Amazon Released New Features To Speed Up Purchase Reconciliation Processes

Amazon Released New Features To Speed Up Purchase Reconciliation Processes

Generally, orders through a marketplace like Amazon may reach the seller in a certain specific order. However, the payment is received only through the payment cycle of the specific sales channel. These can change, subject to the marketplace scenario, and particular time of the year.

At the end of the payment cycle, the marketplace pays a lump sum amount reflecting on the transactions concluded for that period. It also deducts taxes, commissions and service charges, making it difficult to keep track of whether a product has been accounted for or not.

In today’s eCommerce market, having a rigid system that takes care of all your payment reconciliation is necessary for emerging sellers. Amazon has stepped up its game by releasing brand new features that are expected to accelerate the purchase reconciliation processes, making it more convenient for the sellers.

What Is Amazon Up To?

If you have an Amazon Business account, you can take advantage of this convenient and easier organization and reconciliation of orders. As an account administrator, you can easily set up custom fields for the employees to enter a particular order detail prior to completing an order, streamlining your spend analysis, cost allocation, reconciliation, order delivery, and internal approvals.
Businesses require a variety of specific information about each purchase order for comprehensive tracking, and managing of purchases and expenditures. Based on the type of business, the information could range from location codes and department identifiers to project codes and cost centers.

With the latest order management features in Amazon Business, you can customize information fields associated with individual purchase orders. Each of the orders can be made easily manageable across the accounts payable and purchasing teams of the organization, as you can configure them yourself or add from a list of commonly used fields. You have an option to choose both the mandatory and optional fields to complete for the employees. By linking these information to every purchase, you can get accurate data about the team’s expenditure, and be more proficient when you approve, track or reconcile purchases. You can review the information in the Amazon Business Analytics and order details.

How To Set Up Custom Fields

Creating a custom order field in your Amazon Business account hardly takes a couple of minutes. Here’s how you get started:

  • After signing in to your account, go to ‘Manage Your Business’ section of the menu bar.
  • Under ‘Customize Your Account’ field, go to the “Order Information” section. Click on ‘Configure’.
  • Amazon Business provides a link at the bottom to create your own custom field, as well as an option to choose from pre-defined order fields. Asking for necessary information helps in streamlining reconciliation, while too many fields can be irritating for the users. Try to keep things as simple as possible, by only requiring them to fill up necessary fields, and by using labels that are forthright.

Switching between the enabling and disabling of using your own custom fields is just a click away, with an option to do that on the left boxes.