5 Reasons Why Boya is An Ideal Expense Management Platform for Your Business
Getting your financial management right could be the first step in your business success journey.
One way to achieve this is by ensuring that your business continuously invests in smart-tech-based financial platforms that provide a better track of their company expenditure.
As with many other aspects of your business, technology can help reduce the burden of managing and controlling your employee spending, which is often viewed as lengthy and time-consuming.
With emerging technologies such as data analytics, automated processes, cloud, and consumer transformation, businesses can reap the benefits of financial freedom with agile sprints that are achievable in a single quarter instead of an entire year!
These first-tech approaches to finances and payments solutions are great for top-line growth and change the norm for operating businesses efficiently.
The Boya Platform has helped some companies, such as Vivo, Tawi Travels, Koko Networks, Ponea Health, and many more companies, keep track of their spending and better control how every department uses resources!
Here are a few benefits these companies are reaping from the Boya expense management platform and why the platform can be Ideal for your business.
It helps you easily track employee spending.
When it comes to employee spending, most purchases happen on the go, and at times, it gets a little frustrating when an employee runs out of cash while in the field and has to make some phone calls to obtain authorization for funds.
With Boya Expense Management Platform, that’s a thing of the past. Through the Boya Dash Board, the Manager can authorize the spending of funds to employees and hold employees accountable for different line items.
The Boya expense management platform also allows managers to efficiently allocate funds to teams on the ground, and all the transactions, especially those done via mobile money platforms like M-PESA.
In cases where one is given a hard copy receipt, the Boya Expense Management Platformallows one to capture the receipt and upload it on the platform digitally.
This helps drive transparency and traceability between teams, ending the tug wars between groups as all the platform requires the users’ to do is attach a receipt, the spending reason, and then assign this to a specific category.
When employees have to spend their money, the platform allows them to quickly upload the cash on the Boya Platform and then seek reimbursement from the office with a digital print. This makes the reimbursement process relatively seamless.
A Cloud-Based Platform hence more secure
Several benefits come with taking up a cloud-based expense management platform like Boya, and one significant benefit is Cyber Security. Most cloud-based platforms are entirely cyber secure as the IT Team can quickly notice any malicious attempts before they hit
The platform also allows your employees to input information from anywhere, leaving less room for lost paperwork and sending sensitive information through email, amongst other things.
You must educate your employees, take them through an onboarding session platform, and make an online course or share ad hoc training materials about things like opening the wrong emails, clicking on bad links, or using non-secure networks.
The more insights you share with your team around cyber security, the more you’ll get the most out of your secure expense cloud.
Integrated with some Automated Accounting platforms
The Boya Platform integration with some accounting platforms like Quickbooks and Xero allows you to sync your reports with other existing financial systems, ensuring all information from both platforms aligns.
The syncing of the platforms also ensures no data gaps or overlaps happen as all data is in one place, enabling the business to pull reports, analyze expenses and provide opportunities to reduce spending.
Helping our business escape the risk of human error by recording transactions as they happen.
It also saves the accounting team valuable time by automatically uploading financial reports to your systems, which, if done manually, would take up more time.
All-In-One Dashboard Manager
The Boya App and Dashboard are simplified to drive efficiency at the workplace. At just a glance, the Boya Dashboard gives managers the power to learn and see their company spending and make glimpses and make better financial decisions.
It takes you less than 3 minutes to sign-up on the Boya Platform, and the App only requires you to follow three easy steps.
As an added value, Boya customers benefit from the free implementation process of the platform and a free onboarding session by the team at Boya for whoever will be managing or accessing the dashboard.
Virtual Cards that make online spending easy
With the growth of e-commerce platforms comes an increase in the number of cases online, according to Statista fraud. E-commerce losses to online payment fraud were estimated at 41 billion U.S. dollars globally in 2022, up from the previous year. The figure expects to grow to 48 billion U.S. dollars by 2023.
If you have been a victim of online fraud where your account information was compromised, you probably know how tedious retrieving card data can be.
Virtual cards have benefited from being entirely and relatively simple to use. What’s more interesting is that the Boya Platform issues you with unlimited free Virtual Cards that feature customizable limits that can be blocked or deleted according to your need.
The virtual cards hence allow you to prevent fraudulent purchases online from affecting your main credit account.