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In 2016, the Internet Crime Complaint Center (IC3) reported 120,000 cases of tax fraud solely from BEC scams. Instead, paperless processes track every payment and requisition without manually managing accruals. The most popular scamming methods for businesses to beware of are Business Email Compromise (BEC) scams.
So this is a law that was introduced in 2000, well, originally in 2016, then again in 2018 and in the 2018 Congress, this is a law that got, and we lobbied heavily for this unanimous consent first of the House Financial Services Committee, 56 to zero. I just want to clarify for the audience.
They'll do cash, or accrual accounting. They're not gonna charge you $500 a month if you're a $10 million-a-year business. [00:11:41] They also have accrual accounting, but it's pretty much similar, other than that. They will do your bill pay powered by Bill.com. Then, the bigger you are, the more they're gonna charge you.
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