Full Webinar Transcript
Okay, I think we have enough folks online to get started. My name is April, and I’m a product marketing manager at Celigo. So if you’re following us, you might have seen we recently launched the Celigo business process automations. And as part of this, we have been hosting a series of live events, and this is the final event in the series. So in the previous space, we introduced business process automations for employee onboarding and offboarding for ABP. And then we introduced data warehousing for Snowflake and Google BigQuery. And today, we are going to talk about payout reconciliation for NetSuite. And we will show you how your organization can save thousands of dollars by automating this process. And I’m here today with Chris, who is our senior solutions consultant but also a business process automation expert. And he will show you the product live in action. So if you have any questions during this demonstration, you can type them into the questions pane. And right after the demo, we will have a Q&A, and we will get to your questions. And one last thing I would like to get your attention on is right after the demo, we will give today’s attendees a chance to unlock two months for free on any new payout reconciliation business process automation. So if you’re interested, stay tuned, and you will be able to activate that offer during this event. Okay, so, yeah, for those of you who are not already familiar with Celigo, we are an iPaaS, integration platform as a services company. And so we are a global company with six offices worldwide. And today, we have more than 450 employees. And we have over 4,000 customers. Some of them are very well known. You can see the logos here on the screen. And as of right now on our platform, our customers automate more than 40,000 business processes. And every month, more than 6.6 billion records are processed on the platform. And we are also highly rated on the industry’s well-known software review sites such as G2, Gartner, Salesforce, AppExchange, and many more. So now you may ask why thousands of customers chose Celigo over any other integration solution. So it is simple. So while our platform is sophisticated enough to match the needs of a technical user, it is also built with the business users in mind because, at the end of the day, as Celigo, we want to help automate business processes across the entire organization by making integration easy to use for anyone. But that’s not the only thing. So we actually go beyond integrate anything to anything. So we automate and optimize business processes, and we also have embedded business logic. So what that really means is best practices based on learnings from our customers, their automations from the industry, and what the software vendors are recommending. We have all of this built-in so that you don’t have to figure out where to start, how to start, or what your ideal workflow should be to automate the business process. So everything is there already set up for you. And we are the only iPaaS to do so. So we provide you with two options to accelerate your digital transformation. So you can either build your own business process automation from scratch or you can select from our portfolio of manage customizable and pre-built business process automation and get easily started. So now let’s talk about a path to reconciliation. So, yeah, today on our platform, we already have a good number of customers that are automating this is this process. And I can easily tell you that if you are here today and looking into an automation solution, it means you’re probably spending at least $15,000 a year on manual processes. And this is only a conservative approach because based on your sales order volumes, this number will go up. And if you’re operating a multichannel business, you’ll probably have multiple payment gateways in place on different platforms. Again, this process will take more time and this will go up. And the other thing is this number here, it doesn’t even capture any unidentified payouts discrepancies that actually leave thousands of dollars in lost revenue. So that can be based on how well your operation runs may be thousand dollars a year, but maybe it’s 10,000 or $50,000 a year. So, I mean, I’m curious since you’re already here, just if you know what was the maximum amount of payouts discrepancy you are able to identify over the years, just type them into the questions pane and then I can share it with the audience at the end. So I just want to see what you have been experiencing. And so now let’s do a quick recap on the business process. So it starts with downloading the payouts reports from the payment gateways. And then, again, right, If you have multiple payment gateways, you’ll have to repeat this multiple times and then you’ll try to match the payouts against individual sales transactions within your ERP system and then identify incorrect missing payments and work on them. And you will potentially raise any disputes with your payment gateway provider. So it’s a very small, error-prone, and repetitive process. And timing is crucial because the sooner you complete this with better accuracy, it will help you close your books faster, gain cash visibility so that you can do some healthy financial planning. So having said all of that, so I would like you just to take a moment and think through what is currently wrong with your current reconciliation process. So just try to answer three questions I have here. So first one is, does sales growth put a toll on your accounting team? So what that really means is as business and sales volumes grow, does accounting just become more painful and does it become more challenging to accomplish the more intense close on time? Number two so is your go-to solution to speeding up these accounting processes is just hiring more accounting resources. So, of course, there’s nothing wrong with that process. I mean, you might be also wondering, aren’t there easier, more efficient, scalable and cost effective solutions out there? And number three is, do you fear that there are actually some payout discrepancies that may have slipped by unnoticed? And currently there are actually some gaps in your reported revenue? So those are the questions. And so I assumed you answered at least yes to one of them. And we have actually a solution now. So at Celigo we want to help organizations streamline their accounting processes so that they don’t have to fear the success of their business. And then when we looked into this specific process, we understood that today’s e-commerce businesses, they will have multiple payment gateways to sell across different platforms, channels, geographies so that they can provide their customers the best buying experience. And so we introduced the Celigo payouts reconciliation business process automation for NetSuite. So instead of a point-to-point integration and automation solution, with this we actually automate the process across multiple payment gateways. So today we support PayPal, Stripe, Amazon Pay, and it’s all done through a single product. And so that’s not all, and we just keep adding more payment gateways as we identify what our customers need. For example, Braintree is right now in beta, and it will be available for the general public within the next months, actually. So if you are interested, you can just let us know and then we can notify you as soon as it’s ready. So, yeah. And just to add to that, so today we are the only iPaaS that can automate business processes between multiple source applications and a hub through a single pre-built integration. And so what we did here is, as I mentioned before, we used the learnings we gathered by working with thousands of e-commerce customers, NetSuite customers. And we built in accounting best practices, NetSuite best practices into this process. Also like accounting best practices specific to e-commerce through our unique embedded business logic. So this new product, it eliminates risk of lost revenue due to any unidentified discrepancy. So now you can identify and raise them with the payment gateway provider much sooner through automation. And it definitely helps you scale streamline your accounting processes so that you can easily reconcile growing volume of transactions without adding any additional headcount. And then the other thing is– So we have a guided user interface, and also we have AI-based error management, which actually empowers business users to self-service set up and also self-service manage this automation without dependency on any IT resources. So we have actually customers across accounting departments, accounting that manage these integrations themselves today. So here I will stop, and I will let Chris take over so that he can talk to you more in detail how this product, the workflow, everything works behind the scenes. And Don, he will also show you a live demonstration. So if you have any questions, please type them into the questions pane, and right after Chris’ demo we will be having a Q&A. Chris, it’s all yours now. Okay. Fantastic. So with our business process automation app for Amazon Pay, as well as various other payment gateways that we’re working with here – so everything we see on the screen from Amazon Pay, Stripe, PayPal, and Braintree, which is on the way – the idea for this is to automatch payment gateway settlement transactions against open and outstanding NetSuite transactions, so customer payments, cash sales, cash refunds, deposits, customer refunds, etc. And it would also provide you with details about the unreconciled items, transactional and non-transactional fees charged by that payment gateway. So different payment gateways such as PayPal, Amazon Pay, Stripe, they will generate a report with the settlement or balance transactions from those various third-party frontend systems. So it could be Shopify. It could be a custom home-built solution that you have for your e-commerce. But regardless, it works throughout all of those different frontend environments, and we’re integrating directly into that payment gateway so that we can start pulling down those specific transactions for you. So if you’re spending a lot of time manually reconciling your transactions and creating these deposit records in NetSuite, going line by line from those settlement transactions, moving funds from undeposited funds into your cash account, this is an automation that could really help you there. And so from here, if we could go in and move to the next slide, please. So this is what we would see if we were to log into Amazon and take a look at that settlement report, the detailed breakdown of all the transactions, and specifically the transaction types. That’s really what we’re looking at here to identify how we’re going to pull in and associate those different transactions from Amazon to NetSuite and, again, reconcile all those for us. So from here, let’s go ahead and jump into Celigo, and we can talk a little bit about how this is all set up on the backend. All right. So let me show my screen here. All righty. So everyone should be able to see my screen here. It should be Celigo and specifically our payout-to-reconciliation business process application. So this integration app is built on top of Celigo’s integrator.io platform. So it has the ability to scale with you as your business grows and transaction volumes get higher and higher, which is a great thing, but at the same time there’s going to be more data to then sift through. But at the end of the day, you’ll never have to worry about finding a tool that will grow with your business to realize your company objectives. This is going to be a tool that will scale with you as you continue to grow. And it is a pre-built, fully managed application by Celigo, and it’s built based on best practices as well. So this integration application would have defined exports, imports, field mappings, and really our core focus will be on configuring our integration, not building it. It will also be maintained by Celigo. So as we enhance the integration application, we can roll out those enhancements to all of our customers. And again, Celigo will focus on maintaining those, so all you need to worry about is really your core business and what you need to do to scale and grow. And it was built, again, like everyone had talked about, with the end user role in mind, meaning that this is typically an accounting function. We’ve used our own customer feedback to ensure alignment with your functional and technical requirements and use cases. Now, from here is where I can take a look at all the various payment gateways that I can see here. I can also come here in the top right and I can filter out between the different gateways that I am utilizing throughout my different sales channels. So with PayPal, we have our own PayPal section. Stripe, same here as well. Now, what we would see here is actually Amazon Pay. This is going to be– I actually just named this SE demo, but you would have this named as Amazon Pay where we can see the different types of integration flows that are built in and baked into the solution here. So this is really kind of a two-step scheduled flow. And the first step here is going to be how we go and fetch respective settlement report lists from Amazon Pay and then get the respective transactions from our settlement report, so the Amazon Pay settlement transactions. Then, once we get those transactions, we’re going to take all of those, and we’re going to be creating custom records in NetSuite. But we will also be creating a native NetSuite deposit record. So at the end of the day, there’s going to be multiple places that you can go and run reports off of to understand where some of those variances are being driven from, raise their speeds quicker, and at the end of the day just give you more time back in the day so you can further analyze your data rather than doing things like one-to-one matching all the way down the line. Okay. So if I drill into this flow, for example, we can see some of the steps that we’re doing. So when we go and get those transactions from our Amazon Pay settlement report, we’ll then create one of these NetSuite custom records. So we’ll have a payout record that would store all that information about that specific transaction from Amazon, and then that record will also be created for you as part of a bundle install. So even the records, how they’re related to the native NetSuite deposit transaction, all of that will be built for you. So again, you don’t have to spend the time configuring and setting NetSuite up so that, again, you’re focused more so on getting everything up and running from more of a configuration standpoint in the integration. And again, we’re going down the line here. Then as soon as we create that deposit or, excuse me, that custom record, then we come in and create deposit. If there are any variances that we identified, we would then create those as another custom record that again would be created for you now, when it comes to the setup here, really, that’s going to be done within our settings tab over here. So like I mentioned, a lot of this integration will come prebuilt. Our focus is targeted at setup and general configuration. So let’s just take a look at what that kind of entails here. So when we’re looking at things like our NetSuite bank account, this is pretty self-explanatory. Choosing our NetSuite bank account to deposit funds received from Amazon Pay. We can also identify a specific account in RDL to track our variances. So this is dynamically looking into our NetSuite instance and pulling in those related chart of accounts for us. Okay, so if there’s variance that’s reported, maybe it’s a mismatch or a missing transaction. We will tag that for you here and give you a little bit more granularity in terms of where to find that. Now, the next setting there would be the NetSuite GL account to track transaction fees and refund fees. So here, again, choosing typically, and that’s what expense GL account to track those fees. So fixed fees, percentage fees, refund fees, for example. And then, on our NetSuite deposit record, you’d be able to find the positive fee amounts underneath certain sub-tabs as well as the negative fee amounts on others. And I will touch on that as we dive into NetSuite and show you how this would all look within the user interface. And by default, all the transaction fees, the refund fees are tracked against the same GL account. However, you can also include additional mappings in our integration flows to track refund fees to a separate account, for example. So we can also designate different transaction types to map our Amazon Pay, non-sales transaction types to corresponding NetSuite accounts. So, for example, if I am processing– no. If any transaction matches with a type that you specify in the setting, then we’ll post that to that specific account. So, for example, disputes. If you wanted to tag disputes to, again, a specific GL account within NetSuite, you’d be able to further refine that here. And a separate line would be added for a unique, unmapped, non-transactional type. And we also have our default NetSuite GL accounts. So this is really kind of a catch-all, so allowing us to still process that transaction and those records and have that hit a certain GL account when certain types are not mapped. And then the last setting that we have here is a lag setting. So this is really for anyone that is billing transactions, post fulfillment, capturing payments, and sales channel at time of order placement, for example. So it just helps reduce the potential for missing transactions if there’s a lag between the time payments are captured and the creation of the payment record in NetSuite. Okay, so these settings here, again, it’s a lot of dropdowns, a lot of pick lists. It’s really again more so configuring our integration with these basic settings and then from there being able to further refine that through our fuel mappings and adding in any additional pieces of information that we would want to leverage. So in our integration flows here, for example, with how we, for example, will get that settlement report and its transactions, that’s something that would be a scheduled flow. So we can come in here and actually determine the frequency that we want to run this at. So Amazon, they would actually generate this daily. So if you wanted to run that, cadence, you absolutely could. Or if it’s once a week, this is where you can essentially just come in here and set this up once and then kind of forget about it. It will run in the background based on the interval that you specify. And then move in kind of more so into our integration up here. We can just talk a little bit more about– also, we can run that on demand. But then, at the end of the day, we are creating those deposits. So let’s go ahead and take a look at what that looks like inside of NetSuite. So what’s in our deposit records when we pull up something here? So this would be the ultimate kind of final end all be all transaction that we would create for that deposit record in NetSuite. And here’s where we’ve identified the various transaction types that we were able to match. Here, we’re just looking at our cash sales. But again, this could be customer deposits. Because they’re payments, there is a slew of different transactions that we’re going to be looking for. Then we would have our other deposits here. And this would be kind of what I was mentioning earlier as far as being able to track some of those specifics when it comes to the positive amounts here. And then negative fee amounts would be on our cashback tab. Again, these are being tied to those NetSuite GL accounts that I designated within the integration app. So this is going in and proactively assigning these GL accounts based on our specific settings. And every single payment gateway can have their own settings. You’re managing that all through one integration app, one system, one screen, really. Right. Here is our payout transaction. So it’s related to our deposit here. And we can see that source payout transaction record that we create for you as well as a variance transaction that was also created once we ran that integration flow. So if I want to go in and take a look at that specific record, here’s where we’re capturing some of the details around that specific transaction, our payout ID, our amount, and, again, how we’re linking that back to that core deposit. And then, if we identify any kind of variances, such as missing transactions or amount mismatches, that’s where we can see our payout variance, transaction record. And then, from there, be able to again further dig into this if we want to see exactly what’s going on within this transaction. So we can see the tape. We can see the deposits. It’s again tied to the variance amount and really kind of a reason code or the variance type that’s been tagged with. And here, we have our IDs. And so this is what we can use to search and group things together. Because these custom records are available, that’s where you’re able to leverage native NetSuite reporting tools to help further identify and proactively notify you anytime. For example, we’re creating a payout variance transaction record with a certain type or over a certain amount, something that you need to be able to see to be able to jump in there and go look at a deeper level. So really, just being able to leverage a lot of those native NetSuite tools in order for you to be able to, again, report on those things but also leave the focus on more of the analytic work rather than trying to chase down specific transactions, rates disputes when it’s very hard to identify those without integration. Okay. And then for each of these transactions, again, we’re going to have things like our transaction amounts. These are nets. So if there was an amount mismatch, we would see all of those different transactions here on this one screen. So being able to, again, have this one single source of truth being NetSuite with these records being created for you in the background and again leaving you more time to focus on what really matters to help you grow and scale your business for you. Okay. All right. So then from there, that’s really just kind of getting into a high level some of the things that we’re tracking can also look at the memos. The different transaction types would all then be reported on and you can look at, for example, deposits against all those various transaction types and then be able to see what’s paid, what was successful, what’s been settled and then all that being able to just further refine and drill down into what you need to do. So really, this is unlike any other payout reconciliation app where we’re leveraging not only the scalability of the iPaaS platform, but giving you the ability to scale and grow, but also having multiple different payment gateways within that one app. So again, you have one screen, one place to go to any time you need to make adjustments, any time you need to follow up on– maybe it throws errors at you, for example. So if I come back into Celigo, here’s where we could set up, for example, all of our different users within the integration app and assign them different levels of access. So different people within the company based on their roles and how comfortable they are in Celigo, they can be able to manage our integrations where they can actually affect things like field mapping and update those on an ongoing basis or if it’s just more of a monetary level role, which is much more like a read-only access role. But you could set someone up on that so that they could receive things like job error notifications. So any time and individual flow would throw an error for any given reason, we would be able to be notified of that. We would get a job error message that would be sent to our email inbox, and we can all specify which flows we want to receive those notifications for. So if I want to receive them for both, I definitely can, and every user can essentially come in here and establish their own subscription preferences to these integration flows. So making it again very easy for end-users to just come in here, set this up once, and then on that ongoing basis, be notified of any issues. Or if a connection to something like Amazon goes down for any reason, we would be able to be notified again of that. You will also be notified by the vendor itself to ensure that you’re able to get in there and process transactions. So any time a connection goes offline, you’ll actually be able to retry those flows. So we will store what we call retry data here on our dashboard. So we’d be able to actually see how many flows, how well they’re doing between these two flows, and if they do throw any errors, we’d be able to retry those and we’ll store that what we call that retry data for up to 30 days and then we purge it after that. But that will give you ample time to go in there, troubleshoot any errors that did pop up, or if a connection was down for any reason, be able to push that data through. So at the end of the day, you’re never going to lose data as a result of a down connection. We’ll also have a full-blown audit log here at the individual flow level, and this would be more so at the holistic integration level. But at each individual flow level, we’d be able to see that same dashboard level view. We can monitor the health of our connections and we can also view our audit log. So if anyone’s coming in here and changing certain things around, we can see who is doing what within the system. And if a flow was working just fine before and now it all of a sudden it’s throwing errors at us, we can see if anyone had changed anything in the last few days, for example, to make sure that if there was a significant change, we can revert those and be able to push that data through so that then we can process that, help close our books faster and give you back time in your day. So all these different pieces here again, it’s all, prebuilt, you’re setting up the general settings more so than anything. Then when it comes to things like field mapping, this is where again, even these fields those have been mapped together for you, so you’re not going to have to focus on mapping currency codes or date fields. But if you wanted to add additional fields, you always could. So if we wanted to add, for example, a specific field, our NetSuite assistant will dynamically pull in your NetSuite data. In this case, that’s our custom record that we were just looking at. So if we want to add additional fields, we can simply add those in here as we see fit. Very straightforward point and click. This is something that any user can come in and do. You don’t need to be very technical. You don’t need to be a developer, or hire third parties and then lean on them on that ongoing basis to maintain this. This is really a tool that’s designed to be brought in-house, owned and maintained by you, the customer, so that really you’re able to go on without having any kind of external help. We’ll always be here to help, obviously. But this is again something that just really kind of preaches and lends itself towards self-sufficiency at the end of the day. So if someone goes on PTO, if someone leaves, for example, you’re not going to be stuck with not being able to manage this tool. So we spent a lot of time, money, effort to make sure that this is something very straightforward for end users to be able to maintain for you. So again, making that field mapping even easier for any kind of user within the company, technical or functional. All right. And then, really, that was most of the demonstration that I had planned. So from here, maybe it makes sense to see if we have any questions here. Yes. We already have a few. And just there is a reminder, so you can type your questions into the questions pane. So let’s see here, question number one. Does this solution support different currencies per payment provider at the same time? As an example, we have PayPal accounts with US dollar, and euro, and so on. So with Amazon Pay currently, we don’t support multi-currency Amazon Pay accounts just yet, that’s something that’s definitely on the horizon. So we will be looking to fold into the mix USD, euro, Great British pound, here shortly. Yes. And that second part of the question was mentioning they have actually PayPal accounts with different currencies, and for PayPal, actually, we already have the functionality right now to support multiple currencies. Correct me if I’m wrong, Chris. Oh, apologies. Yes. For a PayPal transactions, yes. We do have the ability to support that. I apologize. In terms of currencies, I was kind of thinking along the lines of Amazon Pay here. Yeah. Thank you. So, I have another question for you. So can I– So for PayPal you could specify– oh, sorry. Go ahead. No, I was just reading the next question. Go ahead, please. Oh, I was just going to say you can specify single primary currency codes within the general settings there, so you’d be able to enter that no problem. Okay. Great. So, the second question I have here. So can I set it up so that the app generates a payout report on a weekly basis and import it into NetSuite, or does this happen outside of this application? So the process we follow, and really how the integration app works, is we’re looking for the payout based on a batch that’s generated daily or based on a report. And Amazon actually generates that on a daily basis, and sends reports daily. So that’s automatically done. So no, at the end of the day. Okay. So another question I have is, how do you manage missing transactions or transactions with variants in totals? Sure. So if we come back into our deposit record here, that would be our variance transaction here. So that’s how we would identify any time that we see a transaction that would be missing, or if there was an amount mismatch. This variant type would say, “Amount mismatch,” and you would have the nets here to be able to go and view. You’d also have a reference to the actual NetSuite transaction here as well. So you’d be able to drill into that source transaction on the ERP side of things to see maybe it’s something that you need to raise a dispute for, and be able to kind of go and have that conversation there. Okay. Great. Thank you. So let me take back the presenter mode from you. So, as I mentioned at the beginning, we have a special promotion only valid for today’s attendees. So if you want to streamline and scale your accounting processes with your growing sales and save your organization thousands of dollars in accounting work and lost revenue now, so you can easily get started with this business process automation. So, we have this special offer for you. So if you type unlock into the questions window right now, we will activate two months free on your new payout to reconciliation business process automation subscription on us. So again, if you’re interested, just type unlock, and we will reach out to you about this. And this brings us to the end of today’s event. So we are always interested in hearing about your accounting challenges or other back office challenges, so please visit our website at celigo.com, and reach out to us through the chat window there, and we will be happy to schedule a call and discuss how we can help you accelerate your digital transformation. Thank you everyone for taking the time and attending this event. Bye.