25 January 2019
Financial management seems to be a vital need for people these days. Especially for young lads that lead the cultures to shop, travel, and eat for an existence. Money income and expenses should be controlled properly.
Not everyone wants to move their butt and diligently manage their balance. Financial management comes to be the first solution for millennials. The need to arrange and monitor your cash flow is vital for the rest of the month. If the problem
Financial management is not only about writing down all your transaction in an accounting book. It’s way wider than that. But it doesn’t mean you have to make it complicated. Just like any management subject, financial management begins with planning and followed up with organizing, actuating, and evaluating.
If accounting can put down all transactions in the book, then financial management will manage those transactions. Even before you do the transaction, you do financial planning to make sure the transaction and control yourself.
In planning, we will do budgeting, creating categories, sorting expenses and incomes, and do other aspects. It still depends on how you plan your finance. You can also add all potential expenses and income in a month or even a year. You can also add it manually while doing your financial management.
Financial planning is not only about budgeting. It also needs to calculate when you spend your money, how do you spend it, when you should note your transaction, and how you monitor your cash flow. This is the basic variables of financial management, especially for financial planning.
Balancing income and expenses is harder than you think. Especially if you are a big procrastinator in life. Human has a high chance to forget things. If you delay a transaction for a day, it will affect the rest of the week.
To make it simpler and tidier, you can add a scheduled notification in the mobile app so that the user could input their transaction diligently. If necessary, you can also add an integration system with an online wallet. Just in case if the user is savvy enough to use this feature. It would be more efficient and effortless for the user.
Act according to your plan. Make a change of plan if necessary. Evaluate your transaction if you spend more than your budget. Monitor it regularly. So, it’s all in this app. No need to do paper-based management.
There are advantages and disadvantages when you want your app to connected and integrated with third parties. Especially for security systems and how you manage your client’s data with your business partner. You can get more customers if you have more connections with a bank account or online wallet. But you will need to upgrade the security system. Make sure that all transactions can be tracked and monitored easily. If there’s a problem like a stolen credit card or something, you just need to track it down from the log and record it. It would be much safer and will entice your customer to use your financial management app more.
Just like what I said before, you can add an integration system with other online wallets. Even if it’s from third parties, you still can do the integration. So, if the customer spends their money from their online wallet, it will be automatically booked to your financial management app.
I think it’s more like using a personal financial consultant online. You can chat with them to ask about your financial condition. If necessary, they can help you plan the whole month or even a year. And it’s not just for personal use, but also could be used for companies. So, if you develop this feature, you can reach more market share than just developing a simple financial management app.
Long story short, financial management should be brought by you to your customer’s fingertips. Get an experienced developer and let your dream comes true.
The competition these days will be real. You will need to enhance a relevant and innovative solution for your customer’s financial problem. Yet it doesn’t mean you won’t have any competitor. There is more than one company that reach this field and wants to conquer the competition. Brace yourself.
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