10 Must-Have Features of Expense Tracking App That Will Make It Successful

Your financial success hinges on how seamlessly your expense tracking app can provide a budgeting experience to users. An expense tracking app can be your most valuable ally in the journey of achieving success in the fintech industry.

Gone are the days of manual spreadsheets and receipts. Modern expense tracking apps are equipped with a range of tools to streamline your financial management. With the right features, these apps monitor spending and allow one to make informed decisions.

Having personal financial assistance can help you take control of your financial life. The right app can change the complex task of budgeting into an engaging experience. A survey indicates that people who keep track of their expenses are 40% more likely to save money than those who do not.

This shows the importance of an expense tracking app. If you want to produce high business profits and stand out in the market, it’s important to choose a skilled mobile app development company and embed essential features that users need.

In this blog, we will be discussing the must-have features that can pave the way for your success in the industry. But before that, it’s important to understand;

Why Do You Need to Develop an Expense Tracking App?

People find it tougher to manage their income because it varies every month. it is very crucial to handle a budget and an expense tracking app helps track receipts, keep income records, make a budget, handle taxes, sync cards, and do more things. Partnering with a skilled fintech software development company is very crucial for fintech businesses to satisfy users’ needs. Let’s understand the need for expense tracking app;

• People are tired of using paper and Excel spreadsheets to keep records of their cash payments and online transactions. It’s better to develop a daily expense tracker app that collects insights from the data.
• If you want to keep your users happy, your app should help users store all receipts by only clicking their images.
• Using an expense management app automates the workflow of handling money and finance. This prevents fraudulence and ensures accuracy and transparency.
• Humans may make some errors because of carelessness or misunderstanding. With an expense manager application, human errors can be reduced.
• Excel spreadsheets are capable of tracking and storing data to create helpful charts but an expense tracking app carries out prediction analysis and helps you make informed decisions.

10 Features of Expense Tracking App

Now you understand the need for an expense tracking app so it’s crucial to look for one of the top fintech app development companies. But before finding a company, you should know the requirements and functionality you want in the app. We have compiled a list of the must-have features that should be included in the app.

1. Mobile Friendly and Intuitive UI

When you decide to build an expense tracking app, you should provide an intuitive UI to the users. This means the feature of accessing the app on mobile and a sleek user interface. An experienced ui ux design agency can add appealing designs so that the users can seamlessly access the mobile app. An easy-to-navigate UI helps them approve and upload documents, and easily submit and manage expenses.

2. Receipt Tracking and Arranging

This feature of expense monitoring app eliminates the problem of forgetting about some costs or missing out on some transactions. The ability to scan receipts with OCR technology makes expensing much more efficient.  The users only need to click an image of the receipt every time they get cash or online payment.

The technology extracts all the necessary information to process the expense and automatically categorizes it as a receipt or invoice. The images are saved on the cloud so they can’t lose them. This feature eliminates unnecessary data entry, reduces human errors, and saves your expenses tracker app from fraudulent activities as well. It’s common to use ai for fraud detection and prevention.

3. Manage Budget Period

Finding a company that can include unique features in expense management app can save you valuable time. The stand-out feature of managing budgeting periods allows users to set budget periods that match how they receive money, like weekly or monthly.

It helps them track their spending based on their paycheck cycle rather than the standard monthly budget. It makes it easier for them to manage money and expenses to avoid shortage issues. This feature reflects the users’ real-life financial patterns and offers more accurate insights.

4. Weekly and Monthly Summaries

The weekly and monthly summaries feature an expense tracking app them with an overview of spending patterns. The weekly summary breaks down the expenses in various categories such as food, transportation, and entertainment. They can compare their spending with the previous week to identify the increase and decrease. 

The monthly summary report offers a more in-depth analysis of total expenses for the month. Comparing actual spending against a set budget can provide insights to improve spending. This feature reminds users to control their spending and be within budget to avoid a shortage of money. You need to find a skilled company that can develop a fintech app with advanced features to include these features.

5. Data Backup

This feature of the expense management app ensures that users’ financial data is saved without manual intervention. The app regularly syncs expense records to secure cloud storage, using encryption protocols to protect data during transfer and storage. This feature ensures that users can view and restore their data if they lose and damage their phone or reinstall the app. It provides them peace of mind that their data is confidential.

6. Data Privacy and Security

You need robust data privacy and security protection because you’re dealing with important expense data of your users, including their card and bank account details. High-security measures are crucial to protect users’ data and investing in fintech software development can help businesses achieve that. The app should have the ability to restore users’ accounts.

7. Push Notifications

A spending monitoring app should push out alerts via email and mobile because it keeps users engaged with the expense process. Businesses can remind users to list their expenses by sending notifications. These notifications will keep the users connected to your application. Sending bill-paying reminders to users can help them pay their bills on time and it can increase loyalty. The ability to personalize these alerts helps gain more users.

8. Chatbots

Customer support is a very crucial feature of an expense tracking app. An experienced chatbot app development company can provide top-class chatbot development services to help you enhance customer support. They help in increasing loyalty because they are engaging messaging interfaces. Chatbots of the best expense tracking app are equipped with advanced technology to understand all requirements and questions. This feature helps solve users’ queries effectively without consuming a lot of time.

Read Also : How AI Chatbots are Shaping the Future of Businesses?

9. Travel Budgeting

This feature of an expense manager application helps users make a budget before they go on a tour or shopping. The app should provide the feature of entering tour details and a graph made at their convenience. After planning their budget properly, the users can make a list of goods they need. This feature helps businesses stand out because users like to plan their trips according to their budget.

Read Also: Travel App Development Guide: Journey from Ideation to Launch

10. Multiple Card Management

Multiple card management feature allows users to securely add, store, and manage their cards within the app. They can track all the transactions in real-time, categorize the expenses, and set limits to stay within budget.

This feature should support automatic transaction syncing with bank accounts and provide summaries of card spending. It helps users to manage their financial activity. In addition, you can provide safety protocols like two-factor authentication to help them secure their card information.

Final Words

So, these are the important features to add to an expense tracking app. Your expense management app should offer a seamless, engaging, and innovative experience. Your app must have the essential and advanced features that meet the changing user needs. These above-mentioned features ensure the flexibility and efficiency of your application. In case you want some additional features, you can add them according to your requirements.

RipenApps is an award-winning custom app development company. We have experience in building high-performance expense tracking apps. Our team of experts focuses on carefully analyzing the requirements. We are a top choice for fintech startups and enterprises because we have built top-quality apps.