Simplifying e-Commerce #4: Finance 101
Our business journey to ‘digitalise’ and innovate continues: as our e-commerce business thrives, with our marketing, sales, fulfillment, supplies, operations and deliveries all running smoothly, it’s time to focus on next steps. Now, as we update our business strategy, it’s crucial to unpack the financials to understand where we stand. We clearly need to build a robust e-financial system.
First stop is Logicon’s Finance Module. We know this suite of tools is designed to streamline financial processes, making workflows seamless, transparent, and accountable.
Lets see what’s in Logicon’s Finance Module and where e-commerce businesses like ours benefit.
Key Apps in Logicon’s Finance Module
e-billing
Automates the collation of invoice data, formats invoices and submits them electronically. Auto-upload e-invoices directly to your accounts software package, ensuring timely and accurate billing processes and uptodate ledgers..
e-wallet
Enable pre-paid accounts for regular purchasers, wholesalers, or resellers. This feature improves cash flow, enhances customer loyalty by offering a convenient payment option and eliminates costly credit accounts.
Cash on Delivery (COD)
Offer cash on delivery services to cater to customers who prefer paying upon receipt of their goods, thus expanding your market reach. Optional returns module at point of contact with the consumer reducing returns costs.
Landed Full-Cost Calculations
Provides customers with a full breakdown of costs, including shipping, taxes and duties at the shopping basket stage. This transparency helps in setting accurate expectations and reducing cart abandonment rates.
Purchase Invoice Reconciliation
Automate the reconciliation and approval of supplier invoices. Set variance tolerances and flag unreconciled transactions, surcharges and taxes & duties, ensuring accuracy and efficiency in your accounts payable processes.
Pricing Management
Manage and set prices by product, quality, and other variables such as peak & surge pricing. This flexibility allows you to remain competitive and responsive to markets and product ranges.
Cost Comparisons
Enable the assessment of different cost options by comparing products, delivery services and other features. Comparisons aid making informed decisions across a range of variables.
Quotes
Offer a list of different quote/service options for customers to select from, providing a personalized shopping experience and improving customer satisfaction. Option to quote with or without tax, gift wrapping and other options.
Insurance
Include insurance options for high-value or fragile or time sensitive goods, offering peace of mind to your customers and mitigating risk for your business.
Claims Management
Automate the claims process with an online claims form or free-form messaging service, submit pictures for damage and verify details. This service streamlines the submission of claims directly to underwriters, enhancing customer service, response times, reduces costs and delivers efficiency.
Tax Calculations & Reporting
Automate tax reporting, including One Stop Shop (OSS) and Import One Stop Shop (IOSS) calculations. This ensures compliance with tax regulations and simplifies your tax filing process. Option for tax clawback functionality.
Accounting Data Transfer
Seamlessly upload e-invoices and e-purchase invoices into recognized accounting software packages such as Xero, Sage, and QuickBooks. This integration reduces manual data entry and minimizes errors.
Exchange Rates – Currency Conversion
Manage exchange rates with auto adjustment and set currency conversion margins and tolerances for different country web stores and regions.
CRM Data Transfer
Automatically update customer relationship data into recognized CRM packages like Salesforce, ViTiger, and Zendesk. This keeps your customer information current and supports targeted marketing and customer service efforts.
Business Intelligence
Deliver instant reporting, KPI measurements, budgeting, forecasting, and more. Enhanced functionality with option to upload data into business intelligence packages like PowerBI, LookerStudio, and Google Analytics to gain actionable insights and drive strategic decisions.
Workflow Benefits of Logicon’s Finance Module
Implementing Logicon’s Finance Module brings numerous workflow benefits:
- Seamless Integration: The interconnected workflows of Logicon’s apps ensure that data flows smoothly between different departments, eliminating bottlenecks and enhancing overall efficiency.
- Transparency: With automated processes and real-time data reporting, your financial operations become more transparent, making it easier to identify issues and opportunities.
- Accountability: Automated reconciliation and variance checks ensure that discrepancies are flagged and addressed promptly, improving accuracy and accountability.
- Enhanced Customer Experience: Features like e-wallet, COD, landed cost calculations, and insurance options improve the shopping experience, increasing customer satisfaction and loyalty.
- Informed Decision-Making: Business intelligence tools provide the data needed for informed decision-making, helping you to optimize operations and drive growth.
By leveraging Logicon’s Finance Module, you streamline financial processes, enhance operational efficiency, and support innovation. This smart investment in financial infrastructure will pay dividends in improved performance, increased customer satisfaction, and sustained business growth.
Harness the power of Logicon to take e-commerce businesses to new heights!
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