Description:Background
[0002] Monetary management is still an important issue for a long period. People use chequebooks or spreadsheets to track their spending. But sometimes, they lost their chequebooks and even their spreadsheets which they keep to store their whole monthly spending. This old method was very hectic. At the month's end, the user had to find out all their records and then calculate to find their whole monthly spending. But this method is not efficient to track all the records.
[0003] As the technology comes, an application was developed by the developers which are Notes. The user can note down all the expenses. But consider a situation where the user accidentally uninstalls the application. So in that case all the data also be lost. This issue is recognized by many companies like Google.
[0004] So Google synchronized all the user’s data to keep it safe in many ways like notes down, pictures or even some reminders for an event. But we can’t say that Google Notes can manage their expenses. They can’t calculate whole expenses or even give require suggestions.
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[0005] So, we developed a web-based application that is Expense Tracker. It helps the user to keep up with the spending. The users need to give some useful information about their spending and monthly budget, so according to their data, the user can get a pictorial representation of their spending.
[0006] US20130211898A1 The innovation offers an electronic transaction management system that is computer-based. A data store has a number of consumer accounts, each of which has a first consumer account identification. A rule is kept in connection with the customer account. A charge request with a charge amount and a second consumer account identity is received through a network interface device. One of the first consumer account IDs is connected to the second consumer account identifier to identify a particular one of the consumer accounts. In response to receiving the charge request, the rule of the chosen consumer account is retrieved, and an action is carried out in accordance with the rule.
[0007] US5947526A a method, system, and tool for tracking particular expenditures in relation to a total budget. The device includes a support having a plurality of response areas for presenting information for selection and printing indicative of one or more discrete monetary amounts, each amount being a discrete budget unit that represents a small portion of the total monetary amount. Inside each response area, the printing is fastened to the support.
[0008] USA 2135/KOLNP/2007: For an expenditure report application, a
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means of controlling an expenses report is offered. Based on messages obtained from one or more messaging channels, the expenditure report application is set up to update entries in an expense report. The process involves receiving a message that was delivered over one of more messaging channels. The mail contains data about costs. The spending data is used to create an expense report. The entry data is then deduced from the cost data. The input details are subsequently included to the expenditure report.
[0010] Expense tracking is an important aspect of personal and business finance management. It allows individuals and organizations to keep track of their spending habits, identify areas of overspending, and make informed financial decisions. Traditional methods of expense tracking involved the use of pen and paper, spreadsheets, and manual data entry. However, with the advent of technology, expense tracking has become much easier and efficient. Web-based applications provide a convenient platform for users to track their expenses in real-time, access their financial data from anywhere, and generate detailed reports.
[0011] The proposed patent on "Automated Expense Tracking System and Method for Web-Based Applications" aims to provide a novel solution for expense tracking. The system would utilize artificial intelligence and machine learning algorithms to automate the process of categorizing expenses, identifying patterns in spending behavior, and generating personalized recommendations for financial optimization. The system
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would also leverage data visualization techniques to provide users with a clear and concise overview of their financial health. The patent would enable the development of a user-friendly, efficient, and accurate expense tracking system that can benefit individuals and businesses alike.
[0012] The proposed "Automated Expense Tracking System and Method for Web-Based Applications" calls for the creation of an advanced software platform capable of gathering, processing, and analysing enormous volumes of financial data. In order to categorise costs, identify irregularities in spending patterns, and generate tailored suggestions for financial optimisation, the system would combine rule-based and machine learning techniques. Also, the platform would make use of data visualisation methods to produce clear, succinct reports that would make it simple for consumers to comprehend their financial condition. The system will be created with scalability and modularity in mind, making it simple to integrate with other financial management software and services. , C , Claims:1. A web-based expense tracking system utilizing artificial intelligence to automate expense categorization and provide financial recommendations.
2. A method for analyzing financial data using machine learning algorithms to detect patterns and provide personalized recommendations.
3. A system for generating clear and concise financial reports utilizing data visualization techniques.
4. A computer-readable storage medium containing instructions for automated expense tracking and financial optimization in a web-based application. 5. It will provide a speech recognition feature that will help to add the expenses by speech.