How e-Invoicing can prevent online hacking

Today most small businesses use email pdfs to send or receive invoices. This means that when you receive an invoice, it takes you or your business bookkeeper time to manually key or re-scan that invoice data into your business accounting software. Sounds familiar, right?

Did you know that those email pdfs are also vulnerable to hackers, who can intercept and change the banking details so that they can get away with your hard earned dollars? 

This exactly happened to one of our AHC members recently, who received an invoice from a supplier and paid the funds into the nominated bank account on the pdf invoice. Little did he know that the invoice had been hacked. It looked exactly as it should have, however the bank account details were changed, and he unfortunately lost $20,000, never to be recovered. Ouch!

e-Invoicing is the new, standardised way to send and receive invoices via a secure network. Using this system, there is no more manually re-keying the data, and less chance of invoicing scams. Instead, as a buyer, your suppliers' invoices come straight into your accounting software, ready for you to check, approve,  and pay - just as you do today - but minus the risk.

Our guest is Natascha Bowett, Relationship Manager for e-Invoicing (Small Business) for the Australian Taxation Department, and she chats with us today to explain everything you need to know about e-Invoicing for your business.

To learn more, visit: https://www.ato.gov.au/business/eInvoicing/