How to Build an Effective Personal Expense Tracker Application?
Published July 28, 2023
Managing your personal & financial expenses can be very complicated and confusing for people these days. This leads to a growing demand to build Personal Effective Expense Tracker Apps. These apps simplify expense tracking by making it easy and convenient to handle and keep a check on transactions.
Estimation states that around 2 billion people in today’s generation in the world need personal expense tracker apps to track their personal expenses. With the huge target audience, there is an emerging demand to invest in an app that would become a life savior expense-tracking for these people. If you are thinking to invest wait, before deciding to hire a company for expense tracker app development first get to know about the features and key considerations for the same.
This blog will brief you on how to build a personal expense tracker application.
Compelling Reasons to Build an Expense Tracking App
There is an increasing need for expense-tracking apps. A few reasons are:
- Expense & Revenue Tracking
Expense tracking apps help to manage your personal and financial expenses to avoid unaccounted expenses by keeping you updated on your spending, and it help in revenue tracking.
- Budget Planning
To prevent unnecessary expenditure of money, proper budget planning is important. Thus, you can be aware of how much money is available to spend. These apps help in making a complete budget plan.
- Maintaining Records
To keep tax records, expenditure records, and investment records saved in apps; these apps are a savior to maintaining all your expenses record in a single place.
- Reduced Chances of Fraud
Keeping track of expenses manually isn’t easy and checking each transaction in detail precisely is difficult. Therefore, the chances of fraud may occur. These apps help you to give a precise expenditure and protect you from fraud.
- Document Management
To keep a hard copy of transactions and payment records in papers is old school and difficult to manage. These apps manage all your documents and paper works in the app itself digitally.
- Store Receipts
As receipts get lost easily making it difficult to manage. These apps help store your receipts digitally just by clicking their photos in apps to avoid keeping receipts.
- Prevent Human Error
Mistakes are common while dealing with numbers. Humans might make errors, but these apps can help you reduce errors caused due to recklessness.
- Accurate Analysis & Payment Reminder
These app uses high technological features and therefore, provide accurate and better analysis for expense tracking. It also provides payment reminders like electricity, gas, etc before their due dates to protect from extra charges or late deductions.
- Time Saving
Keeping track of all the details of transactions, invoices, receipts, and money transfer is very time-consuming. These apps help to reduce time by providing readymade solutions.
- Easy Decision Making
Provides valuable insights about the spending process and integrates with other financial tools and techniques by providing data-driven financial decisions.
Critical Features That Your Expense Tracking App Must Have
- Secure Data
Security is the topmost concern when it comes to handling expenses. The expense tracking app must maintain a high-security level. To protect data, these apps should define permission access.
- Expense Tracking & Management
The expense tracking app must track all your expenditure be it 1 rupee, lakhs, or crores. It should manage all expenses.
- Biometric Access
App access should involve unique characteristics of a person, such as voice recognition, fingerprint patterns, or eye-sight recognition. With biometric access, it would be difficult for someone to break into the app.
- Notification & Alerts
It is essential to be updated with every minute detail of the activities going on in your app. The notification feature is a must to keep in the loop about all the notifications and alerts on the app.
- Multiple-Factor Authentication
This adds an extra layer of security to keep attackers away. No outsider can access sensitive information without the consumer’s knowledge.
- Customer Support
Problem-solving with 24*7 customer support is constantly provided to customers. With multiple language customer support, this will help to get global clients and keep customers loyal.
This feature would be a great help to keep users engaged, entertained, and motivated to interact with the app more frequently.
- Points & Rewards
Some rewards like discounts, coupons, cashback, and credits are a great way to keep app users happy and loyal to your application.
- Organizing Receipts
Digitally storing records of receipts, invoices, and bills will attract your users to go digital without maintaining papers manually.
- Generate Reports
The feature of report generation will give a unique touch to your app. Enable users to create balance sheets, profit and loss statements, expense, and revenue reports daily, weekly, monthly, and annually.
- AI-powered Chatbots
Virtual bots are a great feature to keep your user’s interaction with your app and they help examine account balance smoothly. They are equipped to understand user queries and requirements.
- Accurate Data Analyses
Data analytics will help your app users to get ready-made analysis of their filled data by evaluating and creating insights.
Popular Expense Tracking Apps to Look At
There are multiple expense tracking apps available in the market to make your personal and financial expense tracking easy and convenient. Below mentioned are some of the most popular apps you can look at to idealize your own expense tracking app development for iOS, Android, and iPhone users.
- Mint App
Mint is one of the most popular expense tracking apps known for personal finance management that are available in the market. It is free of cost and easily syncs to the user’s bank account to organize and manage all their financial requirements and credit. It comprises multiple features to attract people. It is reviewed as the best free budgeting app for tracking money. Rated 4.3 out of 5 from 200k ratings on Google Play and rated 4.8 out of 5 from 770k ratings in App Store.
Expensify is one of the fastest growing pre-accounting platforms in the world, with customers more than that of the industry combined. It is free to use for 25 smart-scans per month. Offers a six-week free trial for unlimited smart-scans. It is reviewed as easy and quick to make expense reports. Rated 4.5 out of 5 from 22.5k ratings on Google Play and rated 4.7 out of 5 from 120k ratings in App Store.
- You Need A Budget (YNAB)
YNAB simplifies users spending decisions as it offers a 34-day free trial, and special 12 months free offer to students. Its major goal is to get its users out of debt and save around $600 in their first two months and more than $6000 in their first year. It is reviewed as the best budgeting app for people serious about getting out of debt. Rated 4.7 out of 5 from 13k ratings on Google Play and rated 4.8 out of 5 from 44k ratings in App Store.
Quickbooks standout feature is that it tracks user’s expenses as they happen, as well as their income. It offers a 30-day free trial and real-time dashboards to help users stay updated on all their financial transactions. It is reviewed as the best accounting app for small business owners’ bookkeeping needs. Rated 3.9 out of 5 from 49.5k ratings on Google Play and rated 4.7
Looking to Create A Personal Expense Tracker Application? Get in touch
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