The huge rise in invoicing scams targeting Australia business means companies must urgently adopt internationally recognised e-Invoicing processes to prevent losses running into the millions.
PWC and Australian e-Invoicing tech developers OZEDI have come together to raise awareness of the new technology system as the Federal Government moves to make it mandatory
“Adopting a universal e-invoicing standard like Peppol delivers significant benefits for the economy because it embeds identity and security controls, thereby reducing the risk of fraud. Users must be registered, have their own unique IP address and the e-invoices can be validated real time through authentication processes. “said PWC Partner Brady Dever
“An additional benefit to adopting e-invoicing is that it presents an opportunity for businesses to simultaneously review and upgrade controls in their payments cycle, including fraud & cyber controls.”
Recent media reports have highlighted how large sophisticated organisations have successfully been targeted into paying millions through false invoices.
Smaller companies are also being targeted with the amounts involved lower but the financial and reputational damage significant.
“This is a case where the Federal Government is calling on business to urgently make changes rather than the other way around,” said OZEDI Director David Field who has worked with the Government since 2016 on the technology for the new e-Invoicing standard.
“The Federal Government is promising to pay suppliers who use e-Invoicing within five days and is also making it mandatory for all Federal Government agencies by 2022.”
OZEDI CEO Christian Walkerden said e-Invoicing was not, “just another piece of compliance but rather an easy way for business to go digital, protecting against fraud and improving payment times”
ATO Assistant Tax Commissioner Martin Mane, Small Business Ombudsman Kate Carnell and Council of Small Business Australia CEO Peter Strong will join PWC and OZEDI in an online panel on December 3rd to discuss how e-Invoicing can be better adopted by the business community.
OZEDI is Australasia’s digital delivery expert, delivering critical payroll, superannuation and business data swiftly, securely and cost-effectively. Single Touch Payroll, SuperStream and Standard Business Reporting are core business units within OZEDI.
Most importantly, OZEDI has built a scalable e-Invoicing capability and now has a unique opportunity to have a first mover advantage in Australia and New Zealand and be a market leader with strategic advantage.
The company’s sales channel is currently through 100 software developers which results in the company’s products being relied upon by over 50,000 end users in both the private and public sectors.