Retail Capital was founded 10 years ago to support entrepreneurs and small businesses by providing easy access to funding.
Since its inception, Retail Capital has supplied nearly R5.5 billion in funding to its clients.
In the next 12 months, it is expected to pay out up to R3 billion – which shows how rapidly Retail Capital is growing.
While this growth is great news, it has also brought about a new challenge: Retail Capital’s growth has been so rapid that it has needed to upgrade its existing technology stack to keep up.
While the company’s existing solutions had been effective for many years, it became clear that Retail Capital now needed solutions that were designed to support the needs of an organization of its current and future size.
“In the last three years we’ve started to hit an inflection point where we realised that the rate of scale and growth in our business was increasing massively,” said Retail Capital CFO Tyler Posthumus.
“We needed to ensure that we built a platform and a foundation that could support us through that growth.”
“We needed to ensure that we moved towards a gold standard finance platform – something that was built using modern-day, cloud-based technology with well documented open APIs.”
Retail Capital, therefore, made finding the right technology solutions a primary focus – and given its continued success, this was evidently the correct strategy.
Importance of automation
One of Retail Capital’s biggest priorities has been implementing automation into its processes – and this has hugely helped the business to grow at scale.
“In the last five years since we’ve been trading, we haven’t had to add a single person to our finance team,” said Posthumus.
He explained that this was because 99% of the transactions that Retail Capital performs are completely automated.
“Automation has been the enabler for our business that has allowed us to handle its high rate of growth,” said Posthumus.
This was particularly important in its financial management software – and its solution was to use AWCape’s expertise to implement Sage Intacct.
“We were their Sage business partner for a long time on their previous system, so we knew their business well,” explained AWCape Managing Director Jeff Ryan.
“The one thing we loved about Retail Capital is how they looked to the future and to scale their business to manage their capacity before it becomes an issue.”
AWCape recommended that Retail Capital move to Sage Intacct and guided them through this process.
Sage Intacct provided Retail Capital with greater adaptability and even better features than the previous Sage solutions Retail Capital used – including improved support for key automation processes.
“Sage Intacct, which Retail Capital adopted into their finance organisation, is a cloud-native product, and it gave them the capability to start modernising their finance capabilities,” said Gerhard Hartman, Vice President of Sage Africa.
Source: BusinessTech – www.businesstech.co.za
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