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The platform is a ‘game-changing piece of fintech’ that is AI-enabled and can act as a digital CFO, says Fifo Capital.
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Finance provider releases cloud-based financial management platform
03 July 2023
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11 minute read
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Business finance provider Fifo Capital has publicly released Fifopay, a cloud-based, AI-enabled financial management platform that it says will revolutionise small businesses’ financial operations.
The firm said Fifopay would act as a digital CFO when integrated alongside a firm’s accounting software by offering AI-powered insights into cash flow, budgeting and planning tools, automated negotiations of discounts from suppliers, and protection from fraud.
Fifo Capital said the platform would provide SME owners with accountant-grade expertise, eliminating the administrative burden of financial planning and management for the firm.
Fifo Capital chief executive Wayne Morris said Fifopay would help encourage prompt payments helping solve the current cash flow crisis of many Australian small businesses.
“Whether customers pay on time plays such a pivotal role in the success or failure of many Australian small businesses,” said Mr Morris.
“Fifopay helps encourage prompt payments across the market by empowering customers to automatically negotiate discounts with suppliers for early payment.”
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The firm said Fifopay integrated seamlessly with 16 different accounting platforms enabling it to generate comprehensive reports of a company’s cash flow.
Fifopay was also said to monitor several factors including customer payment behaviour and late payment trends to allow businesses to plan their expenditure and meet future payment obligations.
The automated negotiation feature of the platform meant customers could automatically request discounts from a supplier for early payment, with suppliers able to notify customers of early payment discounts that would help boost their cash flow and meet their expenses without having to borrow cash.
The rise in fraudulent activity targeting Australian businesses saw firms lose up to $23.2 million in 2022, with small firms hit by a 61 per cent increase in losses due to fraud.
Fifo Capital said the Fifopay platform used AI-enabled verification of all incoming invoices, including non-electric invoices to help protect businesses.
“Our AI assistant VISTA is currently in training mode, reviewing tens of thousands of different invoices, to ensure it spots potential frauds,” said Mr Morris.
The firm said while designed for SMEs, Fifopay could also have a positive impact on many more established businesses.
“While helping SMEs to solve their working capital and cash flow problems is essential in the current environment, Fifopay also enables more established businesses to trade better and more efficiently,” he said.
“Reliably unlocking 2–8 per cent in discounts is revolutionary for any customer and the benefits are compounded when this process happens automatically, without having to devote resources to negotiating better deals with suppliers.
“By harnessing the power of our platform, businesses can maximise their savings and invest them towards profitability growth, it’s a win-win for customers and suppliers all around.
“Fifopay truly is a game-changing piece of fintech.”
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