Today's consumers have changed what it means to shop on the internet. Shoppers look for a highly personalized but consistent shopping experience. With rapid technological adoption, shoppers have numerous ways to shop and pay on the go. This means that eCommerce businesses have to strive harder for delivering a seamless and unified omnichannel experience. To deliver such experience at scale, they must simplify their processes and support more dynamic than ever business models.
Connected World, Disconnected Processes
Businesses that truly want earn the ‘omnichannel’ badge need to build connected processes, both externally and internally. And one can’t leave out finance. Fragmented reporting systems have left finance teams toiling with complex manual activities. This leaves plenty of room for calculation errors and revenue leakages, through delayed receivables and erroneous payments.
As the tech stack of the past loses its shine, finance teams have become easy victims of technological debt. Everyone recognizes the need to modernize their processes but end up being unsure about where to get started. To add to this, it is difficult to leave behind familiar tools (I can’t live without you, spreadsheets). Hence, a lot of digital transformation initiatives in finance end up back to square one. Finance, by nature, is rightfully risk averse but this leaves them to climb mountains to make sense of their own data.
Businesses that truly want to earn the ‘omnichannel’ badge need to build connected processes, both externally and internally.
Soar out of the technological quicksand
Recko was born out of a mission to build a smarter reconciliation solution. Reconciliation is a fundamental and critical process in accounting and finance. Since a typical eCommerce business would involve multiple vendors, several types of service providers and other countless third parties, reconciling accurately with them often becomes an unenviable task.
As we evolve and travel towards delivering a complete financial operations system, here are a few things we strive to deliver through our offerings:
Support payments velocity
High frequency transactions means high frequency payments. From a more ancient settlement cycle of 45 days or even 60 days, merchants are now getting settled in T+1 days to help them exponentially grow their inventory or services. This puts immense pressure on the financial teams who have to monitor these transactions 24x7.
Cover Omnichannel Nuances
As businesses offer products across channels, whether web, mobile, offline or hybrid, it creates newer financial nuances. It can range from different commercial contracts, data formats, settlement frequencies etc. You need a nimble and robust finance operations system for fluent transactions and a consistent omnichannel experience.
Monitor Transactions for business integrity
New payment methods and customer demands are emerging constantly, so treasurers and finance managers need to explore how best to meet changing demands without creating fragmentation and additional processing costs for their business that significantly eat into profit margins and eventually outweigh top line sales growth.
There is very little merit in looking at the stale data during month end and quarter end closing. The recent pandemic has underlined importance to having access to real-time financial numbers. Quarterly or even monthly closes doesn’t cut anymore in life and death situations for businesses.
In the absence of organised transaction data, everyone from engineering, product to even founders get pulled into collating data for audits and diligence.
Managing transactions across a large set of stakeholders means it is important for digital first businesses to have not just adequate but fool proof architecture in place. This exposes non-compliant behavior and fraudulent transactions in time which means breezier audits.
Decision Driving Insights
We will trust you if you say you find a paragraph on data driven decisions in every article you read. You might have huge reserves of the new oil but it resides in crude or unstructured forms in remote corners of your systems. Recko will help finance unearth all that oil in a refined unified form to drive your critical decisions.
Faster go to market
You need an agile finance tech stack to support new offerings in new markets. Recko is built to support all you can think business models with ready to go and integration friendly solutions, from reconciliation to payouts.
Tried and tested
We are grateful and proud to have a solid lineup of some household names in ecommerce as customers. We let them do the talking for us, hear them at recko.io.