DimeTyd , the accounting and reconciliation provider for the eCommerce sector, has extended its platform to include automation and machine learning, the Dallas company announced Wednesday (March 30).
The logic-based online engine that offers Amazon sellers a way to recover lost profits introduced the availability of cash application and reconciliation consultancy.
The feature was developed to help online product vendors navigate Amazon’s Marketplace, audit invoices and certify payments are applied correctly and on time to each ledger and ensure correct accounts receivable positions with Amazon.
“Keeping track of money transfers, correctly invoicing and meeting stringent Amazon regulations are challenges online product vendors often struggle with,” said Rohan Thambrahalli , president and founder of DimeTyd, in a statement. “Cash Application and Reconciliation Consultancy helps Amazon vendors ensure all funds are allocated, and the Amazon account is timely reconciled with no leakages which can lead to misrepresentation of Financials.”
The features use advanced robotic process automation, which collects data from 20 pages of line items. It then assembles and indexes the data for an accounting activities review. Machine learning sorts transactions into sub-ledgers and exports them as required.
One thing is certain: there’s a lot of money at stake.
Earlier this month, PYMNTS data revealed nearly 60% of all online retail purchases in the United States were done on Amazon last year. It reflects the company’s tightening grip on eCommerce sales and a continuation of the stair-step market share advance it has made over the past twenty years.
Read also: Amazon’s Share of US eCommerce Sales Hits All-Time High of 56.7% in 2021 The findings defy the logic that says it gets harder to grow a large business, having doubled its share of the domestic retail piece to 56.7% in 2021 from 28.1% in 2014. —————————— NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED ID VERIFICATION AFTER […]
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