If you’re like most people, you check your smartphone at least 50 times a day – looking at everything from text messages and work emails to weather alerts and box scores. But as many have discovered, your smartphone can help you keep tabs on your finances. Managing money, sticking to a budget and even handling investment decisions are easier than ever before with today’s crop of personal finance apps.
But not every tool out there is actually worth downloading and learning to use. You can take some of the guesswork out of moving your finances to mobile with this list of the best features to evaluate a finance app for your use in 2017. This list of features and benefits will help you understand what features you need to have in your app.
Quick and Easy Account Reconciliation
Reconciling personal financial accounts is easier and error-free when a financial app with a reconciliation feature is used. This feature is usually found in iOS and Android financial apps, but not as often with online apps. When an account is reconciled using personal finance app, transactions are checked off in the app with a mouse click when they match the financial statement. All the math is done for you and determines if your account balance matches the bank, credit card company or other financial institution is much faster.
The most financial app will walk you through creating a personal budget in a way that is easier than setting up a budget spreadsheet. After a budget is set up, assign budget categories to income and expenses in your accounts. The app should have a memorized transaction feature so you only need to assign categories to most transactions once. While almost all personal finance app includes a budgeting tool, if you will primarily use the app for budgeting purposes, consider dedicated budgeting app.
Capable of categorizing Income-tax related transactions
Transaction categories for taxes are included in some financial app, and you can always set up your own tax categories, which are then used when you prepare your return to generate a report on tax deductions, estimated taxes paid and other items. If you categorize income tax-related transactions from paychecks, charitable donations, and other tax-deductible expenses, annual income tax preparation gets much easier. Run a tax report for the year to get data on your tax return, or even easier, transfer data to tax app.
Printed reports to track investment
Some financial apps let you enter or download investment transactions and keep account values updated nearly up-to-the-minute with automatic updates via the Internet. Look for features like printed and on-screen reports and graphs help you track your investments, and capital gains reporting.
If you are looking for an app that helps with making stock trading and investment decisions on a daily or weekly basis, consider stock analysis app.
Detailed Net worth reporting
Not all financial app tracks net worth, but fully-featured app usually tracks assets and liabilities to give an accurate snapshot of your net worth at any given time. App with detailed net worth reporting will probably cost $15-$20 more than a basic financial app, but if keeping an eye on your net worth is important, having graphical report and charts that break down the numbers are worth the cost.
Now that you have discovered the features and benefits of financial mobile apps for personal money management, stick to this space and wait for the next blog to bring you the techniques to make your business a more organized affair in terms of finance.