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In this blog, we will be talking about everything you need to put in place to develop your own digital ledger app like Khatabook. We will be putting some lights upon its demographics, application features, cost projection, and the revenue model to give you everything you must be looking for.
Khatabook is an India based mobile application found in the year 2016 and has achieved growth at an unfathomable rate. This digital ledger app has more than 10 Million downloads on Google Play Store and has a rating of 4.5 and is supposedly made for shopkeepers and small business owners. In India, it is quite common for people to leave pending records when it comes to paying bills and thus this application saves the shopkeepers from a tedious task of maintaining manual records.
With a revolutionary shift towards digitalization in India, Khatabook is an application with a simple and easy-to-use interface that helps shopkeepers in managing the ledger on their smart phones itself. This app reduces the potential errors that might occur during manual calculations, makes the entire process automatic and allows shopkeepers to send Text/ Whatsapp messages regarding the due payments.
Working of the Application
The business model is quite straight and simple, a shopkeeper can easily register using their email id or contact number and can then add customer details like their names and payment information. The payment information can be further categorized into two segments: first, the payment that a customer owes, and second, the money paid in advance by the customer. All this information related to the account details is then stored within the app and is easily accessible by the shopkeeper. Automatic backup is also a crucial feature for the efficient design and working of a digital ledger.
The digital ledger application should be able to support UPI Payments or Net banking options so that when the shopkeeper sends customers their dues via text message they can easily pay it using online mode.
This modest business model helps in reducing the manual labor work and also benefits shopkeepers to receive their payments much earlier and in a hassle freeway.
The modes of revenue for an application like Khatabook are yet to be explored and therefore, it would be too early to say what they are incorporating. Although in near future lending can be a component of revenue generation for the company.
Some of the potential revenue streams for an app like Khatabook:
A good choice to earn revenue from paid service would be the premium feature especially now when people are ready to pay for premium applications more than ever. Khatabook offers customers some exceptional features that customers can take advantage of by paying as a one-time subscription or a long term subscription.
- In-App Ads
Showing customers relevant advertisements is a great way of generating revenue. This way you will be able to show them advertisements regarding related services and products and promote the third party simultaneously.
The commission-based revenue model can be really profitable, you can earn revenue for the services provided. A fixed amount of commission can be deducted from every transaction made between customers and shopkeepers and it can also be applied when the number of transactions exceeds a certain limit.
- Add/Edit/Delete Customer Information
- Add/Edit/Delete Transactions
- Call or Text Customer to remind about pending transactions
- Easy backup and restore data
- Manage customer debts
Requirements to Develop a Digital Ledger App
The basic requirement to develop a digital ledger application like OkCredit and Khatabook, you need to gather a team of experts and professionals who possess the required skills and significant experience. The next thing you need to do in the process is to make a choice that is if you want to go with freelance developers or experts.
A freelance developer will cost relatively less but you may or may not get professional quality of work, there’s a high chance you might end up wasting your time and resources. Hiring a freelancer can be a gamble for you, you might end up with a phenomenal work but there is no guarantee or security.
However, a professional app developer has to maintain his/her reputation and therefore, is committed to giving their customers the best products and solutions. They rely on their quality of work, seamless communication, competitive development cost, and a remarkable after support.
We can just guide you through different aspects, the final choice is yours to make.
A successful development of any application is a collective effort and contribution of each team member, be it a social media app or an accounting app like the one we are currently working on. It is a long way from the evaluation of the idea to the successful development of the application and is not possible without a team. They will be at your aid not just to help you develop a more competent app but also to explore multidimensional opportunities concerning your app.
In order to stay one step ahead of the competition let’s find out your ideal time.
- Business Analyst
- Project Manager
- Android App Developers
- iOS App Developers
- Web Designers
- UX/UI Designers
- Quality Assurance Professionals
Right Technology Stack
Being aware of the significant technologies and choosing the right stack for developing your app is more necessary than you think. An accounting app needs to be efficient with all the transactions and customizations and thus, before choosing the stack keep a few things in your mind: the possibility of future expansion, improvisation in the business model, and any other radical changes.
How much does it cost to develop an app like Khatabook?
Practically it is not possible to answer this question especially when there are a number of steps involved in the process of estimating the cost.
Development of an app starts with just an idea that may expand or contract over time, there could be improvements and revisions right in the middle of the plan. It takes up to 12 months to develop an app, during this period a hefty amount of remodelings and reconsiderations take place. Thus, we cannot decide a fixed amount for the purpose but we can talk about the factors responsible so let’s jump to that without wasting another moment.
- Mobile Platforms
In today’s world, there are a number of mobile platforms, be it Android, iOS, or wearable. Now it’s up to you to examine the audience and choose the right platform for your needs. Although it is suggested to develop an app that supports as many platforms as possible, it increases the consistency and ensures that individuals using any platform can access it. However, an application has to be developed separately for each platform thus, increasing the expenses.
- MVP or Full-fledged App
Choosing between the minimum viable product (MVP) or Full-fledge app is certainly a personal choice and it depends on your need and purpose.
MVP can be a good option if your idea applies a distinct approach and you just need something till you find the investors. It costs relatively less and is pretty much the app that just works with basic functions and sober designs.
On the other hand, if you want an app with all modern and powerful features, attractive UX/UI designs, smooth animations, and other advanced functionalities you should go with the full-fledged app. It costs higher than MVP, engages the user, and is a good fit for the market.
- Quantity and Quality of Features
A greater number of features means more efforts and a greater evaluation cost. Using a high number of features is always a good option since it provides a better user experience but do it only if your budget allows.
Low on budget? You can go for just the essential features.
Place you chose for developing your app can play a major role in the final cost, the economical condition of every country is different, therefore, the cost of the development and hourly charges of the professionals may vary. Although the change in price does not affect the quality since web and app developments are global businesses, hence, has consistency when it comes to the quality of work.
In the USA the hourly development cost ranges somewhere between $150-$200, whereas in the UK and Australia it ranges from $80 to $160. However, in Asian countries the hourly cost varies between $25-$50.
You can clearly see how much a geographical location can affect the budget and thus, most entrepreneurs and company owners choose to outsource development projects in Asian countries like India and China.
Even though we cannot project the cost of an application because it varies with individual needs and purpose but to give a rough estimate, an MVP android application outsourced in India cost somewhere around $10,000 – $15,000.
We’ve covered up pretty much everything that needs to be done to develop a digital ledger app like Khatabook and OkCredit. Although if you still have some queries and doubts feel free to contact us.