Each business follows multiple reconciliation processes, the logic and requirements vary industry by industry. And in some cases, a business might be following a very custom reconciliation process, either between internal reports or with external partners or a combination of both.
Our reconciliation system is a general purpose reconciliation system which can easily incorporate any reconciliation process. The system smartly adapts to a business’s data format and logic and enables a business to automate 1, 2, 3, 4 or N party reconciliation easily.
Following are few of the reconciliation processes that we have automated using our system, which might help your business:
Payment Gateway Reconciliation for Deposits, Receivables, Repayments
Reconcile internal sales reports with various payment gateways settlement reports, verify their commission per payment mode and verify the consolidated credit given by payment gateways in the bank account.
Reconcile internal sales reports with various cash-on-delivery (COD) partner reports, verify their commission per collection and verify the consolidated credit given by them in the bank account.
Courier, Shipping Partner Reconciliation
Verify courier, shipping partner reports to check if their charges are in line with the charges mentioned in your business contract with them. Our system can help you verify weight-level and zip code level charges to check if their charges are correct or if you are being overcharged.
Payout Gateway Reconciliation for Withdrawals, Disbursements
Reconcile internally recorded disbursement / withdrawals with payout partner reports. This reconciliation process helps you to understand if all the withdrawals from your payout wallet are going correctly or not and in case of any overpayment the system highlights those transactions.
Bank Statement Reconciliation
Reconcile bank statements to attribute each statement entry to a party and then verify it with the respective partner’s data. Such a reconciliation can be performed for both deposits and withdrawals to check if all bank statement entries are tallying with your order management system / ERP / accounting system or not.
User Wallet Reconciliation
Reconcile user wallets to check if every single credit and debit entry in the user wallet is tallying with the actual payment and receipts from payment gateway partners, payout partners, bank statements, etc.
ERP / Accounting System Reconciliation
Reconcile ERP and account system with Order management system to check if revenue is recorded correctly in the accounting system or not. You can also link the actual receipts from payment gateways, partners with ERP entries to knock off receivables in the accounting system.
Amazon Marketplace Reconciliation
Reconcile Amazon marketplace transactions with your Order management system and their own payment reports, tax reports, return reports, reimbursement reports, etc. Our system also summarizes all Amazon charges and helps you verify them as per your rate structure. You can also verify their settlements in your bank account.
Flipkart Marketplace Reconciliation
Reconcile Flipkart marketplace transactions with your Order management system and their own sales reports, settlement reports, storage reports, ad reports, return reports, etc. Our system also summarizes all Flipkart charges and helps you verify them as per your rate structure. You can also verify their settlements in your bank account.
Myntra Marketplace Reconciliation
Reconcile Myntra marketplace transactions with your Order management system and their own forward settlement reports, reverse settlement reports, return reports, etc. Our system also summarizes all Myntra charges and helps you verify them as per your rate structure. You can also verify their settlements in your bank account.
Reconcile weekly Swiggy reported Orders with your own Orders reports. Verify their orders, customer cancellation reimbursement, restaurant cancellation charges, commissions, etc. In addition, our system can help you extract settlement related data from their PDFs automatically and verify them in your bank account.
Reconcile weekly Zomato reported Orders with your own Orders reports. Verify their orders, customer cancellation reimbursement, restaurant cancellation charges, commissions, etc. In addition, our system can help you verify their consolidated settlement in your bank account.
Fulfillment Partner Reconciliation
If you have any partner who does the actual fulfillment on your behalf then you can easily reconcile their reports with your own reports. The system will help you identify whether all orders are correctly fulfilled or not and in case of any discrepancy it will highlight the same to you.
Our reconciliation system can also help you reconcile your payables against GSTR 2 and receivables against GSTR 1. With this for all payables you’ll know whether you are getting input credits or not and for all receivables whether you are doing the correct filling or not. If there is any discrepancy then the system will highlight them to ensure you do not lose out on your credits and do not have to pay any penalty for not filling your returns correctly.
Inventory reconciliation helps you take presently available stock, subtract all sales and add all returns from all sales channel like websites, marketplaces, distributors, etc. and arrive at a closing stock level which should be matched with warehouse management system stock level. This helps you keep a track of every single inventory and highlight if there is any pilferage in any leg.
B2B Invoice Reconciliation
B2B invoice reconciliation helps you verify invoices against bank statements either at UTR level, FIFO level, summary level, outstanding level, etc. With this, knowing your outstanding receivables is very easy and helps you focus on larger clients from whom payment is pending.
These are just a few of the reconciliation processes we have automated so far but we have a fully flexible and configurable reconciliation system which can easily adapt and automate any reconciliation process.
Please do get in touch with us in case you would like to automate any of your reconciliation processes.