Main enterprise finance supplier Fifo Capital has introduced the general public launch of Fifopay, a cloud-based, AI-enabled monetary administration platform designed to revolutionise SMEs’ monetary operations. A number of of Fifopay’s options are Australian fintech firsts.

Fifopay acts as a “digital CFO” when built-in alongside a enterprise’s accounting software program, providing AI-driven insights into money movement, budgeting and planning instruments, automated negotiations of reductions with suppliers, and strong safety from fraud. The platform empowers SME homeowners with accountant-grade experience effortlessly, eliminating the executive burden of monetary administration and planning.

The discharge of Fifopay is well timed as SMEs throughout the nation face the stress of minimal wage will increase, rate of interest hikes, and a one-in-three probability of recession. Analysis reveals that one-third of the nation’s small enterprise homeowners report experiencing monetary stress no less than half the time. Money movement issues are essentially the most severe trigger.

Fifopay integrates seamlessly with 16 completely different accounting platforms, producing a complete and visible report of an organization’s money movement. It could possibly use information from incoming and outgoing invoices, bills, provider and debtor data, and present lending services. It proactively displays numerous related elements equivalent to buyer fee behaviour and late fee traits, enabling companies to plan their expenditure successfully and meet upcoming fee obligations.

Fifo Capital CEO Wayne Morris (pictured) says that Fifopay’s most enjoyable, first-in-market function is all in regards to the time worth of cash. “Whether or not clients pay on time performs such a pivotal function within the success or failure of many Australian small companies. Fifopay helps encourage immediate funds throughout the market by empowering clients to mechanically negotiate reductions with suppliers for early fee,” he stated.

Already extensively examined and confirmed profitable, Fifopay’s early fee low cost function permits bidirectional negotiation. Prospects can mechanically request reductions from a provider for early fee, whereas suppliers can advise clients of early fee reductions, serving to to spice up their money movement and enabling them to pay their very own suppliers and workers with out having to borrow money.

Fraud poses one other important menace to Aussie companies, with losses reaching $23.2 million in 2022, up 42% from $13.4 million in 2021. Small companies (between 5 and 19 workers) noticed a 61% enhance in losses to fraud, largely faux bill scams. Addressing this challenge, Fifopay incorporates AI-enabled verification of all incoming invoices, together with non-electronic invoices. Morris stated, “Our AI assistant VISTA is at the moment in coaching mode,

reviewing tens of 1000’s of various invoices, to make sure it spots potential frauds”. That is one other one in all Fifopay’s distinctive choices within the Australian market.

Morris emphasises that the advantages of Fifopay prolong past small companies to incorporate bigger, extra established companies, too.

“Whereas serving to SMEs to resolve their working capital and money movement issues is crucial within the present surroundings, Fifopay additionally allows extra established companies to commerce higher and extra effectively. Reliably unlocking 2–8% in reductions is revolutionary for any buyer, and the advantages are compounded when this course of occurs mechanically, with out having to commit assets to negotiating higher offers with suppliers. By harnessing the ability of our platform, companies can maximise their financial savings and make investments them in the direction of profitability development, it’s a win-win for purchasers and suppliers all spherical.

“Fifopay really is a game-changing piece of fintech,” Morris concluded.