Paramount Collections in Mooloolaba, Queensland | Financial service

Paramount Collections

Locality: Mooloolaba, Queensland

Phone: +61 7 5437 8755

Address: Level 2, 36 Maud Street, Maroochydore 4558 4558 Mooloolaba, QLD, Australia

Website: http://www.paramountcollections.com.au

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• Consultation agency
• Financial service
• Collection agency

24.01.2022 Every business should support this. It’s a great concept at this time of year when the less fortunate are often overlooked. We are proud to be a part of it and congratulate 92.7 Mix FM on their initiative.

23.01.2022 Payment defaults across Australia remain high with significant increases in the second, third and fourth quarters of 2016. The average day outstanding from SME to SME is now at 55.5 days. Whilst SME's paying Corporate is at 43.2 days. The bigger Companies are getting paid at the expense of small business.... Why? Because they have Credit Policies and enforce them. The growing number of unincorporated entities, which include include sole traders, trusts and partnerships, changing status from active to cancelled represents cause for concern with significant increases up to 47% following the third quarter of 2015. Are your terms 30 days? Are you getting paid accordingly and are your Clients at risk? Check your Credit Policies are in order and DON"T wait 6 months to send to a Collection Agency. If you aren't getting paid on time the chances are your Client is in some form of financial trouble. Remember the early bird gets the worm.

22.01.2022 It can be a tough gig but we do our best for our Clients The latest updates from Workcover for Industry Claims. Injury nature: New claims for Debt Collection Services... Injury group Value % Musculoskeletal injuries and diseases 35.5 Wounds, lacerations, amputations and internal organ damage 29.4 Mental disorders 17.6 Fractures 11.8 Other injuries and diseases 5.9

22.01.2022 I have actually polled small business owners and here are some of the reasons they do not send, or delay sending bad debt for outside collection. These are in no particular order: 1) Loss of reputation - I once had a local dentist tell me he did not want to be known as the doctor who sent his patients to collections. I told him if he did not do something, he would be known as the doctor no one pays. He was a single chair dentist with 300K outstanding. We designed a "soft" co...llection approach for him, which worked. 2) Not focused/no time - Many small businesses are focused on their day to day running of their business. We try to work with their bookkeeper/accountant or sometimes directly with the owner to keep the aging AR's in their face. Sadly, we often only get these clients when they get into some trouble or lose a big customer who owes them money. 3) Bad debt tax write off - my customers are almost all small businesses on a GST cash basis, but many still believe that they can get a tax benefit from writing off bad debt. 4) Past bad experience - A dentist once told me he did not want to go after his bad debt because he had a bad experience in the past with a collection agency. I said to him, "If I told you I had a bad experience in the past with a dentist and was therefore never going to the dentist again, wouldn't you try to convince me otherwise?" I got his business. 5) Cost - some small business owners would rather wait than "give up" a percentage of "their money". Once again, education is key here. It is important to let them know the soft costs involved with waiting too long to pursue bad debt. Sometimes they have to make mistakes before we finally see their business. One of my clients first spent a lot of money with a flat fee collection agency and got no results, and then gave us the business.

19.01.2022 Extract: Sunshine Coast Daily Coast's bankruptcy capital: Collapse tally skyrockets by Francesca McMackin (24 May, 2017 1:22 PM) ... BUSINESSES and residents in one Sunshine Coast suburb have taken a major financial hit, with latest figures revealing the town suffered almost double the usual insolvencies over three months. Caloundra suffered 57 insolvencies in the March quarter, compared to 29 in the previous quarter. The latest tally is also far higher than any other place on the Coast, with other areas varying from 17 to 27 over the three-month period. The Sunshine Coast hinterland also had a spike in collapsing businesses, with 22 insolvencies in the March quarter compared to 13 in the December quarter. The area including Nambour and Pomona had the least, with two less than the 19 of the December quarter. WORST AREAS FOR INSOLVENCIES ACROSS THE COAST 1. Caloundra March quarter: 57 December quarter: 29 2. Noosa March quarter: 27 December quarter: 23 3. Buderim March quarter: 25 December quarter: 29 4. Maroochy March quarter: 24 December quarter: 25 5. Sunshine Coast hinterland March quarter: 22 December quarter: 13 6. Nambour to Pomona March quarter: 17 December quarter: 19

18.01.2022 HOW TO UNDERSTAND CREDIT REPORTS AND WHERE TO GET THE RIGHT ADVICE Consumers must be beware of companies that say they can fix poor credit ratings, says the Australian Securities and Investment Commission (ASIC). Its campaign launched in early June seeks to help people understand that using such credit repair and debt management firms can mean they pay high fees and not get the solution they’re seeking. The initiative is being promoted via a multi-agency approachwith other ...Continue reading

09.01.2022 Small Business Risk Review for Quarter 3, 2019 highlights a large increase in the value of court actions in Queensland and an increase in insolvencies across Australia. Quarter 3, 2019 continued to highlight the unstable and uncertain economy that Australia has been experiencing this year. As Australia remains on the brink of recession, other issues like the drought, cost of living and struggling industries at are also contributing factors to an unstable economy. We saw the ...collapse of travel agencies like Thomas Cook and more retail failures. Not to mention international influence such as the trade tensions between the United States and China. According to the NAB Quarterly SME survey for Quarter 3, 2019, SME business confidence declined in Quarter 3 and conditions remained below their average levels a year ago. According to the survey, large businesses are now underperforming the SME sector. The only thing we know for sure is what the data shows. Let’s start with Year on Year% (YOY) for court actions in Queensland. The volume has increased by 25% in comparison to 16% last year and dollar amounts have increased by 444% in comparison to 19% last year. Looking at this quarter versus last quarter, we have seen a 1% increase in volume and dollar amounts have increased by 348%. The volume of payment defaults registered increased by 13% in comparison to Quarter 3, 2018. Insolvencies have continued to climb by 5% YOY and 20% Quarter 2, 2019 vs Quarter 3, 2019. However, bankruptcies have fallen by 24% nationwide with the exception of WA which increased by 3%. In these uncertain times, business owners should be looking at data as a means to empower themselves with the knowledge they need to make appropriate decisions. It’s an opportunity to improve due diligence processes, review terms, review cash flow and invest in the necessary technology and advice. Now is the time to take action, not watch from the sidelines.

07.01.2022 The Sunshine Coast's bankruptcy capital revealed BUSINESSES were hardest hit by financial collapse on the Sunshine Coast over the past four months with a sharp rise in business-related bankruptcies. Forty-four businesses on the Coast went bankrupt during the September quarter, up from 32 over the previous period. ... The Australian Financial Security Authority's regional personal insolvency statistics show there were 35 bankruptcies in Caloundra over the past four months. That is four less than during the June quarter. There were 29 bankruptcies declared in Maroochydore during the quarter compared to 27 in the June period. Financial conditions improved considerably in Nambour with only 17 bankruptcies compared with 27. The Sunshine Coast Hinterland experienced the most significant increase with six more bankruptcies during the September quarter than the June quarter, taking the total to 17. Noosa's bankruptcy numbers were consistent between the two periods, with six non-business related and 10 business-related bankruptcies. Extract Sunshine Coast Daily 1st Nov 2017 Updated: 4:33 PM

06.01.2022 THE BUSINESS CONUNDRUM The problem for those that always focus on cheap business prices, costs, or options, is that they rarely focus on value for money or peace of mind factors. I understand that for some people, the cheapest business input is the most important factor for them. The main issue however, is whether this policy is also the best one for their business? I understand that not all business people have access to unlimited funds to operate their business, an issue I ...have come across operating my own businesses. However, I have always used the best products and services I could afford as my businesses developed. When business people face the mantras of, there is always a cheaper way to operate, or you need to cut costs there are problems which are not explained. Afterall, these mantras rarely explain the ramifications of operating cheaper rather than effectively, or which costs can be cut, or should not be cut. In following these mantras, it is also wise to consider the ramifications of your decisions and whether your business will actually be better off overall. After all, many business people do not realise that when you change a business process there will always be unforeseen ramifications which may have not been anticipated. For instance, a good example is where you decide to employ an inexperienced Collection Agency, or those willing to work for less. Inevitably, these Agencies are going to put in a lessor effort than experienced and committed Agencies. As a result, it is important to know whether the cheaper rate that cost additional dollars to rectify, or the loss of opportunities because of the lack of commitment, have been factored into the decision? My experience is that they are rarely allowed for and therefore cause all sorts of future problems. The answer as to whether cheaper business inputs are more expensive for a business, or add further value over the long term, will always be debatable. The answer really depends on management’s values and whether a cheap price upfront is more important than operational effectiveness and peace of mind over the long term.

06.01.2022 TERMS OF TRADE/CREDIT AGREEMENTS MAXIMISE YOUR CHANCES OF BEING PAID. One of the essential factors in business is an effective trade/credit trading agreement. Of course, just because you have a properly prepared agreement and the customer signs that agreement, there is still no certainty it can protect you from bad debts or slow payers. A properly prepared agreement signed by the customer however is still one of the most useful tools for any business. Conversely, having an ou...Continue reading

02.01.2022 BUSINESS RED FLAGS Today, knowing everything about your customer is essential. After all, it is not just the size of their order which is key to a successful trading relationship. You need also to know whether they will pay you in a timely manner, and the manner in which they conduct their business. In addition, with the advent of technology and social media, nothing is secret and if you intend to maximise the opportunities to sell, you also need to be aware of your customer’...s management team and their attitude to social and environmental issues. It is no good dealing with a socially aware business which are well respected by their customers, if they don’t pay you. There is also the other side of the coin where they might pay according to arrangements, however their customers hate them. Due diligence is an indispensable component of the business process now. It should not be viewed just as an expense. Rather, by completing due diligence you are protecting your business’s reputation and building the strong foundations essential for a sound business. At Paramount Collections we are able to assist you with all Credit Management matters.