Everything You Need To Know About Microsoft’s New Expense Tracker (Spend, An iOS App) and Top Features
Posted on October 29, 2018 By Vishal Virani
Spend is the new app created by the company MileIQ, which was into tracking mileages. This new ios app is focused on tracking user expenses, and helping them reimbursements and taxation.
This app is an in-house Microsoft project, developed to help the end users expense-management, automatically getting spend reports, and enhancing your capabilities. Some of the features within the app include taking photos of the receipts, uploading them to the app, being able to categorize the spend etc.
With an easy to use interface, and easy swipe gestures, spend is definitely going to help users maintain a accountability of their expenses.
With the Spend, an expense-management app, you can easily generate the expense reports, weekly or monthly, based on your needs.
Currently, the expense app is in its nascent stage, and this is too early in the program that we are discussing it.
If you are planning a spend-like ios app or, a spend tracking app, then here are a few things you might want to know. Let’s begin with the need for an app like spend in the current market.
Spend, an iOS App for Business or Personal Expense Tracking
Most of our expenses are accounted for last minute, just when we have to get the reimbursements or file our taxes. This can be quite stressful.
Secondly, you tend to have a file full of receipts, but a lot of them are either washed off or you lose most of the important ones.
Third, managing expenses by actually calculating each and every spend you have made can be quite taxing. You tend to avoid them as much as possible. When it is inevitable, you tend to sit with your chequebooks and credit card histories and try to work your brain out.
There is a way to avoid all of this and make things hassle-free. You simply need to enter the details of the accounts you want to track and ask spend-like ios app to do it for you. Tag each of the expenses as personal, business, etc. and make sure you have ready reports for the spend you have made through the month.
While filing taxes or claiming reimbursements, you simply need to show this data, and you can get done with the paperwork in minutes.
Expense-tracking and Management Solutions:
What kind of mobile apps can you develop for spend tracking and expense-management? Here are a few solutions that we have derived based on our market understanding.
1. Track Small Budgets: One of the best spend solutions you can offer the end user is by helping them track their finances, both inflow and outflow. This way, you can help them fulfill their immediate needs like buying a car, booking a vacation etc. The end user would know if the budget is enough for them to get through these spending.
2. Categorize the Budget: A spend-like expense app that will allow the budget for each category. You will be allowed to spend only the amount set for the category.
3. Tracking Goals: Setting spend goals is made easy with spend like app that can track these goals, monitor the metrics and help you with managing the expenses better. The goal tracking spend-like app is an excellent way of combating the spending needs dictated by the user.
Features You Cannot Ignore for Expense-tracking Application
Dashboard Analytics: You can easily check your spend and know your earning and detail out your future graph with the dashboard analytics.It gives you a complete insight into the earning spend ratio, what you need to do to achieve your goals etc. It is a one-page insight into your complete finances.
Camera Integration: You can integrate the camera and allow the app to store pictures of the receipts that you will click.So, every time you receive a receipt or have a spend that you want to enter into the app, simply click the picture. The image will not only be stored, but also sent to the respective person if any.
Categorize the Expenses: You will want to know, at a later stage, whether the expenses you have incurred are personal or business related. The expense-management app should allow you to segment your expenses to yield the best results.
Track Your Goals: There are spending goals that you might have entered at the beginning. These goals are tracked and feedback is regularly shared with you. This will help you control the spend and also initiate spending in alternate areas.
Report Generation: Based on your spend, the expense tracker app will generate reports and share them with you as well as with all concerned, specifically the people who are involved with taxation. In case you are filing for taxes or claiming reimbursements, this will help speed up the process.
Things to Consider During Expense Tracker App Development
A Good Idea: Begin with a good idea. It is important you spend a certain amount on time on understanding what kind of idea will work for your business. For this, you may need to study the users, and what they expect from a spend-like app. Once you have the idea in place, you are ready to go to the next step.
Study the Target: You need to understand, not just what the target expects, but also how they use the particular type of app. The way they use the app will help you plan the user interface and the experience. You may have to plan your experience design to meet the individual needs posed by the users.
Plan the Interface: Start with developing prototypes for the app solution you aim to offer. Once you have the interface design, even a rough idea, then you can build the actual prototypes, with navigation, and share with a group of users.
You will get your feedback that should help you develop the application further.
Test Before Deploying: Don’t forget to test your application before you go ahead and deploy it. You will need to completely test each and every aspect of the application, make sure everything is working, and finally go ahead with launching it to the app store.
Developing an expense management app like spend, requires not only a clear idea, but also a complete understanding of what the target market is looking for. Once you have the idea, Coruscate is set to technology partner with you to fulfill your ios app development and stay with you through the development, deployment and post-launch phases.
Connect with us via email or phone for a strong partnership and successful app launch.
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