- Before ReckoAfter Recko
- Performed a manual monthly reconciliation process at a gross level Increased frequency of reconciliation by 30x, and were able to track every transaction at a net level
- Unable to take any strategic or financial decisions because majority of the time was spent performing manual reconciliationAble to streamline their data, create customized business reports, and perform a three-way reconciliation
- Unsure of data correctness and couldn’t track receivables/aged orders/ PG settlements and moreTrack receivables and retrieve money effectively from their PGs
Dunzo increases their Reconciliation and operational efficiency using Recko
Recko enables me to do same day reconciliation, which otherwise, would be a laborious task. If we did the same manually for our transactions it would take us 3-4 days to do a single day reconciliation. Recko reduces our manual effort by 98%.
Finance Manager, Dunzo
Dunzo is one of India’s largest hyperlocal platforms that is operational in 8 cities across the country. Dunzo, helps you move things and changes the way you shop making every corner of your city accessible. They connect you to the nearest delivery partners who make purchases, pick up items from any store/restaurant in the city and deliver it to your doorstep. Dunzo is a series E funded organisation processing more than 3 million orders every month.
Dunzo on an average processes 100,000 transactions/day and more than 3 million transactions in a month. It took on an average 3 to 4 days to accurately reconcile the transactions that were processed in a day, due to the manual nature of the process. Besides, they were able to perform this reconciliation only at a gross level.
With a lot of manual labor being used in the reconciliation tasks, it was difficult for the teams to analyze their financial data at the end of the day. Even though the finance teams put their heads together, tracking open receivables became difficult with growing transaction volumes.
Given the volume of transactions that Dunzo was processing and the pace at which they were growing, a scalable system which delivered accurate financial data to the team was a priority since day 1. In their assessment, building a basic product for transaction matching internally would take around 12 months (6 months to build and 6 months to test) to go live. Not to forget the constant upgradation and maintenance required to keep abreast with the evolving payments and financial operations landscape. The assessment of Recko convinced the team that the platform is built in such a way that it can align with specific business flows at Dunzo and deliver results immediately. From a cost-benefit perspective, it made no sense to develop an inferior version internally when Recko is available.
As their transaction volumes grew day by day, Dunzo figured there was no way to do the same manually. That is when they started looking out to automate their financial processes. They found a few point products that weren't able to fully satisfy their business needs.
Recko moved quickly to map Dunzo’s internal order management system data and integrated it with their payment gateway settlement reports as well as bank account statements. The data flow was streamlined into Recko within 2 weeks of kick off and the team was able to start performing reconciliation of transactions at scale. Reconciliation which was being done every month, became a daily process with lesser amount of manual intervention. Recko was not just sought after for Dunzo’s reconciliation purposes. The team at Dunzo uses Recko to streamline their finance operations, track their receivables at 3 levels - daywise, orderwise and PG-wise, gain 360° visibility into transactions,bring accuracy to their financial data and be audit-ready.
Recko helps Dunzo perform reconciliation accurately. Using Recko, they’re able to perform their reconciliation process with an improved frequency of 30x. This enabled them to build integrity around their financial data and processes There by, the team was able to have data backed conversations both internally and externally. With improved data visibility the team at Dunzo is able to act immediately on discrepancies and address them much earlier.
From an audit and compliance view, Recko has made Dunzo audit-ready any time. This was incredibly helpful, given the multiple fund raises and the associated due diligence process a fast growing company like Dunzo goes through every year. According to Neeraj, “Data correctness and tracking your transactions should be focussed from day 1 so that a lot of things get covered like revenue assurance, finance operations becoming less manual and also your audit and compliance. Also, data accuracy is highly advised when filing the company’s IT returns”.
- Finance teams were able to focus more on business partnering and strategic planning with no disruptions in their Financial Operations.
- Have a complete visibility over transactions at a net level.
- Reduced manual efforts and errors by 98%.