DimeTyd, the advanced logic-based online engine that allows Amazon vendors seamless profit leakage recovery and an end-to-end FinOps AR solution announces the availability for Cash Application and Reconciliation Consultancy. An extension of DimeTyd’s platform, the new feature incorporates automation and Machine Learning (ML) to help online product vendors maneuver through Amazon’s Marketplace, audit invoices, and ensure remittances are appropriately applied to each ledger/ sub-ledger on a timely basis to ensure correct AR positions with Amazon.
“Keeping track of money transfers, correctly invoicing, and meeting stringent Amazon regulations are challenges online product vendors often struggle with,” Rohan Thambrahalli is the president and founder at DimeTyd. “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.
Vendors can now track remittances using the Cash Application and Reconciliation tool. This allows them to see which invoices have been paid and how they should be applied. Vendors can upload the data into their ERP, complete the transactional process, and successfully meet Amazon’s demands and required processes.
Advanced Robotic Process Automation (RPA) is used to automate cash reconciliation. It culls data from 20 pages and then compiles and indexes it for a simplified review of accounting activities. ML divides multiple transactions into subledgers that can then be exported as required. As the Cash Application and Reconciliation platform learns, it gets faster, more efficient, and streamlines the entire process—the time it takes to complete a full financial transaction is reduced from many hours, even days, to on average less than one hour.
“Amazon vendors face an ocean of complexities doing business on the marketplace. DimeTyd’s Cash Application and Reconciliation helped us simplify online business finances and save countless manhours,” Jennifer GreuneDirector of e-commerce at EarthLite. “DimeTyd’s Cash Application and Reconciliation found problems we did not know existed; they saved us money and are now part of our permanent billing processes.”
DimeTyd’s Cash Application and Reconciliation Consultancy feature is available to vendors on a monthly subscription basis.