A New Way to Tackle Reconciliations in Ecommerce

Consumer transactions used to be simple.

Almost all transactions used to take place in person with a customer walking into a store and purchasing an item with cash. The store has the money in their register and that transaction is complete. But we are living in a very different era today, where there is a lot more complexity for companies, both big and small, and especially for ecommerce merchants. 

Consumer companies are meeting customers where they want to buy – that means a lot of brands have physical stores in multiple locations, sell on different channels and marketplaces, and allow customers to buy in different currencies. Discount codes, loyalty programs, shipping surchages, different ways to pay – it’s enough to make anyone dread month-end.

How do they juggle all this data? Many of them have large Excel worksheets with a shocking amount of tabs. Needless to say, this isn’t the most efficient, organized or pleasant way to work.

The question became how can we help teams clean, reconcile, and organize all of this data so that everybody is working off of the same set of numbers?

That’s why Blue Onion exists. It was built specifically for ecommerce accounting teams, to help them scale as their organization grows. For example, if marketing wants to try a new payment method, our software will automatically reconcile those transactions, allowing you to experiment with different currencies or payment processors without creating additional complexity for your accounting team.

Here’s how it works: first, our platform connects to all your key systems such as your order system, payment processors, and bank accounts. Second, we standardize and reconcile all your data with our proprietary algorithms. Third, we organize all of your transactions and present them in a way that was built specifically for finance and accounting teams to understand and use. 

Blue Onion goes further than just reconciliation. Some of the other benefits of our system include:

Providing you with a transaction-level view of your open accounts receivable or undeposited funds;

  • Giving you insight into your order detail to show you exactly what was sold and whether or not that specific item was fulfilled. Anything sold but not yet fulfilled is a deferred revenue liability;
  • Examining gift card transactions to ensure you're accounting for every gift card sold, refunded, and redeemed; and
  • Showing you merchant fees and chargebacks by processor and on a transaction-level basis.

The bottom line is that Blue Onion reconciles and standardizes all of your data, no matter where you sell. Every order from point of sale to collection is easily tracked, helping to make audit a simple and straightforward procedure.

Blue Onion provides the tools and resources your team needs to reduce expensive and time-consuming reconciliation work, so they can focus on value-add initiatives. Blue Onion makes teams more efficient and helps meaningfully reduce the month-end close time so you can access key financial data faster. Empower and encourage your team with automation workflow. Learn more about Blue Onion here, and book a free consultation today.

* While we are a team of former accountants, we are not in the business of providing professional services. The information presented is for informational purposes only and is not intended to be a substitute for professional accounting, tax, or legal advice. We recommend that you consult with a qualified accountant, tax advisor, or lawyer who is familiar with the specific needs and nuances of your business.