eInvoicing, Rothfire, Thoroughbreds & Financial Crime

It’s a well-known fact amongst the local Australian racing fraternity that popular Queensland trainer Rob Heathcote famously paid twice for the purchase of the now champion 4-year-old gelding Rothfire.

Having acquired the horse from Gleeson Thoroughbreds, Rob fell foul of an Internet scam that saw him transfer the entire purchase price of $10,000 to a fraudulent bank account that he now muses was “in Nigeria or somewhere”.

Unfortunately for Rob, the money was unrecoverable and the scam saw him having to fork out an additional $10,000 to settle the original purchase with Gleesons. Mind you, even at $20,000, the investment in Rothfire has proven to be a pittance given the just under $1 million prize money the horse has won since.

But scams like this continue to happen and those companies trading PDF invoices are ripe for the picking for online fraudsters. That’s just one of the reasons eInvoicing is so important to Australian and New Zealand businesses.

Peppol eInvoicing

Peppol eInvoicing prevents the interception of invoices and therefore the changing of bank account details for payments. Instead of emailing PDF’s, actual invoice data is exchanged securely between buyer and supplier computer systems and loaded directly into Accounts Payable systems for payment.

The resultant transfer of invoice keystrokes, eliminates errors and automates the manual process of having to key in data. The fact that the invoice is actually loaded into an Accounts Payable system for processing means that payment times can be reduced as the invoices cease to lay around in virtual inboxes or physical in-trays.

eInvoicing for Software Providers

OZEDI enables eInvoicing for software providers so that in turn these companies are able to offer eInvoicing to their business customers. OZEDI provides API documentation, testing environments and onboarding assistance to software providers at no upfront cost.

At OZEDI we can’t help you purchase that new boom colt but, working together with digital service providers, we can help to reduce financial crime and bring efficiencies to the business community. For more information on how your software product can become eInvoicing enabled please don’t hesitate to contact us.

 

Download your copy New Digital Service Provider Whitepaper - Software Development and Product Management

This paper is written to assist the leads of Product Development for Software Providers in preparing for electronic Peppol eInvoicing and business-to-business transacting. It covers what Peppol eInvoicing is and why it is so important. It shares a number of implementation options that can be combined in a flexible phased approach, starting with the simplest choice to quickly get eInvoicing enabled. It also includes considerations for choosing an Access Point.