Whether a payment is processed within 30 days or not, can make the difference between whether an employee is paid on time and ultimately whether a business survives or folds, says Gugu Mjadu. | Fin24
Whether a payment is processed within 30 days or not, can make the difference between whether an employee is paid on time and ultimately whether a business survives or folds, saysProblems around cashflow remain the biggest hurdle for South African small businesses. For a small and medium-sized enterprise , much rests on being able to strike the delicate balance between money coming in and money going out.
Whether a payment is processed within 30 days or not, can make the difference between whether an employee is paid on time and ultimately whether a business survives or folds. To this point, the same poll showed that almost 90 work hours are spent chasing late payments each year. In quarter three of the Business Partners SME Index, ‘prompt payment processing’ was pinpointed as being of even greater importance than it was in previous quarters and years, with specific reference to governmental institutions. This finding paints a telling picture and highlights a dire need for reform and a need to rally around the SME sector to enable it to grow and thrive.
The #PayIn30 campaign, as well as the government policy spearheaded by the National Treasury for government departments and agencies to pay within 30 days, should be supported widely. In President Ramaphosa’s most recent State of the Nation Address, this national commitment was reaffirmed with the newly established red tape team being mandated to identify priority reforms, including mechanisms to ensure government departments pay suppliers within the required 30 days.
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