Fix Your Third-Party Deliveries Through An Automated Reconciliation Process

Third-party delivery services have experienced unprecedented growth, more than tripling since 2017, yet many businesses struggle with inefficient reconciliation processes that lead to revenue loss and operational challenges. The traditional manual reconciliation approach creates numerous pain points, including lack of visibility, potential fraud, and frustrated employees.

The Current State of Third-Party Delivery Reconciliation

The reconciliation process for third-party deliveries is often broken and outdated. Without proper reconciliation, businesses risk losing money through oversight, overpayment, or employee theft. Common challenges include:

Order Number Mismatches

The order numbers from third-party delivery services frequently don’t match POS system numbers, making transaction matching difficult. This discrepancy creates confusion and requires time-consuming manual verification.

Tax Calculation Issues

Differences in tax calculations between third-party platforms and POS systems can lead to double payment or underpayment of taxes. This becomes especially critical when determining whether the restaurant or the delivery service is responsible for tax remittance.

Pricing Inconsistencies

From the moment a customer places an order through a third-party app, there’s potential for incorrect food pricing and tax calculations. These discrepancies can accumulate over time, significantly impacting your bottom line.

Benefits of Automated Reconciliation

Automated reconciliation delivers significant advantages that streamline financial operations and enhance accuracy.

Enhanced Accuracy and Control

Automated systems dramatically reduce human errors by implementing consistent reconciliation rules across all transactions. The technology can match transactions faster and with greater accuracy than manual processes, ensuring reliable results and better financial control.

Time and Resource Optimization

Organizations can reduce reconciliation processing time by up to 95% through automation. Finance teams typically spend 30% of their time on manual reconciliation tasks, which can be redirected to strategic initiatives through automation.

Improved Compliance and Security

Automated systems maintain comprehensive audit trails and enforce strict compliance measures automatically. The system provides detailed tracking of all activities, including timestamps and click history, making audits faster and more transparent.

The Impact on Business Operations

Real-Time Visibility

Automated reconciliation provides immediate access to financial data, allowing quick identification and resolution of discrepancies. This real-time monitoring enables better decision-making and proactive problem-solving.

Cost Efficiency

Organizations can achieve significant cost savings through:

• Reduced manual labor requirements
• Fewer error-related expenses
• Prevention of revenue leakage
• Lower write-off costs

Standardized Processes

Automation creates consistent, standardized reconciliation procedures that run automatically at the end of each accounting period. This standardization ensures uniform processing across all transactions.

How Lio Revolutionizes Reconciliation

AI-Powered Capabilities

Lio’s platform features an intelligent rule engine that increases match rates from 60% to over 90%. The system automatically reconciles mismatches in policy numbers between partner statements and internal records.

Seamless Integration

The platform offers effortless data integration, allowing users to simply upload partner statements and internal records while the system handles the reconciliation process automatically.

Efficiency Optimization

Lio achieves a 99% reduction in manual effort by automating data entry and cross-referencing tasks. The platform includes smart policy tagging that automatically categorizes commissions and manages policy endorsements.

Future-Proofing Your Business

Scalable Growth

The automated system easily adapts to increasing transaction volumes without requiring proportional increases in human resources. This scalability ensures sustainable growth without compromising reconciliation efficiency.

Technological Advancement

Modern reconciliation platforms incorporate artificial intelligence and machine learning capabilities. These technologies continue to evolve, providing increasingly sophisticated solutions for complex financial operations.

Risk Mitigation

Automated reconciliation helps prevent fraud and errors through continuous monitoring and immediate flagging of discrepancies. Companies can reduce fraud-related losses by up to 52% through automation, significantly improving financial security.