Expense management is an important aspect of tacking and streamlining for both individuals as well as business at large. Since the needs of every individual and business set up might vary, it is essential to have a customized expense tracking app at your disposal to track your expenses and manage budgets. These apps are great at safeguarding the users from unaccounted expenses along with exercising complete control on the cash flow, revenue, and taxes.
By including the assistance from an expense tracking app like Expense Khata, users have the facility to automate the calculations which include salaries, travel expenses, overhead costs incurred on employees. Even for individual who find it hard to manage budgeting and lose track of their expenses mid month, an expense manager app can bring multiple benefits. Switching to an expense manager app can endow you a great ability to:
- Set and meet business expense goals with minimal or zero deviation from the original plan
- Escalate the scale of business growth
- Channelizing open direct marketing without adding extra costs with methods such as push notifications.
- Controlling cost at all level therefore boosting productivity and profitability at all levels within the organization
- Providing valuable insights to the expense patterns and finding loopholes in budget leakage
However, before you can think of scoring the above listed benefits, it is important to pick the best expense manager app which must have top features. Some of the basic feature to look for in an expense manager app are detailed below:
- Keep a track on debit and credit: The app you choose must be capable of monitoring income and tracking all expenditures via various linked mobile wallets, bank accounts, and credit & debit cards etc.
- Budget v/s Actual Spent: Most importantly, it must share a detailed report of real-time income v/s expenditure to plan and reduce unnecessary expenses.
- Receipts record: It must capture and order the payment receipts that will again help in knowing the nature of expenditure.
- Tracking of taxes: Must be capable of streamlining the income and expenses under befitting tax categories by assessing and reading relevant documents.
- Detailed reports: One of the other important features of an expense-tracking app is that it must generate and share reports that present detailed insight pertaining to losses, profits, budgets, balance sheets, income, etc.
- Saving payments & invoices: It must be capable of accepting and making payment from credit cards, net banking, debit cards, mobile wallets, and bank transfers, and checking the status of invoices and bills within the app. This app must be able to send reminders for payments and must match payments with invoices.
- Payment tracking: It must be empowered to manage and track payments made to the vendors and contractors.
- Project tracking: It is important for this app to track and present project profitability by keeping a record of labor costs, expenses, payroll, etc., of an existing or a past project.
- Visual insights: The app must provide easy-to-understand visuals and graphics to present insights on overall business productivity and performance.
