Managing personal or business finances in this ever-changing world seems like a hefty task. With the advancements in the field of technology, there are a number of apps available to help you in managing and track your expenses.
Personal budget apps have taken over the globe today, and they’re sticking around for the long run. Coronavirus has sparked a rise in expense management apps, as a growing number of people use their phones to manage their ledgers, Visas, businesses, and pay for various other things.
As per the global market figures, the valuation of the expense management app development sector is projected to cross the valuation of 11.50 billion US dollars by the year 2028. From a market perspective, developing an AI-based expense management app is a significant deal.
With AI integration, these apps deliver their best functionality along with improved efficiency. Entrepreneurs are more than interested in investing in this sector because of the large user base. If you are thinking of developing an expense management app, this is the right time for it.
In this blog, we will talk about the development of an AI-based expense management app like Fyle.
Let’s get started.
About Fyle App
Fyle is an efficient and modern expense management app for businesses that employees enjoy using. Fyle comes with features that change the mundane process of filing an expense to automatic and interesting. Fyle connects to email, buyer apps, and other platforms to track, share, and handle spending and requests across an organization. Customers can get their spend details with Fyle as soon as they finish the transaction with a single click.
Fyle comes with a number of features that help businesses in tracking and approving the expense of their employees. This app is powered by AI and can be used by any size of business. From invoice management to easy reimbursements, Fyle does everything for your business.
Employees can simply click a picture of the bill with their phone and upload it for the respective approval. The management side of the company then decides whether the expense is valid or not and approves the same. AI helps in predicting the expense limit of any employees based on their previous data, which ultimately helps in workforce management.
Expense Management App Development Process
To develop an expense management app, you must follow a systematic process and follow an excellent timeline that you will create during the process. The first step includes extensive preparation. Without a commitment, you won’t be able to develop an expense management app based on your expectations that will eventually make the top expense management apps list. At this stage, you should decide how many features and capabilities you will provide to your customer base. Along with the capabilities, you should consider the financial risks that your expense management tool, like Fyle, would contain.
The next step includes performing diligent statistics research to assist you in forming your development plan. In any app development process, it is necessary to be familiar with your competitors’ processes and client base. Market analysis will reveal the market patterns for AI-based expense management apps as well as the client expectations for any new app. It is preferable to know your client base’s expectations ahead of time so that you can implement the best features and save a significant amount of time and money.
Once you’ve collected all of the data from your analysis, move to the next phase, where you’ll require a helpful guide for your expense management app development process. To create an outstanding AI-based expenditure management app, you want to draw out the entire process with every process in detail.
You can proceed with the list of features that you will integrate into your app now that you have a design ready for the next stage. We recommend implementing the features based on the client’s expectations and current business market data. Customers should be able to choose their expense management options. Make it a point to include a unique feature in your app that will improve your firm’s brand recognition.
You’ll have a layout of your expenditure management app at this point. To make an attractive profit from your app, you need to consider a practical strategy that will earn your app a fair monetary base. Following the completion of the action plan, you can proceed to the development and testing phase. Try to hire a reputed expense management app development company with certified resources.
Features to Consider in Your AI-based Expense Management App like Fyle
Any expense management app’s features are its ticket to popularity. To stay on-trend and attract a large customer base, it’s generally best to include cutting-edge features in your expense management app development. Features will determine the app’s overall usefulness; as a result, look for a reputable expense management app development company with excellent reviews and feedback to help you design your expense management app. In any case, several features are common throughout the app development process, such as data transmission, profile creation, text pop-ups, and so on. Here are the most practical features of every top expense management app.
1. Expenses
Allow users to track their expenses in a category format that gives them a detailed view. Users can get an idea of their expenditure for every category, such as groceries, transport, and more.
2. Cards
Nowadays, everyone has multiple cards, and different cards have different rates of discount. This feature allows users to save their card details on the app for ease of access while paying through the app.
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3. Compliance
There is a set of compliance in these expense management apps, which allows users to set limits to keep their expenses in check. Also, these compliances can be set by companies to let their employees know where they can expand and the limit.
4. Budgets
Any expense management app should have this feature as this allows users to set a budget for themselves in different categories. This feature helps in saving a lot of money if followed properly.
5. Payments
In order to provide a seamless payment experience, a payment gateway is kind of necessary for an expense management app. It allows users to pay safely from the app itself.
6. Analytics
A great analytic feature is beneficial for both users and admins of the app. Users can get a detailed view of their expenses, while admins can track the overall performance of the app.
7. Security
Any financial app should have a great level of security. This feature allows users to secure the app through various ways such as biometrics, passwords, and two-factor authentication.
Technologies to Consider in Your AI-based Expense Management App like Fyle
The expense management app development process requires a wide range of techniques and APIs to make the app effective. In the development process, the technological stack plays a significant role. To make your expense management app ideal, you should always choose top-tier technologies that provide customers with feasibility and ease of use. Here is a tech stack that most of the expense management apps like Fyle use.
Ways to Monetize Your AI-based Expense Management App like Fyle
Revenue generation of an app is crucial, and there are various monetization strategies available on the market that top expense management applications use, such as
Freemium
The most recent type of strategy is Freemium, in which you provide a set of functionalities and features to your user base for free and then charge a fee for a longer and better version of that free feature. In the paid category, you can also include various financial support.
Memberships
Users will pay for access to your app's features for a set length of time. You can change this model by adding new incentives and perks to each membership plan type.
In-app Purchases
Users love to buy new goods, whether they're in the app or outside of it. You may always add a piece of your unique features and functionality to the premium class and charge a fee to your customers to use that particular feature.
Sponsorships
You can regularly approach companies to enhance their products related to your category and charge them for showcasing their advertisements on your platform. You can also run a promotion with their coupon code, where your customers will receive a discount on the advertiser's website.
Team Requirements and Factors Affecting the Cost of Development
The expense management app development process is considered repetitive since there are so many parts to test and execute in order to create a flawless app. As a result, a difficult team with skilled understanding and crucial assessments will be required to grow such an app. To achieve the best results, it is normally recommended to choose an established expense management app development company, as they have a highly skilled team of mobile app engineers with a wealth of experience and knowledge on the most recent technology stack.
You’ll need a formally structured app development team to create an expense management app, which will include business analysts, UI/UX architects, iOS/Android designers, QA, and testing engineers. Please find it important to examine the team’s qualities thoroughly. Because development is a tedious process, your project manager should be able to oversee the project and the team using his best project management techniques.
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The cost of developing your expense management app like Fyle will be based upon a number of factors. Every feature and functionality of your app has the potential to alter the development cost. The number of features you need to integrate into your app will determine the cost of developing an expense management app. To provide amazing capabilities to your clients, you’ll need plenty of APIs that will drive up the cost of your project. Overall, after analyzing your particular requirements, you can find about the development cost from your expense management app development company.
Ready to Develop Your Expense Management App with Matellio?
Any business in the global market needs an efficient tool to manage its internal finances. The rise in inflation makes it kind of necessary to keep track of your expenses. Apps like Fyle bring a wide array of features based on AI that are helping businesses in keeping track of their employee’s expenditures. In order to develop such an app, you will need a reliable and established mobile app development company. That’s where Matellio comes into the picture.
We have been developing efficient mobile apps for businesses around the globe for more than a decade. Our high client retention rate tells you everything about the quality we deliver. Our expert engineers and developers are familiar with the fintech market along with the trends. Our range of engagement models delivers you the feasibility of keeping your finances in check for project development.
If you have an idea about an AI-based expense management app, get in touch with our experts over a 30-min free consultation call to know more, and let’s get started on a journey to success!
