eInvoicing protects you against invoice fraud
What is eInvoicing?
Electronic invoicing, or eInvoicing for short, is the automatic exchange of invoices between accounting software. Unlike emailing a PDF or online invoice, an eInvoice is sent directly to the accounting software of another business or Government department almost instantly – via a secure eInvoicing network.
Preventing invoice fraud
Invoice scams are surprisingly common, and can be quite sophisticated. For example, with intercepted invoices everything looks exactly right, but the bank account number has been altered. When it happens to you, your client thinks they’ve paid you, but the money has actually gone to a scammer. Notifications from suppliers that their bank account number has changed – but it’s not actually your supplier, it’s fake, and your money is going to a scammer. In the event of an invoice scam, it can be very difficult to get your money back.
eInvoicing prevents these types of scams because the invoices travel directly from one accounting or payment system to another. By directly connecting suppliers with their clients, there’s no opportunity for scammers to intercept the invoices.
Start sending and receiving e-invoices
We can help you set up your accounting software to send and receive eInvoices immediately. You can learn how to set up eInvoicing in Xero at this link, or just get in touch and we can help.
It only takes a little bit of time to learn how to use eInvoicing, and once you have the hang of it you’re protected from invoice fraud – so it’s well worth the effort!