Income management is a major concern for all the earning populace today. Whether it is someone from the new generation who uses a dozen apps or someone who is older and more experienced, with measured exposure to technology, income management is mandatory. It is also difficult to rely on pen and paper alone for keeping track of various incomes garnered within a time period. Even for salaried professionals, a family function or an investment in stocks can give rise to another source of income that must be tracked. In these circumstances, relying on a well-designed and powerful app is the ideal thing to do. Since mobiles are ubiquitous and apps are all-pervasive, a well-designed mobile app will be effective to use to track incomes.
Why is income management important?
1) It keeps your budgeting activities well-planned. You plan better budgets for the month with more accuracy.
2) Income tracking helps you keep track of income tax. If you have any troubles with understanding your tax returns, then the first place to start is the income itself.
3) Income management helps you plan ahead. If you are planning for a trip or planning to buy a home etc. you can plan the expense in a better way knowing the incomes that you have.
4) Income management helps you track your growth. If you want to observe how well your mutual funds are performing, our well placed the salary hike was, and then income management helps you to keep track of all that.
The creators of Timelybills- an Incomes and Expense Management App realized the urgent need for income management and included thoughtfully developed features in it. Here is how Timelybills helps in income management.
Features of TimelyBills for Income Management
The Add Income Feature
TimelyBills lets you add an income for a specific month in a year.
You select the category of the income. You already get a huge list of categories to work with.
You can also add new categories from the settings.
After adding the category, you get to select a due date, which you can choose as per when the income came in or is supposed to come in
The Income portfolio aggregator
TimelyBills shows all your added incomes at one place. Each income type is shown with a nice icon that quickly tells you what that income is associated with.
You also have a feature to switch to the incomes added for the past year or even the years before that. This is important if you want to store the details for older income that may be important to record for tax purposes.
The right reporting of your income and expenses can have a significant impact on overall money management, fundamentally changing the way people perform their savings and how financial decisions are made. TimelyBills offers (free) the ability to generate income and expense reports in a very seamless manner for an instant look
One of the important and recently introduced features which allows users to log in from the different device and keep the app data in sync. “TimelyBills Backup Feature” (Setting->Backup), has been one of the most requested features by its users and will simplify a user’s transition to a new phone (using same play store id) securely backing-up their income and expense data on users GoogleDrive.
We saw that TimelyBills can be a worthy safe-keeper of all your information pertaining to income. It helps you stay focused on your daily life without worrying about the hassles of remembering your income details. With TimelyBills, your income management activity becomes a smooth and easy ride.