Team Happay
By: Team Happay
Published on: May 4, 2017

Making Soch Cashless with Happay

In Part I of our retail exclusive series, Mr. Radha Krishnan, CFO of India’s top ethnic wear brand Soch tells you his story of why and how he tackled one of the most pressing concerns in retail (separating petty cash from sales cash) and helped Soch #Go Cashless in the most efficient way possible.

Q: What was the problem you were facing with petty cash at the store level?

Mr. Radha Krishnan: With 95 stores locations across India, the amount of cash that we handle at Soch is huge and tracking the cash effectively was the key challenge for my finance team.

One of the critical problems that we were trying to solve at the time was –

how to avoid store staff from dipping into the sales cash for their day-to-day petty expenses

Q: Why was there a need to separate petty cash from sales cash?

Mr. Radha Krishnan: Our staff would take petty cash from the store cashier after getting permission from the HO (Head Office) via email. Once the cash was spent, they would enter the details in the POS.

The problem with this practice was – I was not able to bifurcate what is my cashier’s amount and my petty cash amount. If you were to take more or less from the cashier, I wasn’t able to control anything.

Q: How did you go about solving the problem?

Mr. Radha Krishnan: We took a structured step-by-step approach. We explored different alternatives, weighed the pros and cons until we were sure we had found a solution that helped us accomplish what we needed to.

Q: Where did you start and what were the different alternatives that you explored?

Since our staff was taking the cash from the cashier, we first tried looking for a solution in our cashier (POS) software. We wanted to check if any entries could be done in the software that would help us understand how much petty cash was used.

The provision was not there in the POS software.

In spite of repeated requests, they had not done anything. Next, we tried looking at our ERP software.

Unfortunately, even our ERP software did not have any provision for a separate petty cash account.

Since we couldn’t find a way of differentiating petty cash from the cashier or the ERP software, we decided to explore the idea of transferring the cash to the store manager’s bank account but that came with its own set of troubles.

Any transfer to a person’s salary account was viewed by the income tax department as income and that created tax issues.

Now since we were doing an internet transfer, we were able to mention it was to be used for a specific purpose. But even if you mention the reason, the store manager has to go and withdraw the money, keep it separate and all sort of things.

We even tried depositing cheques in the employee’s name.

But the bank wouldn’t know whether it was for traveling, petty cash, or for something else – they will simply say it’s from MD retail. After considering many such different alternatives, one thing became clear to us.

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What we were looking for was an ATM type card that wasn’t linked to any personal or salary account. And Happay served the purpose, so we thought we would go ahead with it!

Q: What made Happay an ideal fit for Soch?

Mr. Radha Krishnan:

The first thing I liked about Happay was that I didn’t have to pay hard cash to any of my stores.

I could give each store a Happay card and put the money directly on it, that too in seconds.

The second was the ease in which my staff could take a photo and submit the bill then and there via their mobile app. They didn’t have to wait until the end of the day.

Besides the speed and convenience of cash transfer and expense reporting, I now have complete control over company expenses via Happay’s online platform. I can track all expenses down to the penny and also know what is the ‘cash on hand’ at each store with just a click of a button.

I would summarize by saying that, if you want to have control and, especially after demonetization you want digitization, go for the Happay card. Be happy with Happay.


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Team Happay
The editorial team at Happay puts together curated content that helps Indian SMEs and Enterprises take control of business payments. We create content on a wide array of topics from B2B payment trends and spend management best- practices to real-life case studies of how CXOs of different organizations use automation and mobility to manage business spends more effectively.

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