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E-commerce reconciliation, is the process of matching the transactions recorded in an organization's E-commerce platform with those in its accounting system, can be a complex and time-consuming task. The challenges faced in this activity include :


High Volume of Transactions

A good E-commerce based business can generate a high volume of transactions, which can make it difficult to accurately reconcile them with accounting records.


Multiple Payment Methods

E-commerce transactions can involve multiple payment methods, such as credit cards, online payment systems, and bank transfers. Each payment method may have its own unique reconciliation process and requirements, which can add to the complexity of the process.


Delayed Payments

E-commerce platforms may have delayed payments or chargebacks, which can create discrepancies between the E-commerce platform and accounting records. Accounting for returns through the supply chain is one of the trickiest part of this business and can be error prone.


Integration Issues

Integration issues between the e-commerce platform and accounting system can also cause challenges in reconciliation. If the E-commerce platform does not integrate with the accounting system, data may need to be manually entered, which can increase the likelihood of errors and even severely impact cashflows. . Complicating maters is the fact that E-Commerce Platforms will not directly integrate with the Accounting Systems, without an intermediary system in place. (E.g., Increff)


Tax Compliance

E-commerce transactions may be subject to various tax regulations, such as GST etc. Ensuring compliance with these regulations can be challenging, especially for businesses that operate in multiple jurisdictions.


Punishing Timelines

What makes E-commerce Business the most challenging is the extremely short timelines to resolve issues.

This activity therefore requires a good domain expertise, ability to automate a lot of these activities through point solutions, and strong interpersonal skills to coordinate activities across the country. Matrix has been providing these services to clients as a value-added activity right from reconciliation to managing returns and expediting collections and have helped our clients to turnaround difficult situations in this domain.

Matrix Business Services brings you a Pan India coverage, with deep domain expertise and over 20 years of experience to provide you with a digitally driven, cutting edge, customised service to enable you to run your business in an efficient, productive, and risk-mitigated manner.

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