FIFO Capital unveils FIFOPay, a “Digital CFO Technology” SaaS platform to transform financial management for Australian SMEs

Leading Business Finance Provider fifo capital announced the public release of Fifopay, a cloud-based, AI-enabled financial management platform designed to revolutionize the financial operations of SMEs. Many of FifaPay’s features are firsts in Australian fintech.

fifope It acts as a “digital CFO” when integrated with a business’s accounting software, providing AI-powered insights into cash flow, budgeting and planning tools, automated negotiation of discounts with suppliers, and robust fraud protection Is. The platform seamlessly empowers SME owners with accountant-grade expertise while eliminating the administrative burden of financial management and planning.

The release of FIFOpay is timely as SMEs across the country are facing the stress of minimum wage hike, interest rate hike and one in three chances of recession. Research shows that one-third of the nation’s small business owners experience financial stress at least half of the time. Cash flow problems are the most serious reason.

FIFOpay integrates seamlessly with 16 different accounting platforms, creating a comprehensive and visual report of a company’s cash flows. It can use data from incoming and outgoing invoices, expenses, supplier and debtor information, and existing credit facilities. It proactively monitors various relevant factors such as customers’ payment behavior and late payment trends, thereby enabling businesses to effectively plan their expenditures and meet upcoming payment obligations.

FIFO Capital CEO Wayne Morris (pictured) says FIFOPay’s most exciting, first-to-market feature is about the time value of money. “Whether customers pay on time plays a vital role in the success or failure of many Australian small businesses. Fifpay helps encourage prompt payments across the marketplace by empowering customers to automatically negotiate discounts with suppliers for prompt payments,” he said.

Already tested extensively and proven to be successful, Fifapay’s early payment discount feature allows for bidirectional interactions. Customers can automatically request supplier discounts for prompt payment, while suppliers can advise customers of prompt payment discounts, which will help boost their cash flow and allow them to meet their own needs without having to borrow cash. Will be able to pay suppliers and employees.

Fraud is another significant threat to Australian businesses, with losses expected to reach $23.2 million in 2022, up 42% from $13.4 million in 2021. Small businesses (between 5 and 19 employees) saw a 61% increase in losses due to fraud, mostly fake invoice scams. Addressing this issue, Fifopay incorporates AI-enabled verification of all incoming invoices, including non-electronic invoices. Morris said, “Our AI assistant VISTA is currently in training mode,

Reviewing thousands of individual invoices to detect potential fraud. This is another unique offering from Fifapay in the Australian market.

Morris emphasizes that the benefits of Fifapay extend beyond small businesses to include larger, more established businesses as well.

“In the current environment where it is essential to help SMEs solve their working capital and cash flow problems, FIFOPAY enables more established businesses to do business better and more efficiently. Reliably achieving a 2-8% discount is revolutionary for any customer, and when this process happens automatically without devoting resources to negotiating better deals with suppliers, profits soar. By harnessing the power of our platform, businesses can maximize their savings and invest them for increased profitability, making it a win-win for customers and suppliers all the way.

Morris concluded, “FiFOpay is truly a game-changing piece of fintech.”