How e-Invoicing can prevent online hacking - Part 2

Late last year we once again caught up with Natasha Bowett from the Australian Taxation Office for a second instalment on e-invoicing for small business, not long after Cybersecurity Month and NSW Small Business Month in October.

Unfortunately, whilst awareness about cybersecurity has risen, so too have the number of scams targeting unsuspecting small business owners. The horror stories are seemingly endless!

In case you missed our first podcast in June about e-invoicing, here is a short recap.

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? When this happens, your customer can unknowingly pay your invoice straight into the bank account of scammers, which means you've lost that amount of money for good.
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.

In this follow up podcast, Natasha once again chats with us to explain everything you need to know about e-Invoicing for your business.

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