Fifo Capital launches AI-powered Fifopay to streamline SME finances

Leading business finance provider Fifo Capital has recently launched Fifopay, a cloud-based financial management platform designed to transform the way small and medium-sized enterprises (SMEs) handle their finances.

Boasting several pioneering features unique to the Australian fintech landscape, Fifopay aims to streamline and optimize the financial operations of SMEs across the country.

Positioned as a “digital CFO,” Fifopay integrates with a company’s existing accounting software, offering AI-powered insights and tools that empower business owners with the knowledge and expertise typically associated with professional accountants. By leveraging advanced technology, Fifopay provides valuable insights into cash flow management, budgeting, and planning, enabling SMEs to make informed decisions and navigate the complex financial landscape more effectively.

One of Fifopay’s features is its automated negotiation capability, which facilitates discounts with suppliers. By analyzing data and leveraging AI algorithms, Fifopay automatically negotiates discounts on behalf of the business, helping to optimize cash flow and reduce costs. This feature is particularly advantageous for SMEs, which often face financial challenges such as minimum wage increases, interest rate hikes, and the looming possibility of recession.

Cash flow problems are a common source of stress for SME owners, with research indicating that one-third of small business owners in Australia experience financial stress at least half the time. Recognizing this pain point, Fifopay tackles cash flow issues head-on by generating comprehensive and visually appealing cash flow reports. By utilizing data from invoices, expenses, customer and supplier information, as well as existing lending arrangements, Fifopay provides SMEs with a holistic view of their financial health, enabling them to plan their expenses effectively and meet payment obligations.

The platform also incorporates proactive monitoring capabilities, tracking customer payment behavior and identifying late payment trends. Armed with this information, businesses can better anticipate and manage their cash flow, minimizing the risk of financial strain. This proactive approach sets Fifopay apart from traditional financial management methods and positions it as a powerful tool for SMEs seeking stability and growth.

Another critical aspect of Fifopay is its robust fraud protection features. In recent years, fraud has become a significant threat to Australian businesses, resulting in substantial financial losses. With Fifopay, SMEs gain an extra layer of security through AI-enabled verification of all incoming invoices, even those that are non-electronic. Utilizing its AI assistant, VISTA, Fifopay is continuously trained to identify potential fraudulent activities, safeguarding businesses against scams and fake invoice schemes.

Fifo Capital CEO Wayne Morris highlights the time value of money as one of the most exciting and groundbreaking features of Fifopay. Timely payments play a pivotal role in the success or failure of many small businesses, and Fifopay aims to encourage prompt payments by empowering customers to automatically negotiate discounts with suppliers for early payment. This bidirectional negotiation feature benefits both customers and suppliers, bolstering cash flow for all parties involved.

Customers can request discounts from suppliers for early payment, while suppliers can incentivize customers with early payment discounts. By unlocking these discounts, businesses can improve their cash flow, enabling timely payments to their own suppliers and staff without resorting to additional borrowing.

Looking beyond SMEs, Fifopay also provides advantages to larger and more established businesses. By automating discount negotiations and unlocking savings of 2-8 per cent, Fifopay allows businesses of all sizes to trade more efficiently. The time and resource savings generated by Fifopay’s automated negotiation process empower businesses to allocate their resources toward growth and profitability initiatives.

More information about Fifopay is available here.

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