Maximize cashflow with AI-powered accounts receivable automation.

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April 12, 2024

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FinFloh

Accounts receivable

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Maximize cashflow with AI-powered accounts receivable automation.

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Overview

FinFloh is an accounts receivables (AR) automation software designed to streamline AR operations and improve collections efficiency. This AI-powered tool helps in automating multi-channel follow-ups, which are tailored according to the buyer's credit risk and payment behavior.

It features a collaborative platform to facilitate closer communication between buyer and seller teams, allowing disputes to be resolved expediently and payments to proceed more swiftly.

The tool is also equipped with an automated cash application that enables swift invoice-cash reconciliation, minimizing manual effort and errors. One of its key features is the incorporation of buyer intelligence and data-based credit decisions, which allows for an informed, data-driven approach towards credit decisions and cash flow forecasting.

FinFloh is known for easing the integration process with other platforms, creating a centralized data hub, and facilitating seamless management of AR.

Additionally, the software ensures data security by maintaining compliance with SOC 2, GDPR and ISO standards.

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March 23, 2024

Initial release of FinFloh.

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Accounts receivable FinFloh

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Pros and Cons

Pros

Streamlines AR operations

Improves collections efficiency

Automates multichannel follow-ups

Follow-ups tailored to credit risk

Tailored to payment behavior

Collaborative communication platform

Speeds up dispute resolution

Facilitates swift payments

Enables swift invoice-cash reconciliation

Minimizes manual reconciliation effort

Incorporates buyer intelligence

Enables data-based credit decisions

Eases integration with other platforms

Creates centralized data hub

Ensures data security

Complies with SOC 2

Complies with GDPR

Complies with ISO standards

Better cash flow forecasting

Automated cash application

30% Reduction in DSO

20% Increase in Cash Flows

70% Reduction in Decision Making Time

50% Increase in Collections Efficiency

Quickly connects with all platforms

Reduced manual errors

Application of OCR in cash application

Better market insights

Improved credit decisioning

Efficient receivables data management

Seamless system integration

Offers multi-channel payment reminders

Provides predefined dunning templates

Yields real-time risk alerts

Fosters collaborative workflows

Optimises resource allocation

Customised pricing options

Enhanced collection efficiency

Suitable for all ERP/accounting systems

Secured data management

Prioritized collection worklist

Reduced bad debt

Supports invoice-to-cash automation

Effortlessly handles disputes

View 39 more pros

Cons

Lacks real-time customer support

No mobile application

Complex integration process

Overly automated, less user control

Might overwhelm smaller businesses

Reconciliation issues with OCR

Dependent on buyer's data quality

Lengthy setup time (2-6 weeks)

One-time setup fee

Customized pricing can be unclear

View 5 more cons

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FinOps-as-a-Service

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Jason Feimster

Q&A

What is FinFloh?

FinFloh is a global accounts receivables (AR) automation software powered by AI. It is designed to streamline AR operations and improve collections efficiency. The key features of FinFloh include automated multi-channel follow-ups, a collaborative platform for buyer and seller teams, automated cash application, and the incorporation of buyer intelligence for data-based credit decisions.

How does FinFloh automate the accounts receivables process?

FinFloh automates the AR process by providing features like AI-powered multi-channel follow-ups tailored to the buyer's credit risk and payment behavior, and an automated cash application for swift invoice-cash reconciliation. It also incorporates buyer intelligence and data-based credit decisions to allow a data-driven approach towards credit decisions.

How can FinFloh improve collections efficiency?

FinFloh enhances collections efficiency using its AI-powered automation to reduce Day Sales Outstanding (DSO), manage aging accounts, and improve working capital. It offers features such as prioritized collection worklists, multi-channel payment reminders, predefined dunning templates, and real-time risk alerts to manage unpaid invoices, reduce payment delays, and decrease DSO.

What is the role of AI in FinFloh's operations?

AI plays a significant role in FinFloh's operations. AI is used to automate and tailor multi-channel follow-ups based on the buyer's credit risk and payment behavior. It is also used to make data-based credit decisions and to foretell future payments and cash flows based on previous data and trends.

How does FinFloh facilitate communication between buyer and seller teams?

FinFloh facilitates communication between buyer and seller teams through its collaborative platform. This platform brings together finance, accounts receivable, sales, and customer support teams to help resolve issues and disputes efficiently, ultimately leading to increased cash flow.

What is the automated cash application feature of FinFloh?

The automated cash application feature of FinFloh enables same-day invoice-cash reconciliation. It auto-matches invoices with incoming payments, thereby minimizing manual effort and errors. This feature optimizes manpower hours and allocates resources to more strategic functions.

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How does FinFloh use buyer intelligence in credit decisions?

FinFloh uses buyer intelligence in credit decisions by leveraging market insights and receivables data. It enables users to know their buyers better and make informed credit or contract decisions using AI. Payment and cash flows predictions are based on actual data and trends for better credit decisioning.

Can FinFloh help with cash flow forecasting?

Yes, FinFloh can aid in cash flow forecasting. It uses AI to forecast payments and cash flows based on actual data and trends, helping B2B finance teams make more accurate and data-driven decisions.

How does FinFloh integrate with other platforms?

FinFloh eases the integration process with other platforms. It breaks through complex infrastructures and connects systems together, creating a centralized data hub for easier management of accounts receivable. FinFloh can integrate with any ERP/accounting system, including Netsuite, SAP, Microsoft Dynamics 365, Oracle, and more.

How does FinFloh ensure data security?

FinFloh ensures data security by maintaining compliance with SOC 2, GDPR, and ISO standards, ensuring that user data is protected and secure.

How does FinFloh help in reducing manually intensive tasks in the AR process?

FinFloh reduces manually intensive tasks in the AR process through features like automated cash application that enables swift invoice-cash reconciliation and an AI-automated multi-channel follow-up system that varies in tone and frequency according to the buyer's credit risk and payment behavior.

How can FinFloh boost collaboration in a financial team?

FinFloh boosts collaboration in a financial team by offering a collaborative platform that brings together internal teams (finance, sales, IT) with clear owners, Turn Around Times (TATs), and Key Result Areas (KRAs). This platform helps break organizational silos, resolves disputes, and ensures faster payment collection.

What specific AR operations can FinFloh automate?

Specific AR operations that FinFloh can automate include multi-channel follow-ups, invoice-cash reconciliation, and credit decisions. It can also systematically manage and follow up on AR collections, collaborate between buyer and seller teams in case of disputes, and forecast cash flows.

Does FinFloh offer trial versions or demos of its software?

Yes, FinFloh does offer trial versions and demos of its software. Potential users are provided with options to book a demo or try the software for free.

How does FinFloh's multi-channel follow-up system work?

FinFloh's multi-channel follow-up system is AI-driven and designed to vary in tone and frequency as per the buyer's credit risk and payment behavior. This system is powered by predefined workflows and worklists to help manage accounts receivable collections effectively.

What sort of data does FinFloh use to tailor its approaches?

FinFloh uses data such as buyer's credit risk, payment behavior, and receivables data to tailor its approaches. It uses this data to inform its automated multi-channel follow-ups, to make informed credit decisions, and to make accurate predictions for future payments and cash flows.

How can FinFloh reduce decision making time in accounts receivable management?

FinFloh can reduce decision making time in accounts receivable management by utilizing AI to analyze market insights, receivables data, and buyer behavior, enabling faster and data-driven credit decisions. Plus, its collaborative workflows between internal teams help in swift resolution of disputes, further decreasing decision-making time.

How can FinFloh help increase collections efficiency?

FinFloh can help increase collections efficiency by using its AI-powered automation. It offers features such as prioritized collection worklists, multi-channel payment reminders, predefined dunning templates, and real-time risk alerts to manage unpaid invoices, reduce payment delays, and decrease DSO.

Can FinFloh help to identify and resolve disputes swiftly in the accounts receivable process?

Yes, FinFloh can help identify and resolve disputes swiftly in the accounts receivable process. Its collaborative platform fosters clear communication and interaction between the finance, sales, and customer support departments. This coordinated approach accelerates the resolution of disputes and issues leading to faster payment collections.

Is FinFloh proprietary or can it be integrated with other systems?

FinFloh can be integrated with other systems. It is not proprietary and can connect with any ERP or accounting software, payments, CRM, communications, and other systems. This creates a single source of truth for data across all platforms.

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