Effortless Reconciliation Of Nykaa Marketplace Using ERP
Effortless Reconciliation Of Nykaa Marketplace Using ERP
Nykaa Fashion has become a leading online destination for fashion enthusiasts in India. Offering a diverse selection of trendy western wear and elegant traditional attire, they cater to a wide range of styles.They go beyond apparel, providing accessories like watches and shoes, making them a convenient one-stop shop for many online shoppers.
The increasing volume of transactions associated with Nykaa Fashion’s growth presents a significant challenge for accounts payable teams. Manual reconciliation processes are not only labor-intensive, but also susceptible to human error, which can lead to financial discrepancies and potential revenue loss.
Introducing Automated Reconciliation with Cointab
Our automated reconciliation software, streamlines the entire Nykaa Fashion reconciliation process, ensuring you receive accurate and timely payments for every order. This comprehensive solution eliminates the need for manual verification, saving you valuable time and resources. Furthermore, it minimizes the risk of human error by meticulously reviewing all orders and their associated payments. By proactively identifying discrepancies, Cointab empowers you to prevent underpayments and maximize your earnings on Nykaa Fashion, fostering financial accuracy and peace of mind.
Required Reports
From Nykaa Fashion:
- Nykaa All Order Report: Gain a comprehensive overview of all orders placed for your products on the Nykaa platform.
- Nykaa Sales Report: Analyze sales figures specifically for your products on Nykaa Fashion.
- Nykaa Payout: Understand the final payout amount received from Nykaa after accounting for fees and commissions.
From Your Business:
- Bank Statement: Your official bank record detailing all transactions, including Nykaa-related payouts.
- ERP Reports: Data from your chosen Enterprise Resource Planning (ERP) system (e.g., SAP, Tally) containing details about orders, inventory, and potentially even payouts.
Nykaa Fashion Marketplace Reconciliation with ERP
ERP- Nykaa fashion Reconciliation
Cointab, our automated reconciliation software, seamlessly compares Nykaa Fashion reports with your ERP data, providing clear insights into your sales performance and potential discrepancies:
- Matched Sales: These transactions represent a perfect match in net sales amounts between both reports. This confirms data integrity and ensures you’ve received accurate payments from Nykaa Fashion.
- Discrepancy Detection & Clear Reporting: Early identification of discrepancies is crucial for financial well-being. Our software employs sophisticated algorithms to meticulously compare net sales figures across reports, flagging orders with any mismatches. This empowers you to investigate further and take corrective actions to prevent financial losses:
- Less Recorded in ERP: This discrepancy indicates a potential underpayment from Nykaa Fashion. You can leverage the detailed information provided by Cointab to initiate discussions with Nykaa Fashion and recover any missing funds.
- More Recorded in ERP: This might signify an overpayment on your end to Nykaa Fashion. Cointab’s clear reporting allows you to promptly address this discrepancy and rectify any payment errors.
Missing Transactions: The software identifies orders present in your ERP but absent from Nykaa Fashion reports. These missing transactions require further investigation. Cointab facilitates this process by highlighting these discrepancies and providing the relevant data points from both sources.
Nykaa fashion-ERP Reconciliation
Cointab, streamlines the ERP-Nykaa Fashion reconciliation process, providing exceptional accuracy and efficiency. It seamlessly compares your ERP reports with Nykaa Fashion data, offering a clear picture of your sales and potential payment discrepancies:
1. Reconciled Transactions: These transactions exhibit a perfect match in net sales amounts between both reports, confirming data integrity and ensuring accurate payments.
2. Discrepancy Detection & Clear Alerts: Early identification of discrepancies is crucial for financial well-being. Cointab acts as your vigilant partner, using advanced algorithms to analyze net sales figures across both reports. It flags orders with mismatches, allowing you to investigate further and prevent financial losses:
- Less Received from Nykaa Fashion: Orders falling under this category indicate a potential underpayment by Nykaa Fashion. Cointab provides detailed information so you can initiate discussions and recover any missing funds.
- More Received from Nykaa Fashion: These transactions might suggest an overpayment by your end. Our software’s clear reporting empowers you to promptly address this discrepancy and rectify any payment errors.
3. Missing Transactions: The software identifies orders present in your ERP system but absent from Nykaa Fashion reports. These discrepancies require further investigation. Cointab simplifies this process by highlighting the missing transactions and providing relevant data points from both sources.
Ensure Effortless reconciliation with Cointab
Cointab, our comprehensive software solution, automates the Nykaa Fashion Marketplace reconciliation process with your ERP system. Through seamless report comparison, Cointab provides a clear and consolidated overview of your Nykaa Fashion sales activity, giving you peace of mind knowing reconciled orders were paid correctly by Nykaa Fashion.
Start reconciling with Cointab today!