New App to track financial expenditure launched
Monitoring daily and monthly expenses for businesses and individuals is set to become easier with the entry of a new financial tracking system.
SpendTrack, a product of Benfils Investments Ltd, was introduced in the market earlier this week. It is an integrated mobile and web application that enables users to keep track and manage the money they spend.
“This product is useful for personal finance management. We’ve gone through phases in development, we have done enough test run, and now the app is available on play store and the web,” said Mr Kelvin Ageng’o, SpendTrack product manager.
Benfils Investments Ltd, the product’s manufacturer, said it ensures users can track their budgets and their performance against budgets. The app also lets the user know what they are spending money on and how much. It also gives the time and date of spending.
The app can be used by individuals or groups including corporates, families, chamas, saccos and investment groups. Users are expected to create an account(s).
Every time the user(s) spends money, the app captures the expenditure by inputting the details by category, item and the amount which are automatically picked by SpendTrack’s back-end.
“The app is currently available for Android users for now and are working to upgrade the IOS to also accommodate Apple users”, said Mr Ageng’o.
Adoption of money tracking systems in Kenya has failed due to poor marketing and lack of awareness by customers.
“We want to make this application very user-friendly, but the real gem of Spendtrack is the keying in and tracking of our daily expenses. We are also trying to integrate it with M-pesa to also capture that part of spending,” said Mr Ageng’o.
The system also has an inbuilt software customized to create a range of analytics for the users in the form of charts and graphs.
“Analysis is done by category e.g food, stationery, shopping, transportation, sages, entertainment and beauty products. Analysis reports are sent to the user’s e-mail address periodically for reference purposes,” said Mr Emmanuel Achapa, SpendTrack Marketing Manager.
This new app innovation presents a sophisticated platform with highly encrypted data that could be the answer to constant overspending has riddled the Kenyan population who spend more than they earn and incur debts due to budget misappropriation.