Managing our finances is a big challenge for every one of us. When we have technology at our disposal, why not make the nest use of technology to keep up with your finance management.
If you are looking for an idea to create an app, why not develop a platform that would help people manage your finances easily and effectively. There are many people who want to get a clear picture about their finances including earning & expense, keeping a track of money flow. So, this is one aspect that you could leverage to develop an app.
So, what you should know about expense tracking mobile app development? We discuss below:
What an Expense Tracker App Does for the User?
1. Keep Your Entire Transaction Details at One Place
When you are managing your finances manually, there are chances that you could lose some details. An app will help you have everything on a single platform, do not lose out on any transaction detail, as well as keep the procedure transparent and accurate.
Rather than relying on an excel sheet or a spreadsheet, keeping your finance and expense documents online will help you record your cash payments and transactions effectively.
2. Track Your Receipts
Tracking expense knowing each and every detail of payment done in cash or online. On an app you can store all your receipts and thus track everything easily.
3. Get Accurate Analytics
Even when you are relying on your excel sheets or even a diary wherein you note down and store all your transactions, but these keep the function only up to this level. An app goes way beyond, providing predictive analysis, ease comparison with last month’s finance, categorize what costing is unnecessary or what should be done next month to make for more effective finance management.
With an app, human errors do get reduced comprehensively, which is not even possible completely when you are using spreadsheets or excel sheets.
What Feature to Focus on When Creating an Expense Tracking App?
1. Arranges and Stores Receipts
The most important and major functionality that a user looks from an expense tracker app is that it should keep record of their entire transactions and helps to track them easily. Whether you are making a payment or receiving, all the transactions should be managed easily with the app.
2. Keep up with the Upcoming Transactions
Is a card payment coming up? Do you have to make a payment to someone within a definite time-period? You don’t want to miss out on a recurring payment each month? There are chances that you can sometime miss out or forget some transactions to make. However, your expense tracking app will do that for you, giving you timely reminders.
3. Manages Tax Deductions and Payments
Whether it is personal tax or business tax, an expense tracking app will require you to just upload your documents and then it will categorize your finances into specific categories and afterward provide you detailed info and action plan on tax deductions and payment.
4. Creation of Budget
Budgeting is a basic thing that everyone does, specifically for personal use, and businesses too imply this. Creating a budget can be a complex task, but an expense tracker app helps make and manage it seamlessly.
5. Budget vs. Actual Expense
What is your budget for a certain month and have your expenses been within that limit or not? This feature gives you a complete picture about your real expenses in comparison with the budget, providing you with detailed insights.
6. Payment Approvals
An expense tracker app works integrated with your bank accounts, online payment apps, debit and credit cards, UPI payments and such. This helps to create a complete tracking of what payments are done, with your permission and approvals.
7. Recurring Bills
It can become quite hard to keep with your bills, personal or business, each time, every time. This app feature can be utilized to help the user to know, automate and track the recurring bills payments.
8. Insights and Analytics
Your app should move a step further, providing users with features and functionality of comprehensible charts, visuals and graphs that provide transparent analytics which enhances decision making related to the finances.
Apart from this feature, your expense and finance tracker app should also have features related to trade and stock investment, sales tracking, feature to connect vendors and contractors, credit monitoring, high security of the data and transactions, with automated workflow and detailed and custom-tailored reports. When you are in consultation with your developer, make sure to assess the cost to maintain a mobile app with having such advanced features for high-end functionality to the end-user.
