The past year has forced organizers in all industries to do their jobs firmly and embrace e-commerce shopping platforms. In addition, buyers also changed their shopping habits, opting for online and delivery over regular to additional store purchases. These shared online shopping options are popular with offline payment providers, making commerce businesses more accepting of payment merchants.
Digital e-commerce pivot has impacted the performance of businesses and their back offices. To stay competitive while dealing with multiple payment vendors, commerce businesses should carefully consider their e-commerce payment reconciliation process and adopt an automated process. Find four great ways to improve your e-commerce reconciliation and future proof of your Finance Office.
Evaluate Your Existing Payment Reconciliation Procedures
Balance sheet reconciliation serves as the basis for your financial closure; although it's the recurring and often frustrating part of the intimate process, reconciliation also presents better opportunities for risks and challenges. By examining your current reconciliation process, e-commerce organizations can identify potential challenges and address them before they become far-reaching outcomes.
Because commerce businesses tend to have a large number of inbound transactions, synchronizing transactions without a fixed and automated solution inevitably leads to high levels of data entry risk, illegal statements, regulatory and compliance risks, and more. In addition, the tedious situation of syncing transactions can lead to better workflows, obstacles, and deadlines if you still rely on manual methods and spreadsheets.
When reviewing your reconciliation process, ask your F&A team where they are struggling. Are the extra hours needed to stay above the daily reconciliation? Are they missing in the critical last days? Does the invisibility of visibility translate into excessive emails and status meetings? Identifying current challenges not only prevents them from coming together but also allows financial transformation to turn those challenges into opportunities.
Put People Together Because Of Process And Technology
While the emphasis is often placed on Robotic Process Automation (RPA) and digital transformation, organizations should also prioritize their people. Implementing the technology of financial transformation without promoting your F&A team in advance reduces the chances of success. Refining your talent and giving them the skill set to be successful greatly enhances the return on investment in your transformation journey.
Accept Money Changes To Meet The Current Principles
As consumers embrace the use of offline and paid internet service providers, it is important that e-commerce retailers also adapt to the digital economy and adapt their financial processes to meet the needs of their customers.
Third-party delivery providers, such as UberEats and GrubHub, and online payment merchants, such as Apple Pay and PayPal, not only add to the level of distraction among retailers, but the sales accountants now have more retailers reverting daily. In the past, financiers have often compared point-of-sale (POS) transactions with credit card transactions and bank statements, much to the chagrin of credit card debt. Now, managing credit card reconciliation alongside high-volume transactions has become a much more complicated process.
The acceleration of digital and automated digital transformation also reinforces the idea that manual, time-consuming Reporting (R2R) processes are not only outdated but also ineffective in today's increasing demands. As a result, e-commerce marketers should realize that delaying financial transformation costs their business more than the transformation project itself.
Standardize And Send Yourself To Your Connection
With the rise of various paid retailers in the current economy, e-commerce retailers have struggled to better adapt their various accounts, providing a better opportunity for currency conversion.
Instead of jumping into the chance of your reconciliation, organizations should balance and make their reconciliation more uniform. Using technology to speed up the flawed and unorganized process puts companies at greater risk. By laying the right foundation for financial automation, organizations can reap healthy and fast returns on investments.
Through these best practices, e-commerce organizations can successfully turn existing challenges into opportunities, grow their people alongside processes and technologies, fully embrace the need for financial transformation, and make it more common and make their reconciliation more consistent.
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