Singapore SME Insurance – How an Invoice Management Solution Can Help?

Singapore SME Insurance – How an Invoice Management Solution Can Help?

A media release from the Prime the Office of minister last week contained the concept that David Cameron is determined to strengthen the. The measures Of the National Insurance Contributions Bill legislation are a part of a package designed to help boost company, the authorities aware that overdue payments continue to remain a significant issue for many SMEs (small and midsize enterprises). Eighty five percent of SMEs state they have been impacted by late payment during the previous two decades, a BACS sourced figure for 2013 gives #30.2 billion as owed to SMEs in overdue payments, and 11 percent of SMEs report that overdue payments have caused their company to go under.

The singapore sme insurance government has already taken measures to help address this problem but I am clear that more needs to be done to construct a company culture across all sectors of the market.

So what is the Government?

Firms paid can:

  • Charge curiosity and a debt recovery cost;
  • Seek redress through the Cabinet Office Mystery Shopper strategy for public sector contracts, with valid complaints posted on the internet;
  • File which is researched by the Institute for Credit Management and a complaint against payers signed up to the Prompt Payment Code, and could lead to signatories.

Plus security has been installed for Market sectors – such as the Groceries Code Adjudicator Act of June 2013 made the Groceries Code Adjudicator to make certain that supermarkets ‘treat their providers fairly and legally’.

The government is currently looking at ways to:

  • Invite a greater sense of responsibility towards providers on the part of senior management and people at board level;
  • Ensure greater access to information concerning the good and the bad payers;
  • Encourage businesses.

The government will consider if there are ways whether there is a case for legislation and/or if SMEs can do more to help themselves including through the implementation of solutions and new technologies, such as invoicing, and greater penalties. In his media release Minister says, Small business and entrepreneurs are the lifeblood of the economy and this administration is firmly on their side.

Comments are closed.