Expense Tracking Mobile App- Must Have Features for Expense Tracking
Expense management is no longer just a checkbook and ledger. Today, it’s more about the apps that can help you stay on top of your business expenses as well as monitor them in real-time. The best part? These apps are not only easy to use with simple interfaces but also come with detailed reporting features for your records. Read on to know more about expense tracking and developing apps for businesses and their features.
What is an Expense Tracking App?
An expense tracking app is a productivity app that helps you to track and manage your business expenses. It is one of the best tools for managing your monthly expenses and staying on top of your budget. With the best expense tracking apps, you can easily record your expenses, categorize each expense, and generate reports. The best part is, that these apps can be used by freelancers, businesses, and teams. So, no matter what your profession or type of business is, there’s an app to suit all your business needs. These apps are available on multiple platforms such as Android, iOS, web, and desktop apps. You can install a single app on multiple devices and use it for tracking your expenses. Moreover, you can also invite your team members to use the app.
Developing and Expense Tracking Apps for Business
Before you start looking for the best expense tracking app, you should first decide which type of app would suit your business needs. There are multiple business expense tracking apps available in the market. Depending on the features and functionality, you can choose the one that best fits your business needs.
There are three types of business expense tracking apps –
- Basic: Basic apps are great for tracking your expenses as well as generating reports.
- Mid-Range: Mid-range apps are great for businesses that need to integrate with accounting software and give you the ability to transfer data back and forth.
- High-End: High-end apps are perfect for enterprise-level businesses that need advanced features such as a customer portal, invoicing, and project management.
Must-Have Features of An Expense Tracking App
There are plenty of features available in expense tracking apps. But, you need to make sure that the app you choose for your business has the following features to make it the best expense tracking app. Let’s see which features make a good expense tracking app.
Organize receipts - Receipts are the most important source of information while tracking your business expenses. The best app will allow you to organize your receipts in an easy way and make them easily accessible.
Auto-categorization of expenses - You want to make your expenses as accurate as possible. The best way to do this is to auto-categorize your expenses. It will not only make your work easier but will also help you save time.
Real-time tracking of expenses - You not only want to track your expenses but also want a real-time view of the same. You don’t want to go back to the past to see what you have spent.
Reporting - You don’t just want to track your expenses but also want to know how you can reduce them. The reporting feature will help you understand where you have been spending the most.
Organize your receipts with Scanning and OCR technology
There are a few apps that come with built-in barcode scanners. When it comes to tracking your expenses, you need organization. And if you are trying to organize receipts and other documents manually, it can become a hectic process. A good expense tracking app will allow you to scan the receipts easily, organize them, and make them easily accessible. Some apps come with Optical Character Recognition (OCR) technology. This technology can recognize the text on the receipt and let you know the details of the expense. This is a great way to organize your receipts and make them easily accessible. You don’t have to go through each receipt manually and enter the details.
Auto-categorization of expenses
Auto-categorization of expenses is one of the most important features that an expense tracking app should come with. You don’t want to manually go through each expense and categorize it yourself. A good app will allow you to set a default category for each expense. You can even change the default category for an expense. While auto-categorization of expenses helps you save a lot of time, you also want to have the option to change the category for an expense manually. If you are not sure about the category for an expense, you can change it manually to a category you know it best fits.
Real-time tracking of expenses
Real-time tracking is important while tracking your business expenses. You want to know how much you are spending at a particular point of time. The best expense tracking app will allow you to enter your expenses as they happen. You can enter an expense on your mobile device or computer. The app will sync the data across all your devices. You can also invite your team members to use the app. This way you can be assured that all your team members are tracking their expenses and you are aware of the amount being spent at a given point in time.
Reporting is one of the most important features of an expense tracking app. After all, you want to know where you have been spending the most. This way you can take proper steps to reduce your expenses and save more money. There are multiple types of reports available in the best expense tracking app. Depending on your business needs, you can select the best one for you. The reports can give you insights such as where you have been spending the most, which category of expenses is the highest and other insights.
Tracking your business expenses is extremely important. It helps you understand where your money is going, and it gives you a chance to cut back where you can. While there are a lot of different apps on the market that can help you with this, there are a few things that you should keep in mind when trying to decide which one is right for you. When you’re choosing an app, you want to make sure that it’s easy to use and that it will help keep you organized.
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