In today’s socially active society it is hard to keep track of shared expenses. Keeping a track of expenses and calculating who owes how much to whom is a big trouble. KnoDues app helps users to keep a track of their shared expenses.
It helps the user keep a record of shared expenses, split them, track all the dues and also allows him/her to share them with their friends. The app automatically syncs the contact list of the user and tries to make it simple to add shared expenses for friends (can be easily selected from the contact list). KnoDues instantly sends updates to friends for any new expenses added. Also, the app provides friends with an access to a common shared screen where all dues can be seen and expenses can be added or edited from either ends.
Founded in August 2015 by Saket Bagda & Sahil Sethi, the Gurgaon based startup also has an additive feature called ‘Events’, which allows a user to create an event and add his/her friends to it. Every individual can record the expenses paid by them. KnoDues would automatically provide the event summary of who owes how much to whom.
On talking about the idea behind the name KnoDues, Sahil Sethi, Co-Founder said, “The name KnoDues has been well thought out & debated. It was clear to us that the name of the app had to be something interesting and at the same time should define what the app does. The name “K/No/Dues” was coined to convey two core ideas of the app – Know All Your Dues and Keep No Dues Outstanding.”
How does it work?
A user needs to login into the app by entering his/her name and mobile number (to authenticate the user identity). KnoDues sends a mobile verification code to the mobile number of the user through an SMS. Post which the user’s profile gets active.
The User Interface (UI) of the Add Expense page allows user to add various details (amount, category) pertaining to the expense. The user can very easily share expenses with any friend who is on his contact book. The app automatically splits the amount entered equally amongst the people with whom the expense has been shared. Under Review Expense Page, the user can also edit the details entered and split the expense unequally (as per the requirement).
All past expenses shared with a particular contact can be viewed on the Account Details page, which are listed in a chronological order. There is also an option to comment where the user can discuss any particular expense with his/her friends.
Another feature of the app is that it also allows a user to remind his friends for their dues.
Who is it competing with?
The startup is competing with other applications which help manage user’s expenses such as Splitwise, Spendee, Myuniverse and others.
Present Status and Future Goals:
The startup is in its bootstrapped mode and is planning to raise funds in near future. Within one week of its launch it has reached 500+ downloads.
At present, the app is available for Android users and the company will soon launch the app for iOS and Windows platform as well.
“Going forward, we intend to make KnoDues an end-to-end solution for its users in terms of managing shared expenses. We intend to incorporate various new exciting features & functionality into the app, which we have received in terms of feedback from our current users,” said the team.