You are also welcome to contact us on 07 4724 1118 or email [](https://www.essbiztools.com.au/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/)[](https://www.essbiztools.com.au/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/). ## Mark Your Calendar! A reminder that the next round of the **Export Market Development Grant** applications opens on **Tuesday 12 November 2024 at 10am AEDT**. ![am383emdg](https://www.essbiztools.com.au/images/zoo/blogs/2024/am383emdg.jpg)Ready to boost your export game? **ESS BIZTOOLS** offers an exclusive **Export Market Development Grant Package** for just **$250 (plus GST) for a 12-month access**. [**FIND OUT MORE HERE**](https://www.essbiztools.com.au/access-levels/export-market-development-grant)**.** Stay ahead, get the resources you need, and make the most of this opportunity to grow your SME clients’ business internationally! Want to know more about the **Export Market Development Grant**? Read the previous edition of **Accountants Minute** [**HERE**](https://www.essbiztools.com.au/ess-biztools-blogs/export-market-development-grant-applications-open-soon). ## Want to know more? Visit [**www.essbiztools.com.au**](http://www.essbiztools.com.au). If you would like to have a discussion about how this concept of virtual CFO services can be supplied by Australian accounting firms please ring our **Managing Director, Peter Towers**, on (07) 4724 1118 and we will arrange a **complimentary 45-minute Zoom meeting** to discuss your firm’s position and to give you our advice. We believe that this is the blueprint for the delivery of an enhanced range of services by Australian Accounting and Bookkeeping firms to assist SME businesses to add value to their businesses and to assist accountants and bookkeepers not only to attract but to retain outstanding talent who want to be involved in the delivery of “real accounting services”. ## Tell us what you think We would like to ensure that our articles remain relevant, insightful and informative. We value your input, so it would be appreciated if you could take a few minutes of your time to complete our survey – [**click here**](https://forms.gle/zBaPdoNvHyZsHPiV6). Thank you for your assistance in making Accountants Minute better. ## Subscribe to Accountants Minute Want to keep up to date with the latest issue of our Accountants Minute newsletter? [**Click here**](https://www.essbiztools.com.au/1531-general/2411-accountants-minute-subscription) to subscribe, free of charge. ![Debt Managment Crisis: How Accountants Can Help](https://www.essbiztools.com.au/images/zoo/blogs/2024/am383banner.jpg) #### ESS BIZTOOLS Blogs ### Recent Posts... 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