For Amazon sellers, regularly checking reconciliation and refund reports is crucial to track finances and maximize profits. However, it’s not always easy to reconcile Amazon payments and refunds report, because the standard reconciliation report on Amazon Seller Central lacks detailed data. It often leaves sellers without the clarity they need on sales, revenue, expenses, and other financial aspects, significantly hindering their ability to optimize profits.
APPSeCONNECT has developed a unique solution to address this issue, offering sellers a more comprehensive view of their financial data. Recently, we hosted a webinar to discuss this innovative solution. Read on for an overview and quick recap of the webinar.
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Webinar Overview – How to Reconcile Payment and Refund Reports
APPSeCONNECT’s webinar on Amazon’s reconciliation process was presented by Abhishek Sur – VP of Product, and Abhishek Banerjee – Customer Success Onboarding. The key points and agenda discussed during the webinar were:
- Introduction
- Amazon product listing and selling process
- Understand why Amazon settlement reports are mysterious
- How APPSeCONNECT helps
- SAP-Amazon integration for reconciliation process
- Live demo of proven solution by APPSeCONNECT
In the end, a Q&A session was held to address various questions from live attendees and offer more insights into our solution.
If you missed the live webinar, you can still view the complete recap by clicking below to watch the on-demand version.
Challenges of Amazon Seller Central’s Standard Payment Reconciliation Report
The Amazon reconciliation report as well as the Amazon pay settlement report can be quite confusing for sellers and merchants because of the following challenges.
Lack of Detailed Information: The report often provides only basic data, making it difficult for sellers to get comprehensive insights into their finances.
Confusing Format: The layout and structure can be hard to interpret, especially for those unfamiliar with financial reporting.
Inadequate Tracking: It doesn’t offer detailed tracking of expenses, fees, and charges, which are essential for accurate financial analysis.
Limited Customization: Sellers cannot customize the report to suit their specific needs, limiting its usefulness for strategic decision-making.
Delayed Updates: The report may not always be updated in real-time, leading to discrepancies in the amount reflected on Seller Central and that received in your bank account.
Limited Date Range: The report has a limited date range of 2 months, so it can’t provide detailed data for any given settlement period more than this range.
Normally, there would be no other alternative but to make the most out of whatever information you get from the standard report on Seller Central.
But that is where an intelligent automation and integration platform like APPSeCONNECT comes into action. We have developed an exclusive custom solution that turns the basic report and confusing data into a detailed, insightful report.
APPSeCONNECT’s Solution – Detailed Amazon Reconciliation Reports in SAP
High-volume sellers, manufacturers, and multichannel eCommerce businesses often sell on Amazon along with other avenues and channels. And if these operations are also backed by a powerful ERP like SAP, then it becomes easy to generate the reconciliation report in the ERP as well.
So what exactly is our solution, and how does it demystify Amazon’s settlement reports?
The pre-requisite is to first integrate Amazon Seller Central with SAP Business One or SAP S/4HANA, whichever ERP system you may be using. This will allow you to sync all your product listings along with line items and other crucial data like inventory and payments from Amazon to SAP. You can even set up real-time integration so that every time a seller order comes in, the order id and all details are instantly synced in your ERP.
When both systems are integrated, APPSeCONNECT can implement a custom solution on top. When sellers generate their settlement reports, our solution will extract all relevant data for the report through Amazon Seller Central APIs and also feed it to a custom table in SAP. Using this data, a thorough settlement report is then generated within the ERP.
The end result is a comprehensive, consolidated report that provides a much more detailed breakdown of your account activity.
Take the first step towards increased profits and efficient finance tracking on Amazon by watching the on-demand version of our webinar.
Simplify the cash reconciliation process and ensure that your Seller Central balance matches perfectly with the amount reflected in your bank accounts. Dive deeper into all transactions, track transaction type, fees and charges deducted by Amazon, total revenue, commissions, and plenty of other info to get a clear view of your profitability.
Optimize Profit with Simplified Amazon Reconciliation Report
With APPSeCONNECT‘s Amazon and SAP integration, the lackluster settlement reports that Amazon provides can be turned into one of the most insightful reports for your business. Explore our solution and experience the change yourself, as more revenue, profits, and growth await!
Seamlessly integrate Amazon Seller Central with SAP within a single and secure Business Process Automation platform and propel your business towards exponential growth.
