Skip to main content

Finance Planner Birth


Basic Financial Questions

-          Where is my money gone?
-          How much did I earn in the past?
-          How much do I have right now?
-          What can/should I spend less on?

These basic financial questions can be answered only by 39% adults in the US (Business Insider). 61% do not track their spending. The ability to answer these is the first step of financial literacy. There are many tools on the market that help track earnings and expenses.

Advanced Questions

-          What should I pay this month? Tomorrow?
-          How much money will I have in 8 months? In a year?
-          Is it worth to take a bank credit to start a new business/project?
-          When can I buy a new house/car?
-          Will it be possible for me to pay the mortgage for the new apartment?

These advanced questions for personal/family finance management is that our team wanted to help  answers.

We took up a challenge to create a finance management system for individuals, families, small business. Our solution is named “The Finance Planner” or simply "fiP" and planning was our primary focus.


Exclusive Features:

Predictive analysis of the financial status was the greatest challenge to the development team, however we did not forget about other advanced features. One of such inventions is Elastic Transaction. This sort of transactions is useful when a single payment is made for several purposes. For instance, if an invoice for hardware and software is paid as a single payment, elastic transaction will tell:
  • how much was paid from a card / account
  • how much of the value above is for hardware and how much is for software.

Personal loans tracking

Bank Credits

Supports of most popular credit algorithms with plenty of configuration options

Automatic Budgeting

Data analysis of the past periods and automatic approximation of the future.

Financial Forecast. Predictive analysis

Predict user's financial status in future. Answers questions “how much money I will have in NN months”, “when I can buy a new car/house” etc.

Financial Project Planning, predictive analysis.

Sub-planning feature that enables collecting finance instruments (credits, schedules, transactions) into sets and work with such collections as with sub-budgets. Predictive analysis works here as well and can answer questions such as “will my project be profitable?”, “is it worth to take a bank credit to start a new business/branch?” etc.


Other Features:

Transaction Templates

if user frequently makes typical payments, templates will save much time on entering the same details every time

Automatic Currency Rates Control (integration with Google Currencies)

single-currency payments are always balanced (the amounts in debit equals to credit). In the case of multi-currency transactions, the actual exchange rate depends on many factors. It is impossible to get the absolute balance, so the Finance Planner tolerates slightly unbalanced transactions, and will deny transactions with unbalance factor exceeding the predefined limit.


Financial schedules

recurring payments scheduled on daily/weekly/monthly/annual basis)

History Analysis

see how much, on what and when the money was spent)

Report for the past periods

Answers questions such as “where my money is gone”

Warehouse management and Purchase List

Inventory management module tracks goods and consumables. Automatically generates lists of purchases for things running out of stock. Purchase List can be opened on mobile apps when shopping.

Customers Management

Invoices

Generates invoices in PDF format and submits to your customers by e-mail.

Automatic VAT calculation and payment

calculates VAT-able incomes for the past months and automatically makes VAT payments

Google and Facebook sign in

Finance Advisory

Finance Planner cooperates with professional finance advisers. Users can subscribe to advisory services, choose an adviser, and the professionals will take care of the finances.
-          Flexible and configurable tariff plans to manage personal / business finances
This feature enables creating/configuring tariff plans. Administrator can select features to the tariff plans and define pricing rules.
Finance Planner accepts payments via various payment providers and enables features the user subscribed to.
The tariff configuration engine is resistant to human mistakes. For instance, if the administrator enables “Invoices” but disables “Inventory Management”, both will work for the users because of dependency rules.

Integration with PayPal, Braintree, liqPay payment systems

Account Balance Control

enables setting limits on accounts, system notifies when the limits are violated)

Email notifications

(overdue payments, violated accounts limits, negative finance forecast)

 Multilanguage

(English, German, Ukrainian, Russian)

Integration with Community Forum

iOS and Android apps

Result:

The Finance Planner has been running in production for over a year, serving customers from USA, Canada, Australia, Russia, Philippines, Austria, Ukraine and other countries. Several Finance Advisers offer their advisory services via The Finance Planner.

Comments

Popular posts from this blog

Budgeting

What is a budget? Wikipedia gives the following answer: "A budget is a financial plan for a defined period of time."

So, it is a financial plan. Basically this is a list of incomes, expenses etc.
However, most of the personal finance apps track "budget" as a set of limits. Like:
 - how much may I spend on food
 - how much may I pay for fuel
and so on. Such limits are usually set per month.

Setting limits is good approach, it can help control the spendings when user sees he is close to limit, but the month is in its middle.

However, this is not sufficient for The Finance Planner. We think of budget as a list of planned transactions. In fact, this is a small difference: if you plan to spend $300/month on fuel, you just schedule monthly transactions. And when you buy fuel, you cut (split) the planned transactions.
For instance, if you spent $20 on fuel today, you cut the planned transaction and get two:
  - $20 - committed (paid)
  - $280 - still planned.
This slight difference …

Poor or rich?

Simple question from the first sight.
U.S. Census Bureau defines poverty as a certain income level, which is $1062 a month for a single in US.
However, the life is not such easy. All people are different and have non-identical needs.
House rent, mortgage are not the same everywhere. Deceases, allergy any other special needs - all these raise the expenses.
Another definition of poverty is inability to keep expenses under incomes. And such way is hard to define: under certain circumstances even $1M of income is still poverty.
Furthermore, many people do not see themselves in poverty: the feeling of high incomes keeps them blind towards expenses until it is too late.
We take new financial liabilities, debts, burden. Buying a new house or getting a baby - all this raise expenses and we feel wrong only when our savings fall to zero.



The threshold, point where the lines of incomes and expenses cross, is often not noticeable for the majority. But even this is too late to start acting.

The wis…