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What is eCommerce Reconciliation?

Reconciliation in eCommerce involves cross-validating internal sales records with external payment gateways, banks, and shipment reports. Given the scale and digital nature of transactions, reconciliation forms a crucial cog in the machinery of eCommerce operations. Nanonets' reconciliation software steps in right there, using cutting-edge automation to transform the cumbersome manual reconciliation processes into streamlined workflows, fostering efficiency and accuracy.

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How Automated reconciliation works for eCommerce

Use natural language input to extract structured data from your documents

Automated Extraction of Financial Data

Nanonets’ eCommerce reconciliation software starts by automatically extracting financial data from various digital sources, significantly reducing manual entries and potential errors.

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Automated Discrepancy Identification

It then identifies discrepancies in the financial data autonomously. By utilizing sophisticated algorithms, Nanonets can identify inconsistencies that could otherwise slip past manual scrutiny.

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Automated Reporting

Finally, an automated reconciliation report is generated. This report outlines the financial data, discrepancies if any, and the actions taken to rectify them, ensuring transparency and maintaining a clear audit trail.

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When your business is your passion, don’t let data entry get in the way.

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Types of Reconciliation in eCommerce

Sales to Cash Reconciliation

This is a process of matching sales recorded in an eCommerce platform with the actual cash inflows confirmed by the bank statements.

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Inventory Reconciliation

This involves ensuring the recorded inventory available in an eCommerce platform matches with actual physical stock.

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Order to Delivery Reconciliation

This reconciliation ensures that all orders made via the eCommerce platform have been successfully delivered and invoiced accurately.

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Accounting | Banking | ERP
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Try Automated Reconciliation for your different use-cases

Reduce fulfillment errors

Reconcile online orders with shipping records to minimize fulfillment errors and improve customer satisfaction.

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Optimize inventory management

Make informed inventory decisions by reconciling sales data with stock levels and supplier records.

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Streamline refund processing

Automate refund reconciliations to process customer refunds promptly and accurately, enhancing customer experience.

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CRITICAL FOR YOUR BUSINESS

Importance of Reconciliation in eCommerce

Maintaining Financial Accuracy

Nanonets ensures 98% financial accuracy for eCommerce businesses, accurately tracking sales and expenses to reflect true financial performance and health.

Identifying Discrepancies Promptly

Identify and address discrepancies promptly with Nanonets, improving discrepancy detection by 90%, thus safeguarding revenue and maintaining accurate financial records.

Streamlining Operational Efficiencies

Streamline operational efficiencies by 75% with Nanonets, optimizing reconciliation processes to reduce manual labor, enhance productivity, and enable faster decision-making in the fast-paced eCommerce sector.

In case you’re not sold yet!

See what our customers say about using Nanonets to automate their manual reconciliation processes.

"Switching to Nanonets revolutionized our reconciliation process. Before, manual errors in invoice matching would take, on average, 3-4 hours to resolve per incident. Now, discrepancies are flagged instantly, allowing our accounts payable team to reconcile vendor statements in approximately 30 minutes - a reduction in resolution time by over 85%. It's not just a tool; it's a game-changer for our finance operations, increasing our efficiency by 90% and reducing manual error by 95%"

Finance Manager

Manufacturing INDUSTRY

"Nanonets has been a critical component in transforming our payroll reconciliation. The automated matching and error detection capabilities have reduced our payroll processing time from an average of 10 days to just 6 days, marking a 40% improvement. Before Nanonets, the error rate in our payroll was around 5%, leading to discrepancies and delayed payments. Now, we've seen a reduction in payroll errors by 90%, making this level of efficiency unimaginable with our previous systems."

Payroll Administrator

Technology Services

“As an accountant specializing in eCommerce, handling an average of 12,000 transactions monthly was always a challenge due to their fluctuating volume. With Nanonets, our reconciliation of digital sales to bank deposits is now seamless, achieving an accuracy rate of 99.8%. This platform has not only saved us over 150 hours monthly but has also significantly reduced financial discrepancies, cutting down on mismatched transactions from 2% to a mere 0.05%.”

Accountant

eCommerce PLATFROM
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Comprehensive Reconciliation Solutions for Every Industry

Accounting
Streamlining Accounting Reconciliation with Nanonets
accounting
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Banking
Simplifying Banking Reconciliation with Nanonets
banking
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Blockchain
Simplifying Blockchain Reconciliation with Nanonets
blockchain
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Cash
Simplify Cash Reconciliation with Nanonets
Credit Card
Streamlining Credit Card Reconciliation with Nanonets
credit-card
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Data
Experience Efficient Data Reconciliation with Nanonets
Equity
Simplify Your Equity Reconciliation Process with Nanonets
equity
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Finance
Experience Efficient Automated Finance Reconciliation with Nanonets
finance
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General ledger
Enhance Your General Ledger Reconciliation with Nanonets
general-ledger
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Frequently Asked Questions

Q: How can Nanonets improve my eCommerce reconciliation process?
Q: What kind of eCommerce platforms can integrate with Nanonets?
Q: How does Nanonets ensure the security of financial data?
Q: Is the Nanonets eCommerce reconciliation software easy to use?