Fifo Capital Greater WA in Perth, Western Australia | Financial service

Fifo Capital Greater WA

Locality: Perth, Western Australia

Phone: +61 1300 343 692

Address: 267 St Georges Tce #3 6000 Perth, WA, Australia

Website: fifocapital.com.au/ref/20/?campaign=facebook

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25.01.2022 In an ideal world we could legislate everything, but even if such laws existed would they actually work to solve the problem? Often the problem of delayed payment can be avoided by ensuring the correct processes are followed when dealing with large organisations to ensure smooth approval and therefore prompt payment of invoices. Ultimately, if it becomes too problematic dealing with a particular customer due to delayed payment, it may be time to question whether that customer is worth doing business with in the first place.

25.01.2022 Typically it's a choice between accepting the contract terms and getting the job or not doing the work. Unfortunately, most sub-contractors don't have the luxury of huge cash balances that can support the cash flow challenges of long payment cycles that seem to be the norm these days - this is where debtor finance or invoice finance can offer a solution - accept the work AND keep the cash coming. At Fifo Capital, we can also fund businesses that work with progress claims which are generally not funded by the industry. So if your business is in Perth or anywhere in Western Australia, give us a call today and see how we can customise a solution for your business.

24.01.2022 Take a look at the key events and rule changes set to impact Australian businesses and employers in 2020. #employmentlaw #ausbiz #NewYear2020 #smallbiz http://ow.ly/Ul2t50xNJ8t

23.01.2022 There are simple solutions to poor cash flow but unfortunately a lot of SME's don't get the advice they need and are not aware of their options. Make sure you're dealing with a good, proactive accountant who can offer solutions to you beyond just doing your compliance work. If the only time you hear from your accountant is at the end of the financial year, maybe it's time to find a new one - we would be happy to introduce you.

23.01.2022 Our new website is live! Easier to navigate, refreshed interface and lots of useful information about how we can assist business owners with working capital and cashflow, even in these difficult times where other lenders have simply stopped lending! Check it out and let us know what you think!

22.01.2022 Business owners out there who currently have arrears without a payment plan with the #ATO need to be aware of this change from July this year. Could have serious implications for many business owners with most banks and other major financiers taking a fairly dim view of adverse information such as this on credit files. Talk to your accountant or advisor today about your options.

21.01.2022 Another day, another dispute...

20.01.2022 For those that are unaware, PayID has been rolled out across most banking institutions in Australia. What this means is that (apart from instant payments 24/7) instead of using a BSB and Account Number to pay someone (with an Account Name field that is not checked), you are able to use other key identifiers such as a mobile phone number or email address (which is then translated to the associated bank account) to pay an individual or business. PayID can also be used to perform a lookup of the entity associated with that PayID so that you can be sure you're paying the correct person or business. This should assist in reducing or even eliminating the problems associated with having an Account Name field which may not correlate to the ultimate owner of the account. #PayID #Banking #Finance #scam

19.01.2022 Another day, another article about subcontractor payments in The West Australian. Unfortunately, waiting around for the government to sort things out is probably not a great strategy for many so what can be done today for small businesses (particularly those in construction) do to take a proactive approach today? First, talk to your insurance broker about debtor insurance. This type of insurance protects your business in the event a customer (debtor) ceases to trade. Yes, it... is not without cost and that cost needs to be factored into your finances but what is the cost of not having it? The construction industry is over-represented in insolvency statistics and has been for years and probably will be in to the future. Taking action now might prevent your business becoming another unsecured creditor in the future. Second, if payment terms are not to your liking then consider whether you want to take the job on in the first place and, if you decide to go ahead, have a think about signing up for an invoice finance facility. This enables you to bring forward payments on an invoice to today, in return for a fee or discount, instead of waiting until the due date. Often it's better to have the cash in the bank instead of wondering when it might be there. You can either choose a facility whereby all your invoices go via the financier or a selective facility (the type we provide) where you pick and choose which invoices you want to fund. Third, although much more difficult to achieve, is to look at your terms and conditions to see whether you can lodge charges over your customer via the Personal Property Security Register (PPSR) which may assist in recovery should the customer cease to trade.

19.01.2022 Have you noticed it harder chasing payments in your business? Are any industries worse than others? It's important to have a systemised and automated approach where possible to follow up overdue accounts otherwise it just takes too much time. Consider also outsourcing the function to a good book keeper or similar.

18.01.2022 Cash flow is indeed King! Inadequate cash flow is one of the primary reasons for business failure. Cash flow problems are caused by a number of things, most notably by being under capitalised when the business is first established. Growing rapidly is also problematic because it introduces cash flow problems because expenses obviously increase in line with sales (this is where invoice finance can be of great assistance, however).

17.01.2022 Finally some progress. Hopefully this makes it through into law quickly.

17.01.2022 Another week, another article about the disaster that is non payment or delayed payment in the construction industry. As usual, we have Louise Stewart from Subcontractors WA or Australian Subcontractors Association hoping to change the world regarding payment processes in the construction industry (or is it to promote her payment software, we're not sure). Whilst trying to change the world in terms of payment processes in the construction industry is to be admired, there are... other things subcontractors can do themselves in the interim to assist. As a representative of a body supposedly in existence to assist business owners, it's surprising that there is no mention from Louise Stewart of these other methods in any of the articles we've seen over the last year. If you'd like advise about your business and how to improve payment times and payment security, talk to us and we can put you in touch with trusted advisors who are experts in these matters.

16.01.2022 New Year, New Solution! We have started 2018 with a bang by launching our Supply Chain Finance product. This enables customers to ensure their suppliers get paid when they want to get paid and offers an attractive return for customers, with no security required and no personal guarantees from directors. Ideal for growing businesses, it also provides for an opportunity to reduce Net Operating Working Capital, freeing up cash for other purposes. Previously this type of finance was only available to corporates, until now. If you'd like to know more please call us on 1300 FIFOWA.

15.01.2022 So to do what they're supposed to do already - responsible lending - the banks are going to blame the Royal Commission for making it harder (and no doubt more expensive) to get a loan for small business.

15.01.2022 Have you or someone you know been impacted by the collapse of Builton? In these situations there is a very real likelihood of unsecured creditors not seeing a return on money owed. The knock-on impact that this loss can have on the cashflow of a small business cannot be downplayed. If your business has been impacted by a customer ceasing to trade, talk to us today to see how we can provide immediate assistance to ensure your cashflow remains robust during this difficult period. #Builton

12.01.2022 "...more than 90 per cent of businesses fail as a result of poor cash flow". Will be interesting to see the outcomes of this inquiry. Talk, or action?

10.01.2022 Of course there is, Carnell is completely correct. Without hard security the banks aren't interested in small business lending.

10.01.2022 There's never been a better time to explore non-bank lending. The Fintech scene, alternative finance market and non-bank lenders have made business finance more available than ever before. It's unfortunate to still be reading about businesses who think the only source of funding is from banks. Talk to your broker or advisor today about the alternative funding options that are out there to support your business.

07.01.2022 Have you used Supply Chain Finance when dealing with big business? We've been in consultation on this matter with the Small Business and Family Ombudsman who have today released a position paper seeking comments from those businesses that have. Have your say here; https://www.asbfeo.gov.au//ombudsman-releases-supply-chain

06.01.2022 Unsure if this will result in any changes to access to bank funding for SMEs - time will tell. The unfortunate reality is most small businesses start undercapitalised and things only get worse as the business grows - the larger the business the more working capital it requires. Until the business is showing continued profitability and net equity on the balance sheet, no mainstream bank will remotely consider providing a loan unless it is secured with tangible assets. "What s...mall business needs is effectively relatively reasonable lending rates that are secured by something other that their principal residence," Nicholls says. Unfortunately, the main asset of most businesses is the family home, hence why it has always been used as security for an overdraft - why should the bank take all the risk on a business it is not running? https://www.watoday.com.au//no-immediate-impact-open-banki

06.01.2022 Classic tactic employed with sub contractors told that they'd get paid for the work they've done only if they sign up to the next job for the same builder. Don't do it! Get paid in full before racing racking up further costs on the next piece of work.

06.01.2022 Will be interesting to see how this plays out. Very difficult and expensive to launch legal action like this, which is part of the problem with the industry and why it keeps happening.

06.01.2022 Horrible news for the many contractors that would be owed money here. If you are a contractor involved with RCR Tomlinson it is imperative you receive urgent advice on how the loss may impact your business. Even in the event you are able to recover monies owed, this process will take weeks, most likely months, before any money is paid to creditors therefore you need to plan immediately for this hole in your business' cash flow. If your accountant is not familiar with dealing with matters of business distress, we would be happy to introduce you to advisors who can act with expediency and who have a deep understanding of exactly this type of scenario.

06.01.2022 Invoices that are raised and put forward for funding from an invoice finance company must be for goods or services fully delivered (except under a progress claim facility) and therefore the debtor has an obligation to pay the invoice. Raising invoices for goods or services not fully delivered but purported to be so that are then funded by the finance company constitutes fraud.

04.01.2022 Key message: get help for your business before it's too late. To turnaround a business that is performing poorly can take time so if you see red flags in your business like falling profits, ATO debt creeping up, creditors being stretched and so forth, take action today to help save your business by bringing in a specialist.

04.01.2022 Looking forward to Dr Evans' review of the Construction Contracts Act and, more importantly, if any action is taken by the government as a result to protect small businesses.

02.01.2022 Very troubling and this highlights what most business owners know - ASIC go after the big end of town trying to make a statement but the reality is most of the hurt is felt by small to medium businesses and nothing is done about it.

02.01.2022 As a business owner, you can have your say and I encourage you to do so. You can go directly to the survey here: https://www.surveymonkey.com/r/PZP93X2

02.01.2022 Good to see this leglislation back in play. Dealing with a customer that has $100k in ATO debt and are not engaging with the ATO to make arrangements - yes, businesses want to be aware of that. #sme #ATO #finance https://www.watoday.com.au//a-real-positive-ato-tax-debt-r

02.01.2022 This is good news but the devil is in the detail... Small and Medium Business need better access to capital at cheaper rates. Good to see Australia finally joining the rest of the OECD with a government backed business lending scheme.

01.01.2022 This an unfortunate example of what can happen when putting the family home on the line as security for a business loan. It also serves to highlight a reason to consider a working capital facility which does not use personal real estate as the main security which is exactly what our invoice finance facility achieves: a line of credit that grows in-line with your business and uses your unpaid invoices as security, not the family home.