Overcoming Financial Challenges Via Cash Management Solutions: Kimzy’s Story

Read on to discover how Kimzy’s embracing tailored cash management solutions streamlined operations, enhanced financial security, and helped the SME thrive.

Small and medium South African enterprises (SMEs) face unique obstacles. These challenges result from various factors, including but not limited to the country’s unstable economic climate, lack of proper infrastructure maintenance, and high crime rates.

In a study spanning 15 years, the University of the Western Cape found that 70-80% of small businesses fail within five years. So, what about the few that do succeed – what do these businesses have in common? Well, in nearly 40% of cases, strong leadership driven by action. And this absolutely rings true for the subject of today’s success story: Kimzy’s Florist & Gifts.

Owner Prabashan Narianan’s dedication to his business and perseverance to succeed ensured that its cash management challenges got dealt with long before they could affect the bottom line and see the business go the way of so many competitors.

Read on to discover how Kimzy’s embracing tailored cash management solutions streamlined operations, enhanced financial security, and helped the SME thrive.

kimzystory1

 

Prabashan’s Journey to Kimzy’s Florist & Gifts

Armed with 20+ years of experience as a senior credit risk manager, Prabashan embarked on a new entrepreneurial adventure. Under his leadership,  1YT Solutions, a full-service IT company, demonstrated significant growth – particularly in the banking sector. The success earned the company  recognition and acceptance into a supplier development program for a leading South African bank.

After this resounding success, Prabashan with the guidance of a close friend grew determined to also innovate within the retail sector, which is how Kimzy’s Florist & Gifts came to be. Located in Terminal A of the O.R. Tambo International Airport, the startup quickly gained momentum thanks to its owner’s commitment to innovation, agile decision-making, and customer satisfaction.

 

Kimzy’s Cash Management Challenges

As business continued to pick up for Kimzy’s Florist & Gifts, obstacles emerged regarding the startup’s cash transactions. The reconciliation process against the point of sale (POS) system was far more complicated than it needed to be, eating up plenty of staff time while increasing overheads. Another area that needed improvement was the safe and accurate storage of cash receipts before banking to ensure all transactions were accounted for daily.

Finally, because the amount of money coming into the store was on the rise, Prabashan knew it was crucial to sharpen up cash security – lest he fall victim to pilferage or the like.

Deposita’s Cash Management Solutions

During his search for cash management solutions, Prabashan came across Deposita. After getting in touch with our managing director Sid Moodley, he was promptly connected with the greater Deposita team, who helped identify precisely the tailored solution for Kimzy’s Florist & Gifts’ needs.

The answer to the startup’s problems was threefold. Kimzy’s received:

  • A Protector 1 200 sp automated banking machine (ABM)
  • A merchant POS system, which included both hardware and software
  • A merchant handheld payment device

 

The Protector 1 200 sp as a Turnkey Payment Solution

Compact but comprehensive, the under-the-counter Protector 1 200 sp is among our single note feeder ABM solutions. It’s perfect for the SME environment where space and staff are limited, plus it features state-of-the-art technology that prioritises security.

Management and staff alike will enjoy spending less time on manual cash management activities and accessing accurate financial records in seconds. A huge time and money saver, the Protector 1 200 sp allows you to do more with what’s yours – spend more time and money on customer satisfaction and growing your business.

Protector 1 200 sp Benefits

  • User-Friendly Interface: The ABM’s touch screen makes information capture a breeze.
  • Ultimate Peace of Mind: With password-controlled access, a traceable cash container, and 24-hour on-site visibility, your only worry is running your business.
  • Improved Cash-In-Transit Efficiency: Schedule your CIT collections before your device is completely full to avoid downtime and enhance productivity.
  • Custom Reports: Access tailored reports, transactions, and CIT receipts anytime and from anywhere thanks to Connector Report.

kimzystory3

 

How the Protector 1 200 sp Made a Difference at Kimzy’s

After implementing our tailored cash management solutions, Kimzy’s Florist & Gifts experienced positive change throughout the business. For one, it empowered Prabashan to remotely monitor deposits and provided transparency regarding daily, weekly, and monthly transactions. Every cent to enter the Protector 1 200 sp was now accounted for, ensuring accurate accounts at all times.

“My store manager highly praised the solution, emphasising how it has significantly simplified her cash control and reconciliation processes.” – Prabashan Narianan, Owner of Kimzy’s Florist & Gifts

Upon being asked about the benefits he’s seen since the installation of his end-to-end system, Prabashan had this to say: “As a business owner who cannot always be present on-site, the Deposita cash management solutions provided me with the assurance that cash handling, safety measures, and reconciliation processes are conducted within acceptable timeframes.”

Ultimately, Prabashan revealed he “found the Deposita solution to be straightforward, user-friendly, and perfectly aligned with all of my business requirements.” Now his startup’s funds were not only safely and accurately stored, but he could look up the financial records with ease.

Deposita: Your Partner in SME Growth and Financial Security

Deposita is a trusted cash management solutions provider across the retail, wholesale, banking, and food service sectors. Why? Because we offer custom solutions like the one at Kimzy’s Florist & Gifts.

When you have to worry and spend less time on manual cash handling practices, you’ll have more resources to address business expansion. And like you, we’re always innovating to ensure we only offer the best solutions – which is why we’re thrilled to reveal the release of an all-new Protector 1 200 sp Pro in June 2024! Equipped with, among other things, a backup battery, this device is ideal for SMEs struggling with loadshedding.

If you’re looking for a partner who has your business’ back when it comes to all things cash safety and management, then we’re always here for you.

Also have a story of how Deposita helped your SME? Then reach out now. You might just get featured in an upcoming article.

Keep up to date

fading red line

RECENT BLOGS

Deposita
Memberships and accreditations
bsi-assurance-mark-iso-27001-keyw
bsi-assurance-mark-iso-9001-2015-keyw