Firstcry is one of India’s biggest online retailers for baby products. The company has over 380 stores across India as of 2020. Firstcry focuses on providing quality products and a seamless experience to the customers shopping via its marketplace. The products found on its marketplace range from toys, diapers, clothes, footwear, and many other products for babies and kids. The customer base using Firstcry to shop for baby products is vast as they provide a satisfactory customer experience. This makes it a great place for sellers to sell online if they are in the business of selling baby and kids products. Selling on Firstcry will lead to a huge number of transactions daily, which is a good sign for business growth. Keeping a track of all these transactions can be very difficult as it needs thorough reconciliation to verify all the payments, fees, and transactions. Since the reports are very raw, cleaning and extracting data for proper analysis is difficult. This is where the automated reconciliation software of Cointab helps. It does Firstcry Marketplace reconciliation using ERP easily. It automatically loads the data as scheduled and runs reconciliation here it cleans links and extracts the data into a result that is very easy to analyze. This saves the seller the utmost time and effort and can help him verify all the transactions and make data-driven decisions quickly and accurately.
The Reports needed for reconciliation are:
Firstcry invoice report
Firstcry debit note
Firstcry Payment report
SKU master
Bank Statement
Reports from the client’s ERP (e.g., SAP, Tally, Oracle, APX, etc.).
Using a common identifier, the software links the reports to the client ERP reports, and the reconciliation process is done. The system then double-checks every order detail, including the item amount, fees that apply to the payment that was made, and fees that were levied. The results are then presented in a simple, easy-to-understand format and are all available on a single dashboard.
The result is as follows:
Firstcry – ERP Reconciliation
Each piece of information kept in the client’s ERP system is verified by the system, which also compares it to the Firstcry Invoice report. The following distinctions and highlights are made for the orders:
Reconciled Orders
The transactions where the order amounts are equal.
Less Amount recorded in ERP:
In the ERP, the order amounts for these transactions are less than what is shown in the Firstcry Sales report.
More Amounts recorded in ERP
Order transactions in which the amount in the ERP exceeds the amount in the Firstcry Sales report.
Missing in Firstcry
Despite being recorded in the ERP system, the orders are not included in the Firstcry reports.
ERP – Firstcry Reconciliation
Each piece of information presented in Firstcry reports is verified by the system, which then compares it to the client’s ERP. The following orders are then noted and identified:
Reconciled with Firstcry
These are the transactions where the order amounts are the same in both reports.
Less Amount recorded in Firstcry
Orders in which the Firstcry Report amount is less than the ERP report amount.
More Amounts recorded in Firstcry
The transaction orders recorded here have their amount in the Firstcry Report exceeding the amount that was recorded in the ERP report.
Missing in Firstcry
The transactions missing in the Firstcry reports but are recorded in the ERP system.
Firstcry marketplace reconciliation using ERP is done seamlessly by the software as shown in the results. The software automates the data load and accepts custom input data which makes it easier for a seller to conduct reconciliation. A seller only needs to wait for an easy-to-read report for seamless analysis because the software handles all the work. Using this software to reconcile can help a seller save a lot of time and ensure that all decisions are made after careful consideration of reliable data. This will open up the possibility for rapid and precise data-driven decisions and ensure that the company can grow without encountering any unforeseen dangers or obstacles.