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In today’s fast-paced world, who has time to note down their monthly or yearly expenses in the notebook? Everyone uses online solutions to automate their expense tracking. With the advancement in technologies, mobile applications have become the right-hand partner for today’s generation. And this led to expense-tracking apps booming the whole industry.
Tracking expenses is an essential part of personal or business related finance management. People used to keep account of their expenses with pen and paper. On the other hand, expense-tracking apps have made tracking spending’s much easier because of technological innovation.
Expense-tracking apps are smartphone apps that help users keep track of their costs, income, and budgets. These apps have a variety of features that make it easy to track expenses and create a budget. In this post, we will look at the cost of building an expense-tracking app or software and the features typically included in such apps.
There are a number of reasons to choose the expense tracking app for your business. Let's see for what reasons you should opt for an expense-tracking app in your business environment.
Developing an expense-tracking app is highly popular among businesses as it helps in managing and tracking their all-time expenses. Tracking your expenses manually has become more old-fashioned, whether individually or on a business level. From a business perspective, running a hefty round table of finance is not an easy task. But with expense tracking apps managing financial work has become much easier.
The cloud-based expense tracking app enables self-calculating automation. Any companies that need to deal with frequent travel of outdoor staff find themselves overwhelmed with the expense bills. This is where the expense tracking app comes in handy.
The biggest thing is that expense tracking app development is adopted by businesses who handle a lot of field staff. They are primarily taking advantage of cloud-based data streaming and mobile applications that allow real-time billing and reporting expenses. They build an expense tracking app that helps employees track and check their expenses and send their bills to the company's accounting team in real-time. It also helps in the smooth settlement of expense bills of outstation employees on business trips.
Managing finance is always a challenging task for businesses, and for this, expense tracking apps play a crucial role. Businesses have different financial management and expense tracking needs; therefore, it is advisable to build an expense tracking app with custom features that will help you streamline and maintain all the expenses according to your business requirements.
So what are the key features you need to consider for an expense tracking app development solution? What features are necessary for such an app, and what can be considered advanced? Let's list all these features.
Expense & Revenue Tracking
The expense tracking application allows you to keep all of the expenses in one place so that it can be easy to track each outgoing and incoming expense. This way, businesses can get accurate final revenue numbers.
Expense Categorization
Allowing users to categorize their expenses is a helpful feature provided by the app. This feature allows users to divide their expenses into categories like bills, entertainment, transportation, food, and more. By doing this, users can better analyze their spending habits and manage their budgets efficiently.
Budget Setting and Tracking
Users will be given the ability to establish financial limitations for various expenditure groups every month or week using the app. Regular updates will be furnished by the application to reflect their ongoing expenses, and they will be notified if their budget is in danger of being surpassed.
Linked Accounts and Automatic Syncing
Integrate the app with users' bank accounts, credit cards, or other financial platforms to automatically import transactions. This saves time and ensures accurate and up-to-date expense tracking.
Analytics and Reports
Provide users with comprehensive analytics and reports that summarize their spending habits, trends, and patterns. Visual representations such as charts and graphs can make it easier for users to understand their financial data.
Goal Setting
Allow users to set financial goals, such as saving for a vacation or paying off debts. The app can track their progress towards these goals and provide recommendations on how to achieve them faster.
Reminders and Notifications
Implement reminders and notifications to encourage users to log their expenses regularly. This can be done through push notifications, email reminders, or in-app reminders.
Multi-device Synchronization
Enables users to access their expense data from multiple devices, such as smartphones, tablets, and desktops. Synchronization ensures that their information is always up-to-date and accessible.
Currency Conversion
If your app is used globally, include a currency conversion feature that allows users to track expenses in their local currency and converts them to a common currency for analysis and comparison.
Security and Privacy
Prioritize the security and privacy of users' financial data. Implement encryption protocols, secure authentication methods, and transparent privacy policies to build trust with users.
Remember to conduct user research and gather feedback to understand the specific needs and preferences of your target audience. This will help you prioritize the features and create a more tailored expense-tracking app.
Developing an app requires in-depth market research that will help you understand the crucial aspects of costing. The cost of developing an expense tracking app depends on some notable factors. These factors gradually affect the cost of expense tracking app development. We will be talking about these factors later in the topic, but first, let’s explore the costs.
So, the cost of expense tracking app development starts at $5,000 and could go up to $50,000 to $90,000, depending on your specific requirements. Let us tell you the requirements based on the cost of app development.
A basic expense tracking application cost starts from $5,000 to $8,000, in which you will get all the basic functionality features for your project. Moreover, a standard feature-based expense tracking app development cost starts at $10,000 to $15,000, which includes all the features required to drive your business successfully. And the cost of a premium feature pack expense tracking app development ranges from $20,000 to $40,000 and can go up to $50,000.
Note the costs we have discussed here are not accurate; they are just an estimation of how much an expense tracking app development could cost. Additionally, as we mentioned earlier, the cost of expense app development completely depends on your requirements and project structure. Learn what factors that affect the cost of expense tracking app development.
In terms of cost, the app platform plays a crucial role in defining your target audience. There are three main platforms on which you can choose to develop your app on. It is crucial to note that iOS and Android are one of the most user-oriented and on-the-go platforms. Developing an Android app is less costly compared to iOS.
Complexity of Features
The complexity of an app feature is one of the major factors determining the cost of development. A basic expense-tracking app with simple features like tracking expenses, creating budgets, and generating reports will cost less compared to a more complex app with advanced features such as investment tracking and tax calculations. In simple words, the more complex features you will add, the more app development cost will increase.
Design and User Interface
The app's overall look is also important to become a successful leader among others. The way your app looks defines your success probability in the market. Therefore, the more interactive design and user interface you will add to your expense tracking app, the more cost will increase. That's why it's crucial to define your complete UI/UX requirements related to your business app.
Let's understand the cost breakdown for each expense tracking app development stage.
Planning and Research
To bring your idea to life, you need to start with planning and researching. Plan how you want to show your app to your target customers, what things your app will have, what are your vision related to your app development, etc. And on the other hand, researching allows you to understand your current market standing. By conducting market research for your expense-tracking app project, you can know your competitors and their strategy for being successful in the market. Additionally, the cost of planning and market research ranges from $1,000 to $5,000, 5 to 10 percent of the total development cost.
Design and Prototyping
App design and interface are one of the main factors that influence the app cost. The design and prototyping phase of mobile app development is the process of creating a visual representation of the user interface (UI) and user experience (UX) of the app. This step is necessary to ensure that the app is easy to use and meets the needs of its target users. Therefore, the design and prototyping cost ranges from $5,000 to $20,000, 10 to 20 percent of the total development cost.
Development and Coding
Development and coding is the stage that involves coding the app and integrating third-party APIs. The cost of this stage varies depending on the complexity of the app's code and the number of features that you implement in the development. However, the cost of expense tracking app development and coding varies from $10,000 to $50,000, 25 to 35 percent of the total development cost.
Testing and Quality Assurance
Building an expense-tracking app is highly complex and requires end-to-end testing of the app for bugs and ensuring that it meets all the quality standards. In the app development process, testing and quality assurance are important. Therefore, the cost of testing and quality assurance ranges from $2,000 to $10,000.
Deployment and Maintenance
This stage involves the deployment of the app in the various app store channels and maintaining the app after releasing it in the market. The app requires frequent updates to be completely functional and user-friendly. Additionally, the cost of deployment and maintenance ranges from $1,000 to $5,000.
Orion InfoSolutions is a leading expense tracking app development company. We offer you top-notch and business-oriented expense tracking app development services that are tailored to meet your core business needs. We have highly experienced mobile app developers who possess advanced programming and technology knowledge and have the capability of building diverse solutions as per your requirements.
Orion InfoSolutions help you in from planning and development to final deployment and support & maintenance services for your app. We believe in creating an end-to-end relationship with our clients and customers, allowing them to merge with our family and gain development knowledge. Our top technical experts are always there to provide your app with complete end-to-end solutions for any problem.
There are numerous benefits to utilizing the expense tracking app development for your benefits, such as tracking your business expenses or general use expenses. We hope that this blog helps you clearly understand expense tracking app development costs and features.
In case you feel like adding other types of features, you can add them according to your needs. However, you need to keep in mind that the more complex features you will add, the more cost will add up in the development.
If you need a cost-effective app development partner to help you develop your expense tracking app, feel free to contact our experts anytime. They will offer your development structure that suits your business needs and according to your budget.
DC Kumawat is the CEO of Orion InfoSolutions, a leading provider of IT solutions to businesses of all sizes. He has over 14+ years of experience in the IT industry. He is a passionate advocate for the use of technology to improve business performance.