9 Must-Have Features of Money Tracking Apps in 2022
Money tracking has come a long way over the years! If we trace back to the history of expense tracking, the first versions of such a system that we recall are of Quicken and Microsoft Money which came to the market in the 1980s and 1990s. However, with the evolving technology, we now have new applications and software to help you track your outflow and inflow money efficiently.
Now we have web and phone-based money tracker apps. With the new-age budgeting apps, one can attain excellent knowledge of finances. Above all, these apps increase preparedness among users. Read more on how to develop an effective personal finance app.
It is essential to keep your budget estimates reasonable. This is incredibly challenging if you are starting a new business and don’t have any budget figures to use as a guide from the past year. In this instance, it is usually easier to estimate expenses than to calculate income.
Understanding Money Tracking Apps
Money tracking apps refer to mobile applications that help keep track of your money and manage personal finance. These apps are also known as an expense tracker, money manager, expense manager, etc. The main aim of such money tracking systems is to help the users keep an accurate record of the inflow and outflow of money.
Let us tell you that expense tracker apps can be of two types that are as follows:
- Simple Application: These are the money managing apps for individual and personal expense management. These are quick and easy to use with primarily single account features.
- Complex Applications: On the other hand, complex budgeting apps allow users to access multiple accounts simultaneously. You can even integrate complex money manager apps with your credit cards, debit cards, and bank accounts. These are for business purposes or for the users who deal with heavy cash flow daily.
Are you also looking for money tracking apps? Well! Before you start using an expense tracker, let us tell you some essential features that the best money tracking app should have.
Scroll Down and Learn The 9 Must-Have Features of Money Tracking Apps in 2022
Table of Contents
1. Track All Your Revenues & Expenses
This is one of the significant aspects of an expense tracker. This is the primary function that such apps perform- tracking your revenues and expenses. Money tracking apps track payments and evaluate your spending patterns, study your costs, analyze the money inflow and outflow at your end, and help you manage it all efficiently. It is one of the most effective ways to track your transactions without bringing any threat or risk to your bank account.
2. Arrange & Record Receipts
Keeping a record and arranging so many receipts is no less than a task! This is a challenging task that most people fail at. But by having this feature in your expense tracker, you can get rid of the hassle. It keeps a clear record of your expenses and arranges receipts properly.
3. Manage Your Tax Deductions
Managing taxes and arranging tax deductions is again a hectic task. So ensure to have this feature in your expense tracker app to automatically set tax deductions for you.
You need to fill in your details and upload your documents; the app will put the revenues in the correct tax category. It doesn’t only help you keep a clear record of taxation and help you get more.
4. Oversee the Invoices & Approve Payments
Another essential feature that a money tracking app should have is to approve payments and oversee invoices. This means it should have a part to support new payment methods in your invoice.
And it should also allow the user to manage invoices and statements using the app. With an automated payment option, an ideal app should also send you reminders about the periodical payments.
5. Run Reports
Here comes another mandatory feature for a money tracking app. The app should have a part to sprint reports of all your financial activities. From tracking profit and loss to analyzing the revenue reports and balance sheet, you should have an in-depth view of your expenditure.
6. Track Sales
When you manage a business, tracking sales becomes extremely important. However, doing it manually is challenging. So try finding a money tracking app that tracks sales for you.
With this feature, you can expand your business without any second thought. Since the app will keep track of sales, you can invest your time in other essential aspects of your business.
7. Oversee Contractors & Vendors
The budgeting app should also oversee the contractors and vendors, making your job easier. If you manually keep track of all your vendors and contractors, you’ll have to compromise with other important factors.
But if the app automatically does it, you can invest your precious time looking after other vital aspects of your business. With such advanced features, you can ensure the overall growth of your business.
8. Safe Access
This is the most important feature that an expense tracker should offer- safe access to all your balance sheets and expense reports. If the app doesn’t guarantee you secure access to all your documents, the app is useless. So make sure that the money tracking app you opt for gets you safe access to all billing books and records.
9. Automate Workflows
The best budgeting app should have a feature to automate the workflow. If an expense tracker doesn’t offer you this, it isn’t the best tracker! With this automation feature, you can save time creating, analyzing, and sharing reports. This automated feature strengthens sales and ensures smooth cash flow.
If you want to use the best budgeting app, look for the aforementioned features. With these features and offerings, you can keep an accurate track of money flow without any difficulty. Moreover, users can connect with hybrid app development services to develop a dedicated money tracker for their individual needs.
Importance of Money Tracking Apps
A business budget helps you make important decisions like increasing marketing, reducing costs, employing people, buying equipment, and improving efficiency in other ways. It also defines an organization’s operational goals and finances.
Thus, it is also termed as an operational plan that enables you in planning, resource allocation, performance, and appraisal, so let’s go deep into understanding the importance of a business budget and its types.
The primary way to budget is to make a monthly list of your company’s fixed and variable costs and then decide how to allocate funds to meet the goals. You can do it efficiently with the best budgeting app.
Specific budgets are often used by businesses to evaluate particular areas of operations. Its primary function is to indicate your company’s ability to take in more money than it pays.
This article includes almost all essential features that an expense tracker app should have. Suppose you’re looking for any particular part. In that case, you can connect with a web and app development company that can help you with a new dedicated money managing app for your business.
At last, the features mainly depend on how much you’re willing to spend on developing a money tracking app. Moreover, money tracking apps make budgeting super easy, so what are you waiting for? Get your expense tracker app today with hybrid app development services!
What does a money tracking app do?
A money tracking app is a web or phone-based system that helps track all kinds of expenses for your business or personal use. All you need is to enter the information about your incoming and outgoing money, and the money tracking system will store all the data, and you can track the report whenever you want. The app doesn't only help you track your budget but also keep a record of your investments. It uses a combination of graphs and charts to show your progress. With the help of advanced money tracking apps, you can separately maintain personal and business expenses within the same app.
Expense trackers can also help you understand your spending habits and give you tips to manage your costs efficiently. Moreover, a money tracking app can help you with sorted financing.
What is the average cost of an expense tracker app?
Well! As mentioned in the article above, expense tracker apps of two types. And different app trackers offer additional features. Hence we can say that the average cost of expense tracker apps varies greatly. You may also find free expense trackers online, but those might not work as efficiently as the paid ones. The final cost depends on the features you're looking for.
Is investing in money tracking apps worth it?
Well! This question is entirely subjective. Whether the money tracking app is worth it or not depends on your requirements and the features it offers. If you're a beginner, starting with a low-cost or free version of an expense tracker is advisable rather than spending a considerable amount.