5 reasons that speak for it
When e-commerce companies grow, a certain amount of complexity inevitably arises in accounting. Five of the biggest challenges can be solved by outsourcing accounts receivable management and accounting.
The online store is growing and with it the complexity of accounts receivable management. All payment transactions need to be monitored - from the purchase in the online store to the receipt of money in the company account. In addition, there is the administration of vouchers and vouchers for goods, the control of cancellations and credit notes, the management of subscription models and the preparation and dispatch of dunning letters. Many retailers also offer several payment options and work together with various payment service providers (PSP) in order to maximize customer convenience during the purchasing process. The administrative burden for the online retailer increases enormously and cooperation with the tax consultant does not become any easier as a result.
If you want to do everything yourself, you quickly reach your limits. This is where business process outsourcing comes into play - external service providers take over parts of the business process and thus relieve the company, which can now concentrate better on its core business. As a specialist in bulk billing, nexnet GmbH, for example, supports its customers primarily in the areas of accounts receivable management for e-commerce and the monitoring of payment service providers, known as payment clearing - regardless of industry and at individual transaction level. This results in five key advantages for the merchant compared to self-management:
5 challenges - one solution
1. manage several payment service providers simultaneously
The complexity of financial management increases with each additional payment partner that transfers money to the store operator and provides settlement files. If you work with several PSPs, it becomes increasingly difficult to say exactly whether individual payments have already been made by the buyer and also transferred to the merchant by the PSP. Instead of reconciling the data with elaborate home-made solutions, it is more economical to outsource the process. With the automatic allocation of payments per shopping cart, the merchant knows immediately whether the money is still with the customer, with the PSP or already in the company's bank account. Transaction fees are recorded without input tax and reconciled with the outgoing amounts. It is important for the merchant that payments and orders from the customer and PSP are not summarized, but are booked at individual transaction level, as the summaries cause problems for the accounting department and the tax consultant.
2. payments always in view
If a retailer loses track of its outstanding receivables or fails to react in time, this can become a major problem, especially for young or small companies. Their own liquidity is at risk. By monitoring the payment behavior of customers and payment service providers, the accuracy of all figures for all individual and bulk transactions is ensured so that the company remains liquid.
nexnet offers individual solutions for receivables management that can be tailored to the company's requirements. In addition to the commercial dunning procedure, nexnet takes over the preparation and dispatch of dunning letters, the management of dunning charges and the monitoring of payment behavior. In the further course of the dunning procedure, it is also possible to automatically transfer receivables to a preferred collection partner.
3. clean month-end closings with less effort
Communication with the tax consultant is probably a point that could be simplified for most companies. The PSP business in particular can cause problems here. Outsourcing can also solve a major challenge here. By recording all business transactions in the accounts, the company can easily obtain a certifiable monthly statement.
4. no problems with international transactions
Internationalization combined with various currencies and tax rates can cause a lot of headaches for the accounting department. For companies with an international focus, nexnet processes and posts all cash movements in all currencies using daily exchange rates. It goes without saying that turnover and VAT are recorded using international tax rates. For companies with an international focus, nexnet can map the accounting in accordance with local GAAP.
5. maximum security - with a constantly changing legal situation
Monitoring legal regulations and changes is very time-consuming. Especially as there are often changes that affect accounts receivable management and accounting. Therefore, an analysis and evaluation by expensive specialists such as lawyers or auditors is often necessary. When outsourcing this area, part of the responsibility can be transferred to the service provider.
Payment clearing solution for small and medium-sized enterprises
Not only global players are bound by international standards in their accounting. Start-ups and smaller companies must also comply with all guidelines. However, it is often financially impossible for them to consult external specialists. The payment clearing solution from nexnet GmbH can help here. This is because cloud computing incurs fewer costs. In addition, young entrepreneurs can focus entirely on growth, while the complex accounting processes are handled automatically in the background.
Thanks to its cloud approach, the payment clearing solution offers the advantage of transparent and low entry and operating costs. Companies can concentrate on their business and complex accounting processes are handled automatically in the background. Starting at just 99 euros per month, online retailers can monitor their payment service providers and have a verifiable monthly statement prepared.
Are you losing sleep over the many invoices you generate with your digital business model? Then business process outsourcing is the perfect solution for you.
