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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.

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How to start planning

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Building a plan Plan incomes For most of the people it's the easiest part. We are employees, have a fixed salary. Probably, some income from real-e-state objects we lend, or dividends. Such things is easy to plan.
What if we run a business? Then we should have a rough estimate. Or get some vision based on previous year. Or, at least, our earning goal.
Plan expenses Pay debts This is the most important part of the expenses. Debts is the main pressure. If we don't have enough earnings - we can skip vacation, rent a cheaper apartment, sell the car. But debts must be paid in time. So plan this first.
Taxes Another important thing is taxes. Not paying taxes is a crime. And this must be avoided. Let's plan this too.
Rental payments, public services Rent an apartment? Plan the rental payments too if you don't like to live in…

Check out Elastic Budgeting

It's not a secret that fiP supports elastic transactions, which is multi-source and/or has multiple funds dispositions. This key feature of fiP was available from the first days of live.
However, finance plans were non-elastic.
That had a good reason underneath.

Imagine you have planned expenses for diesel $200/month. For budgeting it's enough to have planned monthly transactions $200 each. If you refuel (say, for $35), then you just cut the planned transaction: $35 is committed, $165 is still planned.
If we happen to spend more that it was planned for the current month, fiP will take the missing part from the next month:
 - having $200 planned for diesel, we spent $210. Then, the $10 will be taken from the next period.

What if we have multiple fund dispositions? Planning public utilities as a single elastic plan:
 - electric power - $10/month
 - water - $8/month
 - gas - $2/month.
What will happen, if we commit a part of this transaction, but some sub-plans are exceeded? For…

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…