The Background:
Restaurant chains receive orders from food delivery aggregators for which the collections are received from the food delivery aggregators net of charges. They also get dine-in and take-away orders directly from customers, for which the collection is received through different modes such as credit cards, UPI, wallets or even cash.
The Problem Statement:
For a multi-outlet restaurant chain, it is quite a challenge to ascertain that collections against all orders have been received accurately, net of charges. This requires a reconciliation between their POS system and the reports received from the food delivery aggregators, payment gateways and cash collection at the outlets. At times, there is no common reference for carry out the reconciliation, as the invoice reference number of the POS system is not captured in the third-party reports and vice versa, which makes manual reconciliation impossible over a large volume of transactions. It therefore becomes extremely difficult for the CFO and his/her team to provide a clear assurance over revenues and collections.
The Solution:
Reconcify automates the process of reconciliations by gathering all input data from internal and external sources and helps the CFO and his team in the following:
1. Identifying orders not paid for by food delivery aggregators
2. Identifying orders not paid for by payment gateways / payment aggregators
3. Identifying instances of differences between cash collected and cash deposited in the bank at the individual outlets
4. Identifying instances of over-charging by food delivery aggregators
5. Identifying instances of over-charging by payment gateways / payment aggregators
6. Generating an assurance that the receivables are credited to the bank account without delays
7. Automating the flow of transactions and reconciliations between the POS, accounting and BI systems.
The Impact:
1. Reconcify automates reconciliations across all data sources such as POS, food delivery aggregators, payment gateways and bank accounts. Reconciliations, which would have consumed hours, days or even weeks in a manual mode, get completed in a matter of seconds or minutes, thus saving value time of the CFO's team.
2. With scale, handing the reconciliations in a manual mode keep getting more and more challenging. Reconcify is built to handle very large transaction volumes, running into lakhs or millions of transactions at a time.
3. Reconcify provides revenue assurance by facilitating total control over collections from food delivery aggregators and payment gateways and in the form of cash received at the outlets. It also provides an increased control over costs incurred towards the fees and charges levied by the food delivery aggregators and payment gateways. In sum, restaurant chains using Reconcify have reported a positive impact on their bottom to the extent of 1.5% to 3% of revenues.
