E-invoicing provides a safeguard against fraudulent invoices

Invoice fraud is on the rise, but you don’t need to leave yourself vulnerable

Are you utilizing e-invoicing for your business? It is an excellent method to safeguard both yourself and your customers from invoice scams, while also expediting the payment process. Unlike emailed PDF invoices or links to online invoices, e-invoices are securely delivered directly to your clients, even if they use different accounting systems.

Preventing invoice fraud

Invoice scams are surprisingly prevalent and can be quite sophisticated. For instance, scammers may alter the bank account number on intercepted invoices, making everything else appear legitimate. Consequently, your client believes they have paid you, but the money has actually gone to the scammer. Another common tactic is receiving notifications from supposed suppliers about changes in their bank account numbers, when in reality, these are fake suppliers redirecting your money to scammers. Recovering your funds in the event of an invoice scam can be extremely challenging.

E-invoicing eliminates these types of scams by ensuring that invoices are transmitted directly from one accounting or payment system to another. By establishing a direct connection between suppliers and clients, there is no opportunity for scammers to intercept the invoices.

Start sending and receiving e-invoices

We can assist you in setting up your accounting software to send and receive e-invoices. You can learn how to set up e-invoicing in Xero and how to set up e-invoicing in MYOB at these links, or simply reach out to us for assistance. Additionally, if you do not utilize an online accounting platform, there are free e-invoicing enabled software providers that you can utilize.

Learning how to use e-invoicing only requires a small investment of time, and once you become familiar with it, you will be protected against invoice fraud. The effort is well worth it!