From employee self-service apps that help track their salaries to employer payroll services, different iOS apps developed have made management of personal and business finances easier in the Apple ecosystem.
These applications are financial management pillars, which allow the user to track their expenses, manage budgets, and even generate digital pay stubs. Be it as an employee who wants to track salary or as an employer who requires smooth payroll services, there’s an app out there for you.
Here are the main ways to get the best out of the iOS apps for tracking your finances, so as to help you keep better control over your income and expenses.
Leverage Budget Management Apps
Besides basic expense tracking, various budgeting apps let a user automatically set up bill reminders and savings goals that help one keep organized and proactive with their money. Through analytics and visual reports that budgeting apps allow, one instantaneously finds where one has been overspending and where one can afford to cut back.
Tools such as Mint and YNAB have been tailored to give you an overview of where your money is going. That overview shouldn’t be complicated to read and should let you see exactly where your money is going.
Based on that information, you can adjust your spending to properly fit your goals. You can link them up to your bank account, credit cards, and even investment portfolios to give you an all-in-one view of where your financial health is.
Embrace Digital Pay Stub Integration
Many online applications allow employees and employers to easily view and store their pay stubs online. Such an option removes the need for hard copies and gives a very correct and accessible record of your income.
Online tools, such as Form Pros, give employers the ability to create professional W-2-compliant pay stubs for easier and more accurate payroll management.
The integration of digital pay stubs is most useful to freelancers and small business owners who have to keep detailed records for tax purposes or financial planning.
It means you’ll also avoid fake pay stubs which can hurt your financial management plans including taxes. With the pay stubs digitally on file, it enables you to easily upload them into your favorite expense-tracking apps and make sure your income is always accounted for.
Automate Expense Categorization
While manual expense tracking used to be a very cumbersome exercise, an iOS app has made this easier with its auto-categorization features. The list includes the likes of Expensify and Goodbudget, both using machine learning to budget your expenses into groceries, dining, entertainment, and many others.
By automating this leg of financial tracking, users are saved from having to manually key in every transaction that costs them a lot of time. Auto categorization also ensures that the spending reports are more accurate and makes budgeting easier.
Over time, the application learns your spending habits and even offers more realistic insights for fine-tuning the strategy of financial management.
Use Bill-Tracking Tools
Failure to pay bills tends to be one of the leading causes of falling behind on a financial schedule. There are so many iOS apps out there, such as Bills Monitor and Prism, that do some of the best bill tracking and will let the user know exactly when it is time to pay their bills and then automate them directly from the device. These applications ensure you never miss a payment meaning, you are not only up-to-date with your finance but also your credit score is maintained or improved.
Beyond tracking due dates, bill-tracking tools provide an overall picture of upcoming financial obligations. It enables foresight into planning for the future. With the help of popular expense management apps, this proactive approach that financial optimization is achieved saves you from paying late fees and other penalties that could set you back.
Incorporate Investment Tracking
Applications such as Personal Capital and Acorns allow users in real-time to manage and track their investments. You will be able to see right next to your everyday expenses how well your stocks, bonds, or mutual funds are doing by connecting investment accounts to these apps.
The apps come with extra tools that allow the user to determine their risk tolerance and suggest asset allocations in line with financial goals. That is in essence, expense tracking and financial advising on your iPhone. Such a holistic approach will ensure that besides day-to-day expense management, financial growth in the long run is also catered for.
Utilize Tax Preparation Tools
Apps like TurboTax and TaxSlayer allow users to track deductible expenses throughout the year so they can maximize those returns when the time comes. Many of these apps will even link with other financial tracking tools to help make categorizing those transactions that qualify for tax deductions a whole lot easier.
Tax preparation apps guide one through the overwhelming process of filing returns, breaking up all the steps involved in the process. You can efficiently and effectively file your taxes by just keeping your books of account up-to-date and organized throughout the year by avoiding costly errors and missed deductions.
Endnote
Financial tracking through iOS apps isn’t just all about observing expenses but creating an all-rounded smooth way of handling your finances. By developing these tools, you are assured of a healthy financial future in everything from budgeting and bill tracking to investment management and tax preparation.
