Cointab’s Impact on Digital HealthCare Reconciliation Process
Summary
An e-commerce platform specializing in medicines and diagnostic tests needed a new financial reconciliation solution after their previous system was discontinued. They implemented Cointab to automate reconciliation for transactions involving payment gateways and courier partners. Cointab streamlined workflows, reducing monthly reconciliation time from 15 days to just 5, while maintaining accuracy. Despite some challenges with reprocessing reconciliations, the platform has found Cointab’s support and detailed reporting features invaluable, making it a preferred choice for financial automation and one they highly recommend to other companies
Background
A prominent digital healthcare platform in India, offering a wide range of prescription and over-the-counter medicines, healthcare products, diagnostic services, and teleconsultations, aims to make healthcare both affordable and accessible. Serving millions of customers across the country, the platform enables online orders through its app or website, providing convenient home delivery services, including rapid deliveries in some regions. The company is committed to simplifying healthcare services while ensuring quality standards across its partner retailers.
With the complexity and volume of transactions involved, manual reconciliation became unsustainable. To improve efficiency, reduce human error, and ensure timely financial reporting, automation was identified as a necessary solution.
Evaluation of Automated Reconciliation Software
Before implementing Cointab, the company initially adopted another automation tool to manage reconciliation. The tool offered some automation features for handling transactions and payments, providing partial support for financial processes. However, when the software was discontinued in the Indian market, the company needed a more robust solution that could offer similar functionalities but with enhanced support and greater efficiency.
After evaluating various options, the company chose Cointab as their new reconciliation tool. Cointab was selected for its ability to handle large transaction volumes and provide advanced automation features that met the company’s operational needs. Its user-friendly interface and comprehensive reporting capabilities enabled the finance team to manage transactions more efficiently and reconcile payments from multiple sources.
Why Cointab?
Cointab stood out as the preferred solution due to several key advantages:
Comprehensive Data Insights
The previous tool offered limited visibility into transaction details, which hindered effective analysis of discrepancies. Cointab, on the other hand, provides detailed insights and a comprehensive view of transaction data, enabling the finance team to quickly identify and resolve inconsistencies between internal records and payments received.
Better Customer Support
The company experienced challenges with unresponsive customer support from their previous tool, which impacted operations. Cointab, however, is known for its prompt and effective customer support, providing timely assistance that helps minimize downtime and improve user satisfaction.
In conclusion, while the previous reconciliation tool and Cointab shared some similarities, the limitations in user experience, data visibility, and customer support made Cointab the preferred choice. Its capabilities aligned better with the company’s growth needs, making it an optimal solution for financial reconciliation.
Implementation of Cointab Reconciliation Software
The implementation of Cointab was a strategic decision to improve financial reconciliation. The company sought a solution that could streamline operations, provide accurate data insights, and boost efficiency after the previous tool’s discontinuation.
Onboarding Process
The onboarding process was smooth, with Cointab’s team providing comprehensive support to ensure a seamless transition. The finance team worked closely with Cointab to customize the software according to their specific reconciliation needs, ensuring a swift adoption of the tool.
Integration with Existing Systems
Cointab was successfully integrated with the company’s existing internal systems, including payment gateways and reporting tools. This integration facilitated automated data flow, reducing manual uploads and minimizing human errors. The setup was efficient, and Cointab’s support addressed any initial challenges promptly.
Continuous Feedback Loop
The company maintains an open line of communication with Cointab, offering feedback that informs ongoing improvements to the software. This partnership ensures that the reconciliation process continues to evolve in line with the company's needs.
Impacts and Results
The implementation of Cointab has enabled the company to enhance reconciliation operations, transitioning from a limited system to a comprehensive solution that supports accuracy, efficiency, and strategic growth.
Increased Efficiency
The time taken for monthly reconciliations decreased drastically. What previously took 15 days to complete manually is now accomplished in just 5 days, enabling the finance team to focus on more strategic activities. The automation of daily reconciliations also allowed the team to handle a higher volume of transactions without sacrificing accuracy.
Enhanced Accuracy
The accuracy of reconciliations significantly improved with Cointab’s automated processes. By reducing manual inputs, the company minimized human errors, ensuring that financial records were more reliable. The system's detailed reporting capabilities also helped the team quickly identify and address discrepancies.
Better Insights and Reporting
Cointab’s comprehensive insights and detailed transaction reports have empowered the finance team to make more informed decisions. With easy access to order-level data, the team can track revenue streams and perform better strategic planning and forecasting.
Improved Productivity
With a finance team of around ten members, the company experienced a boost in productivity. The software’s efficiency freed up time for other crucial tasks, allowing the finance team to close monthly accounts faster, enhancing overall department productivity.
Automation in Action
Most Useful Feature
Comprehensive Data Detailing:
The most valuable feature of Cointab is its comprehensive order-level data detailing. This feature provides the finance team with a complete view of transactions, enhancing the ability to reconcile payments accurately. The 360-degree view of transaction details allows the team to track payments from multiple gateways and courier partners, ensuring precise reconciliation. This feature has significantly reduced human errors and improved operational oversight.
Customer Support
The company’s experience with Cointab’s customer support has been highly positive
Positive Experience
Users have reported efficient and helpful interactions with the support team
Smooth Onboarding
The onboarding process was seamless, thanks to the comprehensive support offered.
Quick Resolution
The support team’s prompt response time has been instrumental in maintaining operational continuity.
Trust and Confidence
Regular communication with dedicated support has fostered trust, ensuring challenges are addressed quickly.
Operational Efficiency
Reliable customer support has enhanced the company’s overall efficiency, further streamlining the reconciliation process.
Recommendation
Based on their positive experience, the company is confident in recommending Cointab to other businesses seeking similar reconciliation solutions.
Conclusion
Implementing Cointab has marked a significant improvement in the company’s financial reconciliation processes. By transitioning from their previous tool to Cointab, the company has increased both accuracy and efficiency in managing complex e-commerce transactions. Cointab’s seamless integration, detailed order-level data, and excellent customer support have empowered the finance team to handle reconciliation tasks more effectively. This partnership has not only improved financial reconciliation but also laid the groundwork for future growth and operational excellence in the e-commerce sector.
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