"PayPal and eCommerce platforms would tell us they were depositing, say, $200,000 for 5000 orders sale. However, we couldn’t track the individual transactions that went into that deposit, so we were never sure we were being paid for everything." - Outdoor Retail CFO"
Automate your reconciliation process to save on accounting time and gain improved visibility into your finances, facilitating better decision-making.
Accounting for ecommerce has become increasingly complex
Businesses are frequently selling online and in physical retail locations, offering several different payment methods, accepting multiple currencies, and adding third-party applications to power return services, gift cards and loyalty programs.
Automate your financial processes by reconciling transactions processed through various payment gateways, such as Amazon Pay, Authorize.net, Braintree, PayPal, and others, into your ERP.
Top Pain points in achieving automated payout reconciliation process
Data
Manual uploading of bank or credit card statements is prone to errors or, worse, fraudulent activities. This is why it is essential to automate uploading your payment data into your ERP
Timing
Auditing
Advanced Tech
Credit card timing delays can also be a significant inconvenience because these transactions are immediately recorded in a general ledger but take a few days to process and get deposited into your account.
After aligning the data and timing,Your reconciliation process should give you valuable reports like outstanding items, unusual items, auto-match, and more. These are just a few things that take up a lot of manual time and labor to produce.
You want tech solution which is intitutive and work with your process - Easy to identify what transacations didn't match and address them shouldn't be that complicated - Be sure to partner and deploy tech solution which works for you!
Our Solution:
Speed up the month-end close
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Automate your accounting processes to reduce the time it takes to close your books, even as the volume of payment transactions and number of payment gateway accounts grows. You’ll save valuable time and employee bandwidth.
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Support multiple payment gateways all in one place
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Our integration platform automates payouts reconciliation from multiple payment gateways within a single product for streamlined accounting. We make it easier for you to monitor and manage your payments.
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Detect discrepancies for fast settlement
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Automatically identify variances and unsettled amounts from orders within ERP, allowing you to quickly raise disputes with the payment gateway. By acting as soon as discrepancies are identified, you’ll be able to settle discrepancies faster.
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Accounting best practices built in
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Our integration tool's unique embedded business logic automatically employs accounting best practices, making your payout-to-reconciliation processes the best they can be.
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