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Protect your business from unpaid debt in the future

There are 5 steps you can take to protect your business from prevent unpaid debt in the future.

  1. Know who you are dealing with - before you enter into an agreement with another business, check who you're dealing with. Check out the advice on dealing with businesses and companies on Australian Securities & Investments Commission (ASIC) website.
  2. Have a signed contract – putting agreements in writing means everyone can refer to it in the case of a dispute.
  3. Use a good invoicing system – a good system will help your cash-flow, keep track of customers and help you to keep on top of money you are owed.
  4. Set up payment terms and policies that will help you get paid on time. Make sure everyone is clear about your payment timeframes and expectations.
  5. Understand your rights - make sure you're up-to-date on laws such as consumer protection and fair trading. If you aren't sure, talk to a legal professional or business adviser.

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