Disputes with other companies, especially around unsettled debts, can be a major headache for companies, not to mention undermining their ongoing cash flow.
While this poses a significant challenge for organisations, there are ways this can be avoided. One of these is through dispute resolution, with the government releasing a new online tool earlier in the year to help firms resolve these issues.
The online tool has been released by the Small Business Commissioner, and offers users the opportunity to find resolution services in their area who can help to resolve these issues. The service requires basic information like the type of dispute a company is facing, as well as the jurisdiction that the company operates in.
Users will then be directed towards a service in their area that can assist with this dispute, without having to face the large expenses that can come from pursuing court action.
Small Business Commissioner Mark Brennan suggested that these changes would bring a new level of service for companies.
"Problems can arise any time between small businesses, their customers and suppliers," Mr Brennan said. "Most of these are dealt with quickly and efficiently through common sense."
"Sometimes problems escalate into a dispute and you need help to resolve them. There are lots of services available, but it can be difficult to know where to go to find them and to work out which is the right service for your dispute."
Of course, there are ways that companies can prevent disputes from occurring in the first place, and therefore removing the need for dispute resolution all together. One of these is debtor financing - where companies assign invoices to a third-party that takes on the responsibility of collecting them.
With so many options available, companies in Australia are likely to find it much easier to manage their invoices and achieve long-term growth.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].