Purplle is in a great spot to dominate the developing Indian e-beauty market. By developing thorough user personas, enabling users to test makeup, and recommending products based on personality, search terms, and purchase behaviour, Purplle has created a unique, highly personalized digital shopping experience for consumers through its app. For a seller, selling its beauty products on Purplle will be highly beneficial due to the reach and popularity of purple. Since purple is so popular among consumers, a seller will be selling their products on a very wide scale, which is definitely beneficial to the seller. On the flip side, it can also be quite the task to keep records and make sure all transactions are being done with utmost accuracy. Which can cause sellers to lose money even without realizing it. This problem can only be resolved with precise reconciliation, which is exactly what the system made by Cointab offers.
Using this automated reconciliation system, a seller can easily and accurately record and analyze transactions at the click of a button. A seller can easily find out errors and fix them or raise disputes with Purplle to resolve the errors or less payments.
Reports needed for reconciliation
- Purplle All Order Report
- Purplle Sales Report
- Purplle Payout Report
- Reports from the client’s ERP (e.g., SAP, Tally, etc.).
The process of reconciliation starts by linking the above reports to the client ERP reports
using a common identifier. After this process the system cross-checks every
order detail from the item amount, fees applicable to the payment received and fees actually charged. The results are then displayed in a user-friendly manner which is very easy to analyze and is all available on a single dashboard.
The result is as follows:
Purplle – ERP Reconciliation
The system verifies each item of data stored in the client’s ERP system and matches it with the Purplle Invoice report. The orders are then differentiated and highlighted as follows:
- Reconciled Orders
The transactions where the order amounts are equal.
- Less Amount recorded in ERP
Order amounts of these transactions are lower in the ERP as compared to what is recorded in the Purplle Sales report.
- More Amounts recorded in ERP
The transaction order amount in the ERP exceeds the amount in the Purplle Sales report.
- Missing in Purplle
When the orders are not recorded in the Purplle reports but are recorded in the ERP system.
ERP – Purplle Reconciliation
The System verifies each piece of data provided in Purplle reports and compares it with the client’s ERP. The orders are then identified and highlighted as follows:
- Reconciled with Purplle
These are the transactions where the order amounts are the same in both reports.
- Less Amount recorded in Purplle
Orders in which the Purplle Report amount is less than the ERP report amount.
- More Amounts recorded in Purplle
The Orders recorded here have their amount in the Purplle Report exceeding the amount that was recorded in the ERP report.
- Missing in ERP
The transactions which are missing in the ERP reports but are recorded in Purplle reports.
Businesses won’t be able to compete and stay relevant if reconciliation isn’t done properly. The business world of today is becoming increasingly complex. Accurate verification is necessary for making quick and precise decisions. The most efficient way to do this is to use Cointab’s accurate reconciliation approach.