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Our team

Peter Radford : Principal

Peter holds a Bachelor of Business (Accountancy & Finance) and is both a Registered Tax Agent and Fellow of the Institute of Public Accountants. Peter is also a Justice of the Peace (C.Dec).

Having 42 years experience in the accounting industry, with 16 years working in public practice you can be assured of Peter’s knowledge of taxation and small business expertise.

Contact: peter@radfordtax.com.au

Donna Irwin : Accountant

Donna has extensive expertise, experience and knowledge in accounting and taxation, having worked in public practices for over 29 years.

Donna is a specialist in preparing individuals, contractors and all business entities Tax returns, financial statements and Business Activity Statements.

Contact: donna@radfordtax.com.au

Neil Radford: Accountant

Neil is a Certified Practising Accountant (CPA) with over 11 years experience in public practice. He holds a Bachelor of Business (Accountancy and E-commerce) and is a Registered Tax Agent. Neil is a QuickBooks Online Certified Pro Advisor and a Justice of the Peace (C.Dec).

Neil is experienced in individual and business taxation, fringe benefits and capital gains with a particular interest in SMSF’s and Business Planning.

As an Authorised Representative of the SMSF Advisers Network Pty Ltd, Neil is able to help you with your superannuation and self managed superannuation funds needs.

Authorised Representative No 124 7494 of
SMSF Advisers Network Pty Ltd
AFSL No. 430062 ABN: 64 155 907 681

In order to provide personal advice to our clients in relation to superannuation and self managed superannuation funds, Radford Financial Advisory Services (QLD) Authorised Representative No 124 7493 has chosen to be authorised through the SMSF Advisors Network Pty Ltd (SAN) – the Australian Financial Services Licence of the National Tax and Accountants’ Association Ltd (NTAA).

Contact: neil@radfordtax.com.au

Mary Radford: Receptionist

Mary has worked at Peter Radford Accountant and Tax Agent since its commencement in 2001. You can be guaranteed of Mary’s warm welcome to greet you when you arrive at our office.

Contact: info@radfordtax.com.au

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Getting your money back from late-paying customers

Posted on July 29, 2020 by admin

Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left uncollected, your chances of getting your money back become slim. Consider these tips to avoid and manage debt recovery to save your business from major losses.

Reduce credit terms
If late payments and managing bad debt is a regular occurrence, consider reducing your credit terms. You may want to remove your credit terms entirely, but it is important to look at your customer base, the services you offer, and whether there is an average credit term that is expected by your clients. If you offer credit terms shorter than your competitors, you may end up losing valuable customers. However, if your credit terms are too spacious, your cash flow will be slow, putting you at financial risk.

Encourage timely payments
Your business might require a set credit term to meet the industry average. In these situations, consider offering discounts on payments made early or within a set date from invoicing. An alternative is to charge a late fee to encourage your clients to pay on time. In these situations, it is necessary to first make your customers aware of the introduction of this policy clearly through your terms and conditions. To maintain good customer relationships, try to limit overdue fees to repeat offenders. You may want to monitor incoming payments to see if these policy changes are reducing your late payments.

Hire a debt collection agency
Efforts to pursue your late-paying customers may not always be successful. If the debt amount is less than $1000, it may not be financially viable to pursue legal action for violation of your credit terms. In such situations, consider outsourcing your debt collection to professional collectors. However, timely involvement is key to getting your money back. Give your clients sufficient time to make a payment, and if over two times the trading terms have passed, hire a collection agency to prompt your clients into making defaulted payments.

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