In the face of a pandemic, managing finance has become even more difficult than before. Many find it challenging to manage their finances. It has been troublesome for 26% of Canadians to handle their finances. In the States, 45.5% of people are devoid of saving for their retirement age. They will mostly be insolvent when they reach that age.
It is more of a challenge for business owners to stabilize their earnings because their incomes vary each month, making it crucial to maintain a budget. It has become more critical than before to track expenses and have a grip on finance. This is why mobile app development companies have developed expense tracking apps that can help you keep track of incomes, make a budget, compare revenues and expenses, manage taxes, integrate cards, and do much more with total security.
It is sort of difficult to have complete hands-on your business finances, irrespective of how awesome you are with money and account keeping. You can make some errors because there is simply too much to keep a track off: bills, refunds, receipts, sales, taxes, payrolls, and the list goes on.
Regardless of what type of business you own, it is somehow confusing to manage your finances. This article will shed some light on how your expenses can get smoothly managed with the expense tracking apps; we’ll see some examples as well.
What can these Expense Tracking Apps do?
1. Tracking Receipts
The problem arises while tracking expenses, when you are unable to find the receipts of the online and cash payments you made. You can view a debit of $500, but you can’t recall where or what did you spend it on.
As difficult as it sounds, if you want to know where exactly your funds go, you should be able to track receipts for transactions three months ago, or at times more than that.
It doesn’t sound convenient, and it is not in reality as well; therefore, this is where business expense tracker apps play a huge role here. You can save all receipts by simply clicking their images in your expense tracker app.
2. Managing Documents
If you are still using conventional methods to track your online transactions and cash payments, it’s high time to stop all that now.
Paper usage is not only difficult to manage but also detrimental to the ecosystem. Besides, it is also quite common to misplace or lose files. Expense Management app offers a permanent solution to your problems. All the data is saved on the cloud, so nothing is lost.
No doubt, Excel sheets offer a digital solution but cannot really help with finance management. Moreover, they do not have advanced features of preparing precise graphs and charts automatically. The best finance apps can help ascertain in-depth conclusions from the data that can help make business decisions.
3. Mitigate Human Errors
Humans tend to make errors, and you cannot help it. People are bound to make these errors due to ignorance, carelessness, or misunderstandings. However, while managing finances and budgets, these errors can lead to substantial financial troubles.
Hence, these expense tracking apps can help mitigate mistakes engendered due to bias prejudice or ignorance. All the data is stored in one place, making it simple to retrieve it when needed, assisting individuals in making the best use of it.
The expense management apps will automate the workflow, irrespective of small or big business. Therefore, enabling up-to-date examination of process so that mistakes can be detected quickly.
4. Reduce Scams & Data Loses
Manual expense tracking and management methods cannot check every transaction’s details with total focus or accuracy. This is why fraudulent cases are pretty common without proper scrutiny.
The work structure of finance management becomes automated with the best expense and budget tracking apps. This allows more accuracy and transparency and, thus, prevents scams.
For protecting data, there are features like conditional access. This way, only relevant employees can access sensitive data.
5. Renders Suitable Analytics
Excel sheets might record and save information and develop helpful charts or graphs from it; however, they still lack crucial features. You must examine the data and get to the conclusions.
But again, humans are prone to mistakes and errors that reflect in conclusions as well. The best expense tracker apps enable prediction analysis, thus helping you make firm business decisions.
You can leverage this app to plan your budget and business activities. You can track revenues, profits, oversee inventory, and also forecast future expenses. A personal expense tracker app helps you tackle approvals, refunds, and other operations.
If you are thinking of getting a custom app instead of the options already available in the market, you must know the point of the expense tracker app is to save the funds, then why to spend it on developing it?
Let’s go through some of the top expense tracking apps in the market.
Top Expense Tracker Apps
1.Personal Capital – investment tracking app
This app has two versions— a Wealth Management service and a Free Financial Dashboard. It allows you to set up your budget and track it. You can also track your investments with this app, plan retirement, and get financial advice.
2. Clarity Money- budgeting app
This is a budgeting, expense tracking, and bill negotiating app. It enables you to connect your checking and credit accounts, manage a bank account, credit & debit card, and categorize each transaction in this app. This app, however, is not appropriate for business owners but salaried individuals.
3. Quickbooks- accounting app
This one is accounting software for small companies. It oversees spending and finances with either an online version or a licensed one. It is user-friendly, efficient, and economical. Moreover, it is flexible with third-party apps. However, there are certain restrictions, such as system crash, lack of critical reports, a limited number of users, and a few more.
Finance, the essential part of our lives, must not go overlooked. Why not make our lives simple if it can be? Expense tracking apps allow you to be flexible and manage your incomes and expenses smartly. Mobile app development companies are making our lives more convenient, and this one such instance.
Harnil Oza is CEO of Hyperlink InfoSystem, one of the leading app development companies in USA and India, having a team of the best app developers who deliver the best mobile solutions mainly on Android and iOS platforms. He regularly contributes his knowledge on leading blogging sites.