How to Track Expenses and Better Communicate Financial Decisions?

With the economy still in a bad shape and savings rate taking a terrible blow, it is important to know the cash flow position of a company. With the profusion of smart phones in the country there's a huge deluge of apps of different kinds. Some of these apps cater to money management; they work as expense manager and also help in financial planning. It is therefore important that we make use of these apps in order to optimize our cash flow. We bring to you a compilation.

Money management apps: They can help you to manage your money. Many money management apps are currently free and open source. This is important as it will help you handle your money better. It also generates pie-charts which help users in formulating an opinion as to which expenses were necessary and which were wasteful and frivolous. It is also important to note the usage of money management apps also helps you to compile all the financial information in one app, i.e. your multiple accounts associated cards can all be stored in a centralized location.

Money Management app for android: These apps provide for and take care of all the accounting needs right from personal accounting of managing your savings account to alerting when important deposits mature. But the more advanced money management apps for android can also be used by professionals for formulation of budget, creating balance sheets and P/L statements. They can also be used for certification of accounts to pass it over to the shareholders. Using Android apps means you use secure Google SSL connections which give unmatched security of data.

Expense Manager app: These apps unlike the above mentioned apps focus only on compiling data related to the expenses. It therefore generates weekly, monthly and annual reports of the same and also makes the user aware of whether he is breaching set expenses limits. This app also produces interactive bar and pie charts to ensure that the data is presented to user in the best possible way.

Financial Planning app: These are the most advanced apps as they go beyond just offering solutions for earning and expenses, but manage the entire financial department of your house, some of the notable features include income tax, handling of cash reserves, Life insurances, Investment portfolio, and total debt which includes (housing and personal) Investment portfolio, and total debt which includes (housing and personal).

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