MIT School of Engineering

Department of Computer Science and Engineering

Project Synopsis

Group ID:G05

Project Title: FundsBook

Group Members: Paramita Bagde Varun Damal Sushant Marathe Soham Kawadkar

Enrollment Number Roll No. Name of student Contact Number

MITU22BTCS0962 2223435 Varun Damal 9156087909
MITU22BTCS0523 22231036 Paramita Bagde 9607807010
MITU22BTCS0839 22231043 Soham Kawadkar 9561574509
MITU22BTCS0881 22231044 Sushant Marathe 9307940220

Problem Statement:
Developing an app to simplify expense tracking and splitting among friends during trips or
shared living. The app automates expense calculations, tracks individual balances, and
provides a summary of group and individual expenses, promoting fairness and transparency.

Abstract:
Managing expenses during a trip can be challenging, and dividing costs among friends can
often lead to confusion and disagreements. Our app aims to simplify this process by
providing a platform for users to track their expenses and split costs seamlessly. Users can
add friends, create groups based on their travel companions, or organize expenses by trip.
The app allows users to add entries for expenses paid on behalf of the group, automatically
calculating each individual's share. Additionally, it offers the flexibility to split expenses
unevenly among group members, accommodating scenarios where only some members incur
expenses. At the end of the trip, users receive a comprehensive summary of the group's total
expenses and their individual contributions. Beyond trips, the app's functionality extends to
various scenarios, such as managing expenses for couples or roommates, making it a versatile
tool for expense balancing.

Literature Survey: Detail survey done

Managing shared expenses among friends, couples, roommates, and travel groups can be
challenging. Various methods and strategies have been employed to simplify this process,
ranging from manual calculations to the use of digital tools. Here is a survey of existing
methods and strategies:
1. Manual Tracking and Calculation:
-Pros: This method involves manually tracking expenses using pen and paper or a
spreadsheet and calculating individual shares.
-Cons: It can be time-consuming and prone to errors, especially in complex scenarios with
multiple expenses and participants.

2. Digital Spreadsheet:
-Pros: Using a digital spreadsheet, such as Google Sheets or Microsoft Excel, can
streamline expense tracking and calculation.
-Cons: While more efficient than manual methods, it still requires manual entry and
calculations, which can be cumbersome for large groups or frequent expenses.

3. Expense Sharing Apps:

-Pros: Specialized apps like Splitwise, Tricount, and Settle Up offer features for tracking
expenses, splitting costs, and settling balances.
-Cons: While convenient, these apps may have limitations in terms of user interface, data
privacy, and compatibility with different devices and operating systems.

4. Online Banking and Payment Apps:

-Pros: Some banking and payment apps offer features for splitting bills and
sending/requesting money, which can simplify expense sharing.
-Cons: Users may face limitations in terms of transaction fees, currency conversion, and
integration with other expense tracking methods.

5. Communication and Agreement:

-Pros: Clear communication and agreement among participants on how expenses will be
tracked and shared can prevent misunderstandings and disputes.
-Cons: It requires proactive communication and may not be sufficient for complex expense
sharing scenarios.

6. Expense Pooling:
- Pros: Pooling funds into a common account or wallet can simplify expense sharing by
centralizing all expenses and settlements.
- Cons: It requires trust among participants and may not be feasible for all expense sharing
situations.

7. Automated Expense Tracking Tools:

- Pros: Some tools offer automated expense tracking by linking to bank accounts or
scanning receipts, reducing the need for manual entry.
- Cons: These tools may have limitations in terms of accuracy, privacy, and compatibility
with different banking systems.

In conclusion, various methods and strategies exist for tracking and splitting expenses among
groups.
Proposed System (Block Diagram):
Conclusion:
In summary, the proposed app aims to simplify the often cumbersome task of tracking
expenses and splitting costs among friends, couples, and roommates. Its user-friendly features
include the ability to add friends, create groups, track expenses, and divide costs per head.
One of the app's key strengths is its flexibility in handling different scenarios, such as when
only some members of a group make purchases. The option to split expenses between those
who made the purchase ensures fairness and accuracy in expense distribution.

Moreover, the app's versatility extends beyond trips, making it suitable for use in various
shared living arrangements. This broader applicability enhances its potential user base and
utility in day-to-day expense management.
Overall, the app has the potential to streamline the management of shared expenses, promote
transparency among users, and simplify the settlement of balances. With further development
and user feedback, it could become a valuable tool for individuals and groups seeking
efficient expense tracking and cost-splitting solutions.

References:
"Expense Tracking Applications: A Review of Features and Development"
"Group Expense Management Strategies: A Comprehensive Analysis"
"User Preferences in Expense Tracking Apps: An Empirical Study"
"Market Trends in Expense Tracking Software: A Global Analysis"
Annexure:

Annexure I: Form A-Title Approval (for offline mode)

FundsBook.

Annexure II: Form B-Market and financial feasibility (verify from guide)

The global bill splitting apps market size was USD 500.6 million in 2021 and is projected to
touch USD 993.02 million by 2031, at a CAGR of 7.0% during the forecast period.

Bill splitting applications or simply known as bill splitting apps, are designed to make sharing
the experience of splitting the expenses easy. The app divides the costing of the bill among
the users and calculates the amount to be paid. The splitting is done automatically by the app
and shows what each user owes. The app works best for the purpose of budgeting for
example, if a person is looking to share expenses with roommates or friends, such apps are
useful. Demand for automation of doing all the calculations can reduce human errors and
provide accurate results.

Market progression for bill splitting apps is being facilitated by increasing penetration of
smartphones. Increasing use of smartphones worldwide is expected to present a market with
budding growth opportunities. Ease and alternatives of payment in such applications is
projected to drive demand. Growth in the tourism and travel sector to propel demand for such
applications. Products and solutions offered by various market players are anticipated to drive
demand for the service. Robust demand for such apps to split rental payments and other
expenses is expected to augment market growth. Demand for automated results of doing all
the calculations can decrease human errors and provide accurate results. Such benefits and
driving factors are expected to drive market growth.
Annexure III: Literature survey paper or links