CHICAGO, April 7, 2021 /PRNewswire/ -- UpstartWorks, an advanced e-commerce commercialization platform company for industrial brands, is excited to announce the unveiling of its new logic-based Accounting Automation Engine. The new software engine streamlines accounting processes with large-scale marketplaces, fully automating time-consuming processes. The engine, automated and logic-driven, is designed to streamline receivable vendor data and identify, track, and resolve costly e-commerce marketplace chargebacks and overbilling.
"Amazon is the leader in the e-commerce marketplace and presents an incredible opportunity to product companies. However, manually tracking and auditing receivables is time-consuming and inefficient, impacting profitability," said Rohan Thambrahalli, CEO of UpstartWorks. "We have developed an engine that sifts through Amazon's complex collection model to find resolution, increase cash flow, and boost outcomes."
According to UpstartWorks' research, for every $100,000 a month in revenue generated through major e-commerce marketplaces, at least five percent is lost in uncollected revenue, chargebacks, and accounting errors. The Accounting Automation Engine audits this data, enabling vendors to collect all revenue owed and decrease losses. It also enables vendors to identify and course-correct recurring issues on their end to maximize future profitability. In the first quarter of 2021, UpstartWorks has helped three different customers recover $1.6 million in overcharges and accounting errors on large-scale marketplaces.
Identification of errors in claims, duplicate billing, and the more than 100 potential chargeback categories
Analyzing and conducting monthly auditing at scale to catch anomalies on a recurring basis
Automating reconciliation of marketplace receivables
Historic auditing of accounting and chargebacks to reclaim lost revenues dating back multiple years
"It's not uncommon for our Accounting Automation Engine to identify six-figures worth of lost cash flow out of the gate," continued Rohan. "E-commerce is only becoming more complex – our solution enables companies to navigate and drive returns while eliminating burdensome and inefficient processes."
With zero upfront costs, the Accounting Automation Engine is offered exclusively through UpstartWorks and is available to vendors conducting $100,000 or more in sales per month on Amazon.
UpstartWorks is an advanced e-commerce commercialization platform company for industrial brands. The UpstartWorks software platform offers customers advanced logic-based, automation, and AI tools designed for e-commerce optimization through a single all-access portal.
Key tools within the UpstartWorks Platform include:
Marketwatch - Competitive and category landscape intelligence surrounding product, price, and placement.
UCrawl – Intelligent mining of product information, content, performance data, and pricing to empower brands to optimize product discoverability.
Advertising Platform - Optimizing, simplifying, and increasing advertising returns with customized reporting.
About UpstartWorks UpstartWorks helps industrial brands establish, expand, and propel their presence on Amazon and other e-commerce marketplaces. UpstartWorks combines a suite of advanced technologies, paired with a deep understanding of marketplace dynamics, to optimize brands' e-commerce profitability. With a focus on industrial brands, UpstartWorks creates strategies focused on the commercial buyer, enabling brands to reach a more extensive customer set.