Kenyan business evidently faces a myriad of challenges in operations. One of the challenges facing organizations is the manual way of conducting operations.
The finance team is unable to have a visibility of an all-round business spending. A lack of access to comprehensive expense data makes it challenging to identify areas for cost reduction for the business and evidently affect the optimization of spending opportunities that may bring in business for the company.
Additionally, we have heard of many businesses who have had many cases of frauds. According to PricewaterhouseCoopers (PwC Kenya) 2020 report, PwC Kenya Economic Crime and Fraud Survey, at least forty four percent 44% of Kenyan companies that experienced economic crimes in the year 2020.
In Kenya, internal forces; board, management and operations staff have been reported to be the most common perpetrators unlike globally where external parties played a huge role in financial misappropriation.
Operations staff fraud was the highest of frauds committed by internal staff at fifty-three percent (53%) which was an indication of the ineffectiveness of internal controls. This showcases how, with having a digitized financial system, organizations can be able to track spending.
Reconciliation headaches occurs where finance team has to undergo various paperwork to be able to track spending for the company.
In the long run, this could be losing the companies money as individuals may lose track of company expenses especially when the business expands extensively.
We all understand that organizations employees will in one way or another always seek expense funds to further the business endeavors.
Finance officers always face a huge task in managing manual paperwork for expenses and reimbursements as they must sift through numerous receipts.
The digitized systems will ensure that reconciliation and reimbursements is handled in a very effective way that minimizes risk for both the employer and the employee.
In addition, the slow reimbursements of employees due to manual work of perusing through tones of reimbursements claims may lead to a low delivery of stated work for the financial officers and in addition delay of reimbursements for employees which might lead to loss of employee morale.
Inflated or fraudulent expense claims also poses a major risk to organizations protecting their bottom line. Finance officers who uses manual expense tracking may not be able to grasp the extent of pilferage in the long run.
Boya, a technology company, provides an expense management solution that is catered for Kenyan organizations. The system integrates seamlessly into an organization’s system and enables real-time visibility of expenses that evidently assists the business to manage budgets, save time, and reduce waste.
Boya assists an organization to automate and have transparent expense tracking between the employer and employee offering real-time monitoring of business expenses in addition to offering digital receipts and automated reconciliation to give an employer peace of mind.
The company recently launched its virtual expense card which will helps businesses to manage payments and expenses with one virtual card solution.
The platform is designed to streamline and revolutionize expense tracking and reporting for businesses of all sizes with this groundbreaking solution that empowers organizations with unparalleled control over their financial operations.
The integration efficiently tracks, manage, and reconcile company expenses, streamlining financial processes and promotes financial transparency.
Additionally, the software company enhances security and fraud prevention that enables real-time alerts whenever a transaction occurs and fraud detection whenever an abnormally takes place. Also, whenever an approval is required, instant approval is granted which ensures faster and efficient service.
Financial insights received empowers organizations in the overall decision making. This ensures that overall spending is taken into context with cost optimization being the key metric in business trading. The impact in the economy is that more businesses are able to survive and depend on the insights to be able to become profitable in the long-term.
