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Summary: The cost to develop an expense tracking app ranges anywhere from $8000- $150000. The range depicts the large variation based on app features, technology to be used, platform chosen, developer’s location, development process, UI/UX design, and the integrations required. Further, the niche requirements for a Fintech mobile app to track expenses and spending adds to the cause.
Who holds up a diary 24*7 in their pocket to keep a check on the expenses. Besides, this is not the time when one can keep a check of their expenses offline. Pulling out that pocket diary each time you make a purchase is both impractical and asinine in times when most of the purchases are made online. This brings up a chance for entrepreneurs looking to invest in a useful Fintech app while looking forward to knowing the cost to develop an Expense tracking app and check its feasibility. But to understand the feasibility it is best to learn about the need and usability purpose of the app to track your expenses and further plan to set up your Fintech startup.
Expense tracking apps use technology to automate expense tracking, generate spending reports, and provide insights into the money spent. This type of Fintech app allows users to keep a tap on their expenses and help to manage their budgets efficiently. Moreover, Fintech apps like budget tracking apps provide a level of convenience and accessibility that traditional financial tracking methods may not offer.
The growth of Fintech has transformed the financial landscape, and apps to track your expenses and spending are prime examples of how technology can provide innovative solutions to financial management. Resulting into the rise in the need of an experienced Fintech app development company to build the best Fintech apps for financial institutions.
Though the times have changed from pocket diaries to online record keeping, the very old requirement of keeping track of expenses has not left this generation too. Keeping a watch on your expenses on a daily, weekly, and monthly basis is not just a way to keep track of where the money goes, but is an essentially effective way of contemplating your savings and smart buying. Now, if there’s an app for everything, why not have one for tracking expenses?
Financing and expenses are a big deal today, especially in times when online payments, trading, stock marketing, investments, and related concepts have become so popular. People today are aware of the strategies to manage their money.
Today, money is seen as an asset that can bring in more money. The majority of under-30s in the United Kingdom (UK) use an app to help them budget, according to a survey by Attest. The total revenue in the finance sector has been around US $1.30 billion. There are multiple ways a business can be made out of a budgeting app. Thus, we are here with an insight into the cost of developing an expense-tracking app.
Let’s calculate the cost to build your budget-tracking app.
There are several things supporting this answer. Budget-tracking apps are the need of the hour for a huge populace out there struggling to keep a record of whatever they’re spending their hard-earned money on. With complete security, a finance-tracking app keeps track of income records, manages taxes, creates a budget, tracks receipts, compares income to expenses, and more. The development of expense-tracking apps is one of the most popular mobile app ideas today, and many people use them.
The usage of a finance tracking app is not limited to personal use by your end customers. It has a lot more usability beyond that. Several businesses yearn for an app that can make managing expenses, expenditure documents, and payments easier and more effective. For instance, the benefits of Insurance app development for the industry and businesses is huge.
Maintaining a record of taxes is troublesome for almost everyone. Knowing when, where, and how much to pay for different types of taxes and keeping an eye on the status of the same is tedious. Thus, small and huge firms need assistance in supervising all of these tasks and this makes for a great opportunity.
Cost-tracking apps have become significantly simpler for businesses thanks to cloud-powered data streaming, which enables automatic computation at each stage. Invoices for expenses abound for any organization that must deal with the frequent travel of outside personnel. Cost-tracking app may be of use in this situation.
Let’s list the reasons to develop an expense-tracking Fintech app;
The expense-tracking app development cost is dependent on several factors that go along the development process. Each stage in the development process incurs a specific cost. The overall cost to develop an expense-tracing app can be a little vague to tell. Yet, here is what we have figured out over the years of experience- the cost to build an expense tracking app can be anywhere between $8000- $150000. And as the list of functionalities and features increase it would cost even more.
The varying range is a result of several factors that influence the cost like the complexity of the app, features included in the app, a platform of development, developer’s charges and experience, etc.
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App development process is quite an extensive procedure and is comprised of several stages. If we are to talk about the expense tracking app development cost, it is essential that we consider all these stages and keep in mind the cost that will be inflicted at each stage and only then quote an overall cost of developing an expense tracking app.
Mentioned below are some factors that you might want to take a look at to understand the cost of developing an expense-tracking app:
It is needless to say that the complexity of whatever app you’re building is a determinant of the cost it will come down to. As is well understood, the more complex the app, the higher will be the cost. Complexity can be measured in terms of features being added in the app, the kind of platforms being used, the language in which the programming is being done, and a lot more things.
An app that has features like recording expenses, and budget creation will be cheaper than one having features that allow you to calculate taxes, keep a note of investments, etc. Roughly, if a simple app costs you $20000, a complex app (such as a super app) shall cost you much more, say, $100000-150000.
The platform chosen for developing the app has a major role to play in estimating the cost of the app development. Though there are a few platforms that do not charge any fee for using a few of their services, it is entirely the decision of the business owner and the developer which platform they pick for the finance-tracking app development.
Additionally, the operating system for which the app is being developed also says a lot about the price that the developer will quote you for developing the app. Native applications would cost you less as compared to cross-platform app development or hybrid apps. If the latter ones cost you $10000-50000, the native app development cost shall touch $30000-80000.
The place where you’re hiring developers to get your app developed also matters to some extent in deciding the overall pricing of app development. Though, it is not majorly affected because some features have standard prices to develop like frameworks that cost only a certain amount from people all around the globe. Yet, the charges of the developers can vary from location to location. Hiring an expert app development company in India is a lot more cost-efficient approach as it helps you save a lot of money than hiring a service provider in the US.
The tools and technology stacks that will be used in building the app make a major chunk of the cost incurred for developing a budget-tracking app. A budgeting app is essentially very technical in its approach and requires substantial technology to get all those features to work optimally in the app. Thus, selecting the right tech stack for app development is very important.
The app has several features that are more than just viewing a few products or maintaining a written record of expenses. These features need a significant amount of backend and frontend work that makes the functioning of the app seamless. The totality of the cost of tools and techs is an indefinite question.
The process of developing an app is mostly the same for every app. Yet it can make a significant difference in the cost of every app development. It is also a matter of choices that the business owner makes to get the app developed.
One can choose to hire an app development agency that takes care of the entire development process right from the research part to deployment and sometimes, even the maintenance of the app which is termed full-cycle development and is mostly advised.
Others choose different providers for their services at different stages of the development process. This gives each developer or professional at the different stage the flexibility to work in their own way but can be inclined towards the higher end in terms of cost. The entire development process can cost you around $10000-$60000.
The way the app looks on the outside says a lot about its success. The more appealing it is the more people will get their hands on it and will keep coming back to it. For this purpose, the user interface and the user experience as a whole need to be top-class.
It’s not always about the features and performance, the design and outlook of the app matter to a great extent to people, especially in this era when aesthetics are very important. Designing user experience for an app, irrespective of the industry, is always towards a costlier end. The more creative minds are out into the designing of the app, the more it will cost you. Though it is a little vague to mention the cost of designing the UI/UX for the app, here is an estimated price that goes into the development of UI/UX of the app- $5000
Since expense tracking apps comprise a lot of complex features such as tax calculators, they might need integration with other apps or sources to get the support for these advanced features. This can sustain additional costs as the integration process is a bit extensive and the system that you’re integrating into can also attract some extra costs to the developer and eventually the enterprise. This can cost you somewhere between $5000- $30000. To integrate additional technologies or advanced features, you can hire remote developers who can serve as your extended team.
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It is the various components of the development process that determine the cost to build an expense-tracking app. Here are a few components and a rough idea of their costs of development.
A Fintech app for budget-tracking is all about making finance tracking and managing easier. The major component of such an app is the tracking and analytics segment. Users shall have the option of tracking and analytics, which makes it easier for them to properly manage money and funds by providing them with an overview of their financial technology and financial activities.
History and other data ought to likewise show up for a nitty-gritty examination of the general exchanges. If you are adding these functionalities in your app, it shall cost you extra bucks around $1000-$25000.
If you wish to serve a large populace with your app, you need to make sure that the app has cross-platform functionality. The ability of an app to function optimally in different operating systems gives the audience the power to have faith in you. Also, this is a big win for you as an enterprise as there will be more users from different operating systems. A cross-platform app can be developed in a price range of around $25000-$40000.
Building an expense-tracking Fintech app like any other app has a stage of server-side development. This one concerns the processes that take place on the server or web side of the app. The cost of building the server-side of the app can be around $5000-$30000.
This one is accountable for all the processes taking place at the client’s side of the machine or device. This can cost about $10000.
There is no doubt that the finance-tracking app needs advanced features, the ones that can be of use to humans. Since the app is to serve the purpose of being a helping hand in managing expenses that were earlier done manually, sometimes by great difficulty, it should be adept with technology that is capable of replacing those conventional methods and making it even better. Integrating the power of Artificial Intelligence would require hiring AI developers.
Thus, AI-powered features like machine learning, chatbots, voice commands, etc. are a good option to include in your app to give it an edge over the others. This can cost somewhere around $10000-$40000.
The need of the hour for several enterprises and people at this moment is a mobile app that they can use to manage their budget and expenses, calculate taxes, keep a record of their spending, etc. The cost of expense-tracking app development of medium size with some of the most important functionalities can be somewhere around $35000-$90000.
The estimate of cost can vary depending on the features, functionality, complexity, and type of development procedure; nevertheless, it is always advisable to consult your tech partner to get a more accurate budget estimation for expense tracking Fintech app.
In addition to that with people looking to get their finances right, keeping a tab on the expenses will turn out to be the most important app. Thus the decision to invest in an expense tracking app that caters to the needs of local people is indeed a smart financial decision.
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The cost of developing an expense tracking app may range from $8,000 to $150,000. The reason for such a wide range is that expense tracking app development costs depend on various factors such as the complexity of the features, development platform, UI/UX app design, location of the development team, and many other aspects that are briefly explained in the blog.
The development time for an expense-tracking app can vary based on the complexity of the app. On average, it may take around 2-6 months to develop a fully functional app for expense-tracking.
Some essential features of an expense tracking app include automated expense tracking, receipt scanning, report generation, budget tracking, and importing and exporting the expense data for further processing and recordkeeping. For an advanced expense tracking app integration with accounting software is preferred.
The choice between a hybrid or native app depends on your business needs and target audience. A native app provides better user experience and performance, while a hybrid app is cost-effective and can run on multiple platforms.
To ensure the security of user data, you can implement encryption, two-factor authentication, secure socket layer (SSL) technology, and regular data backups.
You can monetize your finance tracking app by offering subscription plans, in-app purchases, and displaying targeted ads to users.
Some common challenges in developing a budget-tracking app include integrating with different accounting software, ensuring user privacy and data security, and providing a user-friendly interface.
You can market your expense tracking Fintech app by utilizing social media, search engine optimization (SEO), content marketing, and paid advertising. You can also partner with other businesses with similar target audiences and reach out to them with a promotional strategy that interests them.
The decision to hire a local or offshore development team depends on your budget, communication preferences, and project requirements. Offshore teams especially from India are cost-effective, spot-on with communication, and able to understand all your app development project requirements aptly.
To differentiate your app from other finance tracking apps, you need to offer unique features, provide an excellent user experience, and focus on a specific niche market. Conduct market research and analyze your competitors and their apps to have much better insights on how you can get ahead of your competitors.
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