Challenges
The manual work this trade still runs on, what it costs, and what changes.
Marketplace sales are retyped into the books
- How it is done today
- Download each marketplace's order or tax report every month and key the sales into accounting software or a spreadsheet, one channel at a time.
- Cost or risk
- Days of data entry each month and typing errors that change the GST payable.
- With Finocket
- Bring orders in from a connected marketplace or its CSV report and convert the ticked orders into GST invoices with the tax split worked out.
Getting CGST/SGST or IGST right for every buyer's state
- How it is done today
- Work out the place of supply by hand or trust a marketplace report's split without checking it.
- Cost or risk
- Wrong tax head means paying IGST that should have been CGST and SGST, or the reverse, and correcting it later.
- With Finocket
- Invoices raised from orders pick the tax head from the place of supply.
The operator's TCS is never checked against your own sales
- How it is done today
- Accept the TCS credit that appears and move on, or compare GSTR-8 figures in a spreadsheet at year end.
- Cost or risk
- Mismatches surface as notices or lost TCS credit long after the month closed.
- With Finocket
- Reconciliation compares the taxable value of your invoices with each marketplace's settlements before you file. Checking the TCS an operator reported in GSTR-8 is not built yet; compare it on the GST portal.
Nobody can say what a channel actually paid out
- How it is done today
- Read settlement emails or payout reports and subtract commission and shipping in a spreadsheet.
- Cost or risk
- Commission and shipping deductions go unnoticed and channel decisions rest on gross sales.
- With Finocket
- A monthly view of gross, commission, shipping fee, TCS and net payout per channel from the settlements you bring in. Fee-line reconciliation is not built yet.
Listing particulars live in many seller panels
- How it is done today
- Type MRP, net quantity, generic name and maker details separately into each marketplace and the own store.
- Cost or risk
- Different MRPs or missing maker details across channels, which a listing has to carry.
- With Finocket
- Keep MRP, net quantity, generic name and manufacturer, packer or importer on the item once.
Stock sent to a marketplace warehouse disappears from view
- How it is done today
- Track stock at the own warehouse and the marketplace warehouse in separate sheets.
- Cost or risk
- Overselling from one location while stock sits idle in another.
- With Finocket
- Each warehouse, including a marketplace warehouse, is a location with transfers between them. Marketplace warehouse stock is not synced from the marketplace.
Freight is billed inconsistently
- How it is done today
- Add shipping as a free-text line with whatever rate the person billing remembers.
- Cost or risk
- Shipping charged without GST or under the wrong SAC.
- With Finocket
- A freight charge preset with SAC 996511 and its GST rate, which you can add to an invoice that carries shipping.
Parcel weight disputes cannot be checked
- How it is done today
- Weigh parcels at dispatch and rarely write the figure anywhere.
- Cost or risk
- Courier weight charges are paid without a record to dispute them against.
- With Finocket
- A packed-weight field in grams on each item. When every item on a bill has one, booking a parcel fills the weight in from them; you can always type your own.