Must-Have Features For Your Expense Tracking App

App Development

21
Aug 2020

3364 Views 5 Minute Read

must have features for your expense tracking app

As much as it is difficult to manage finances; it is easier to download an app that is best suitable for your needs. Mobile app development companies have made advancements in every sector, and also the finance sector. As far as it comes to monetary institutions and blockchain technology, it is doing an excellent job. Still, it has also reached those who want to manage their revenues and expenses efficiently.

This article will discuss the must-have features that you, as the app developers, must include in your mobile app, or you as an individual can expect from such apps.

Important Features

1. Track revenues & expenses

This has to be the essential feature, no doubt. The primary function of an expense management app is evaluating revenues and studying the expenses.

It is simple to import transactions from your mobile wallets, credit card, bank without risking your details.

This can give you a clear picture of how much you are earning and spending. You can evaluate if you are making more expenses and where you need to cut.

2. Record & arrange receipts

You can miss out on a few transactions or forget about some expenses; this issue gets resolved with this function.

All you need to do is capture a picture of the receipt each time you make or receive a digital or cash payment. Place it under the right category, and the expense tracker will ensure you don’t miss it.

The pictures get saved on the cloud, and you don’t lose it as well. The receipts get arranged in a way that you can retrieve them when you need them.

3. Arrange tax deductions

While filing taxes, simply upload your documents to the app. The app will arrange revenues and expenses into various tax categories.

Expense management apps will organize your business spendings into the right tax categories, helping you get more of what you earn.

4. Approve payments & oversee invoice

This app will approve debit cards, credit cards, net banking, and bank transfers directly in the invoice. You can also trace the status of your statements and credit card bills within the app itself.

The app sends payment reminders and mechanically matches payments to accounts. You can also make professional tailored invoices with your logo that you can send from any instrument.

5. Run reports

The app allows you to produce and run reports of profit and loss, revenues, expenditure, and balance sheets. You can also make a customized report to receive in-depth views on your individual business needs.

If required, you can opt for advanced reports, and produce budgeting and inventory reports.

6. Track sales

With the expense tracking app, you can cater to the eCommerce sector as well. You can approve credit cards by syncing a feature of a mobile card reader and even have an option to integrate with trending apps.

Try connecting to eCommerce APIs of your choice. The app automatically computes taxes on your invoice.

7. Oversee vendors & contractors

You can include information of vendors and contractors in the app and delegate them categories. Moreover, check all the payments made to these vendors, such as who, how much, and when.

8. Safe access

Since you cannot tackle all the accounting yourself, you can give your app safe access to your books. Moreover, you can also provide special access to some functions of the expense tracking software to mitigate errors.

The expense management app helps in delegating work to particular users and boost your team's efficiency. You can also make tailored approval for sales transactions, deposit, balance sheets, expense reports, take care of personal capital, and more.

This app lets the whole team be on the same page by sharing reports without breaching the sensitive information's security.

9. Track projects

The expense tracking app allows you to trace the activities of all your projects in one place. Moreover, you can locate your resources getting used on multiple aspects of your project.

You can have a check on labor costs, payroll, and expenses with job costing. This will help ascertain the project benefits with just one glance on the dashboard and reports.

10. Track stock

You don't have to create unique software to manage your inventory; your expense tracking app can do it.

This app can track goods, cost of goods, and send alerts when stock is running low. You can also view which item is more trending and which one is not in demand.

11. Analytics & insights

This attribute allows you to build ready-made and tailored reports which have understandable visuals and graphs. You can also evaluate these reports to produce insights.

These apps come with in-built analysis tools to see how well your business is performing. Besides, you can compare the previous and current reports and anticipate future sales.

12. Recurring bills

This app also tracks specific bills and transactions that occur at regular intervals. You can allow your app to take care of recurring expenses.

This will automate and allow smooth-running of recurring expenditures, invoices, and checks.

13. Automate workflows

This feature can save you a lot of time that you would typically spend in creating reports, sharing, and analyzing. You can design reminders that send alerts based on the requirements of your business.

Such automated reminders also boost sales, client relationships, and cashflow.

Conclusion

This article mentioned all the features that are mostly present in any regular expense tracking app. However, if there is any particular need for your business, you can also have a unique app get designed that caters to your business demands synchronized into your app.

At last, everything comes down to how much you can spend. It would help if you kept in mind your profits because that is why you are running a business. However, if you have to invest in something that will be a long-term investment, you cannot overlook it as well.

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