Expense tracking software

[youngtrepreneur]

I'm a software engineer and previously worked in accounting.

I'm considering putting together a basic expense logger for the self-employed.
This will be as a little project with no intention of quitting my job at all, which I love.

The idea would simply be to take pictures of receipts (expenses) and make this information available to their accountant.

The big cloud accounting brands focus on SMEs.
I'd like to create something simple but effective for the builder, carpenter, etc.

As it's a little fun project if probably charge like £20 /year or whatever.

What do you guys think?

 

[fisicx]

Most accounting packages already do this. In fact many are designed so you don’t even need an accountant.

 

[Bob Morgan]

There are a lot of them out there already - Some FREE too. I keep a couple of A5 Sheets and an envelope for the receipts inside my Diary/Notebook, to log Expenses and Mileage, etc. - Literally the back of a cigarette packet! It works for me, and does not need to be overly complicated.

 

[fantheflames]

Like others have said, many services are offering services like this.

You'd need to offer something different/ better.

Or target a specific group: i.e. tradespeople.

 

[fisicx]

Or target a specific group: i.e. tradespeople.

Most tradies I know use quickbooks or similar on their phone. Scan the invoice/receipt and job done/

 

[youngtrepreneur]

Thanks for your feedback everyone.

From my experience in accounting, very many people still give their accountant a bag of receipts at the end of the year.
Or the lose the receipts...

 

[Bob Morgan]

Thanks for your feedback everyone.

From my experience in accounting, very many people still give their accountant a bag of receipts at the end of the year.
Or the lose the receipts...

It's known as 'Shoebox Accounting' as everything goes into a shoebox!

 

[Bob Morgan]

Most tradies I know use quickbooks or similar on their phone. Scan the invoice/receipt and job done

Those 'Tradies' must be using the version of Quickbooks that cannot print Invoices and Receipts - It only deals with Expenses! ?

 

[youngtrepreneur]

Those 'Tradies' must be using the version of Quickbooks that cannot print Invoices and Receipts - It only deals with Expenses! ?

Wouldn't be too difficult to add invoices to the app ?

 

[Bob Morgan]

Wouldn't be too difficult to add invoices to the app ?

I was being facetious!

 

[youngtrepreneur]

I was being facetious!

Then stop it.

 

[Volopa]

Plenty of options out there for this that are free, something that I specialise in.

 

[youngtrepreneur]

Plenty of options out there for this that are free, something that I specialise in.

True.
But plenty of people chose to pay.
I think £20 p/y is more than reasonable.

 

[Volopa]

It's a complex arena and really does depend how you get it out there. I would not say £20 P/Y is unreasonable. I have a completely free solution and even then, just trying to convince people to use it is very difficult. Think the biggest question you have to answer is how you are going to get it to market?
I think these days as well people are very cautions of new things, especially with all the scams that are out there.

 

[fisicx]

True.
But plenty of people chose to pay.
I think £20 p/y is more than reasonable.

You may think this but the developers who build such an app would need an awful lot of subscriptions to make a living. £20/m is a more reasonable figure.

 

[youngtrepreneur]

It's a complex arena and really does depend how you get it out there. I would not say £20 P/Y is unreasonable. I have a completely free solution and even then, just trying to convince people to use it is very difficult. Think the biggest question you have to answer is how you are going to get it to market?
I think these days as well people are very cautions of new things, especially with all the scams that are out there.

Oh I'd just release it to my existing network and let word of mouth do all the work.
As I said, this would just be a fun programming project and not an actual business as such ?

 

[youngtrepreneur]

You may think this but the developers who build such an app would need an awful lot of subscriptions to make a living. £20/m is a more reasonable figure.

I'm not looking to make a living out of it.
It would just be a side project for fun.

 

[Volopa]

You may think this but the developers who build such an app would need an awful lot of subscriptions to make a living. £20/m is a more reasonable figure.

I would agree, if you were going to rely on it as a full time role @youngtrepreneur

 

[Volopa]

Oh I'd just release it to my existing network and let word of mouth do all the work.
As I said, this would just be a fun programming project and not an actual business as such ?

I would get couple of people in your network to test it or even people on here? I'm sure people will give you some honest feedback. Ask how much your testers would be willing to pay for it? Just an idea.

 

[youngtrepreneur]

I would get couple of people in your network to test it or even people on here? I'm sure people will give you some honest feedback. Ask how much your testers would be willing to pay for it? Just an idea.

Any good developer puts their code through rigorous testing before releasing to the audience.
Though I'd certainly be up for connecting with some people for usability testing purposes.

 

[fisicx]

Any good developer puts their code through rigorous testing before releasing to the audience.
Though I'd certainly be up for connecting with some people for usability testing purposes.

Business members here can get websites and apps tested by all members.

 

[youngtrepreneur]

Business members here can get websites and apps tested by all members.

What types of testing are undertaken and by how many people?

 

[fisicx]

What types of testing are undertaken and by how many people?

You define what you want testing. The number of people depends on your pitch.

You can also look at usabilityhub, testbirds or usertesting. There are loads of testing websites.

 

[Bob Morgan]

'Software Testing' deserves only two words! FUJITSU and HORIZON!
Essential Code was added . . .

IF Balance <= 0 THEN GOTO JAIL

 

[Paul Kelly ICHYB]

From my experience in accounting, very many people still give their accountant a bag of receipts at the end of the year.

And they are unlikely to move to an app!

 

[siangana]

despite what people here said...
man, go and try that
you'll never know how it will turn for you, or how it will bring you to a bigger project

 

[youngtrepreneur]

despite what people here said...
man, go and try that
you'll never know how it will turn for you, or how it will bring you to a bigger project

Thank you ?

 

[youngtrepreneur]

despite what people here said...
man, go and try that
you'll never know how it will turn for you, or how it will bring you to a bigger project

If it took off I would be tempted to make a few niche/specific products, e.g. SA100 online form submission, etc

 

[fisicx]

If it took off I would be tempted to make a few niche/specific products, e.g. SA100 online form submission, etc

But as has already been suggested, those not already using accounting software are unlikely to suddenly switch to using an app.

 

[youngtrepreneur]

But as has already been suggested, those not already using accounting software are unlikely to suddenly switch to using an app.

With some background in accounting, I would agree.
To an extent.

The issue is that most accounting software out there has been designed by accountants for accountants.

Accounting software that's designed by business people for business people may present a positive alternative.
Especially if it has account/tax return submission functionality without the need for plugins.

Additionally, while some may be unwilling to use a phone app, a subset may be willing to use a web app.

 

[Bob Morgan]

With some background in accounting, I would agree.
To an extent.

The issue is that most accounting software out there has been designed by accountants for accountants.

. . . and, is then sold by even more Accountants - Acting on behalf of even more Accountants!

 

[Volopa]

. . . and, is then sold by even more Accountants - Acting on behalf of even more Accountants!

Lol so true...

@youngtrepreneur what you decided to do?

 

[youngtrepreneur]

Lol so true...

@youngtrepreneur what you decided to do?

Hey ?

I've been thinking about this and it's true, there are other basic apps out there that record expenses.
Some of them extract info from invoices and receipts automatically.

Making a copy cat would be a boring project tbh.

So I'm thinking of making a full accounts payable web app for micro businesses that tracks expenditure, can be used for forecasting expenditure for financial planning purposes, and with AI (probably TensorFlow) to protect small businesses from invoice fraud.