Top 5 Things To Consider In Expense Tracking App

5 Minutes Read
top 5 things to consider in expense tracking app

Harnil Oza

Founder and CEO

May 20, 2022

The personal expense tracking app has become one of the important mobile apps just like calling mobile applications. It helps the users to keep track of income records, budget planning, handle taxes, track the expenses, sync cards, payment recipients and so on through the expense tracking mobile app.

There are so many expense tracking apps that exist but not every one of them is useful to users. As there are so many things that the mobile application developers miss while making them. To help you not to miss out on any of the important segments of the mobile application, we have explained things you should keep in mind while developing expense tracking mobile applications.

What Are The Important Segments That Can Affect Expanse Tracking Mobile App Development Process?

What Your Competitors Are Doing?

Just as in every other mobile application development process, the first and foremost thing should be competitor analysis. You should start with concluding every other expense tracking mobile application that will help you focus on its flaws so that you can convert it into your extraordinary features. Along with that, your competitor's mobile application will help you figure out important features and functionalities that you might miss throughout the planning stage. Apart from that, it will also help you find the top trends that can make your expanse tracking mobile application extraordinary.

How Will You Earn?

Mobile app development costs can affect your budget. As it includes so many things such as the planning stage, development stage, app launching stage, trial and error stage and so many other things. So, you should gain something after investing so much in it, right? Just as with every other mobile application, even you can earn through your mobile application. Let's explore the ways to earn through the Android and iOS mobile apps.

  • Paid App

If you are sure you will be the unique one and address the crucial expense handling problems then you can release your mobile application as paid rather than free. But keep in mind your target audience should be able to pay the price you offered.

  • In-App Purchases

If you are not sure whether your target audience will pay you the price, you can launch the free mobile app but keep some of the premium features paid. As users have to purchase the significant features only except that users can access your mobile app for free. For example, you can release the enterprise version of your mobile app that allows the small company or startup owners and their employees to utilize your mobile app to track their company expenses. But keep in mind that your mobile app should offer extensive features that can be useful to the business.

  • Advertisements

If you are sure that a few advertisement disturbances will not affect your users' app experience, then the advertisement is one of the most amazing ways to earn money through the mobile app. Most of the mobile apps on the play store and app store are earning lots of money through this monetization method.

What Makes Your Mobile App Unique?

According to Google, 73% of smartphone users are using mobile apps to manage their finances. This sentence states two things.

Congratulations!!! You have a huge potential user base to target.

As they are already using different mobile apps, you have to offer something unique that can help you stand apart from your competition.

But that does not mean you should feel discouraged. There are so many ways to grab the attention of the target audience. Talking from the user perspective, the thing that can interest anyone is the features and functionalities of the mobile application. An expansive tracking mobile app should cover all the important features and, at the same time, make sure not to stuff your mobile application with complicated unnecessary features. As your mobile app is not some social media app, try to follow the minimalistic mobile app design. Your expanse tracking mobile app should offer an amazing user experience to an 18-year-old who is trying to manage the pocket money and a business owner tracking the business expenses. If you want help from the professionals, you should reach out to a mobile app development company that can offer their expertise to design and developing a feature-rich mobile app.

Are You Giving Enough Importance to the Mobile App MVP?

Can you learn how to drive without actually driving the car on the road? No right? In the same way, even with lots of planning and processing, you will not be able to thoroughly understand the actual user requirements. So, you can follow the MVP (Minimum Viable Product) process. To say it in simple words, you can deploy the prototype of your mobile app. You can create and deploy your mobile app with just enough features for your users. It will help you understand the actual user requirement. You can gather the app feedback and analyze your mobile app. First, it will help you determine your mobile app features and functionalities such as what features are the most important, which you can skip, how user friendly your mobile app is and various others. Second, you can start earning from your mobile app even with the minimum features.

After that, you can make the changes in the next version of your mobile app. So, you can finalize the core features of the mobile app and start with the development and deployment process to make your way to your target audience even if your app is not totally functional.

Is Mobile App Testing and Improvements Important?

If you think your mobile app is ready to hit the market just as you are done with the deployment process then you are surely going to miss out on so much. The app testing and improvements process is as important as the expanse tracking app development process. Finance is not something that stays steady through the ages, so with changing trends and time, you should test and update your mobile app as well. It can help you stay ahead of the competition even with the changing trends and technologies.

Let's say, you have introduced an app that helps the users to manage their expenses in dollars but can't keep track of their cryptocurrency expenses, you will lose the potential user base that likes to invest in cryptocurrency. Testing and enhancement of the mobile app can help you over here. You can even take a step forward helping your users to manage their expanse through NFT Marketplace.

Wrapping Up

Does the expense tracking app development process seem more complicated than you have imagined? You don't have to worry about that, you can reach out to app development companies and hire app developers that can leverage their experience and expertise throughout the development journey. The expense tracking app developers at Hyperlink InfoSystem can be there for you whenever you need them. So, don't forget to drop your project requirements.

Also Read:

Harnil Oza is the founder and CEO of Hyperlink InfoSystem, one of the leading app development companies in India, USA, UK, and around the world. Being the founder of the company, he takes care of business development activities and maintains relations with clients. His charismatic and result-driven approach has benefited the company to grow and achieve this height where the company stands right now.

Harnil Oza

Founder and CEO

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