How Kolo simplifies expense tracking across multiple bank accounts

It’s one week after salary week and all your money is gone, and you can’t figure out what exactly you spent your money on. You can’t even find the receipts to trace your steps. It’s a common nightmare many of us share.

The average Nigerian has 3 active bank accounts, and if you’re anything like our CEO, you probably have one in every bank in Nigeria. One of the hardest things for anyone, with at least 2 bank accounts, is tracking their money.

Managing all these accounts, figuring out how much you have, or what transactions you made in the past can be incredibly frustrating especially when you spend money from all your accounts, and banks are getting in on the action charging you here and there. Juggling different bank apps, USSD codes, and POS receipts to get a hang of how hard-to-find cash walked away can be a nightmare.

That’s one of the reasons why we started experimenting with Kolo because we experienced these problems ourselves.

Let’s show you how Kolo makes tracking your expenses very easy.

How does Kolo work?

Kolo uses advanced technology, including machine learning, to simplify expense tracking. Here’s how it works:

1. Connects to your data sources: Kolo connects to all your data sources, including email and sms, to gather your transaction data and route it to your Kolo dashboard. This way, no transaction goes unnoticed and you have a clearer view of all your credits and debits as they happen.

2. One centralized view of your accounts: With Kolo, you don’t have to log in to your multiple accounts before you can view your account balances or confirm transactions. Rather, it presents all your bank accounts in an easy to understand, all in one place.

3. Auto-discover accounts you can’t remember: How many times have you had to reset your password just to view your account balance? If you can’t remember all your bank accounts, Kolo can auto-discover them for you. This is especially useful considering that many people might forget about smaller accounts with less frequent transactions.

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Personal touches for your convenience

Kolo goes beyond just showing you your transactions:

1. Tag your transactions: You can tag transactions, making it easier to categorize and find them later. For instance, you can tag all birthday gifts or categorize your expenses by type, such as food, utilities, or entertainment. Say you’ve made transactions across multiple banks like Access Bank, GT Bank, and Zenith Bank. With Kolo, you can tag all similar transactions and view them together, regardless of the bank. This makes it easy to track your spending habits and see where your money is going.

2. Add your comments: You can also add comments to transactions. If you send money as a birthday gift, you can note that down. If a bank’s transaction narration is unclear, you can add your own detailed notes. This personal touch ensures that your financial records are as accurate and detailed as you need them to be.

More benefits Kolo brings to the table

We’ve talked about how expense tracking gives you a clear picture of where your money is going, helps you manage your spending habits better, and see areas where you may be overspending. But Kolo brings more benefits to the table.

1. No more surprise billing: You can see exactly how much you spend in different categories (e.g., groceries, entertainment, utilities) and adjust your budget accordingly. This way, you can live within your means and avoid overspending. You can also prepare for financial emergencies and reduce the chances of being caught off guard by unexpected bills.

2. Improve your credit score: With your bank accounts in one view, you can allocate funds to pay off your debts on time and improve your credit score in the process. A good credit score opens up more financial opportunities, such as lower interest rates on loan offers or unlocking higher loan amounts. Lenders are more likely to offer favorable terms if you can demonstrate a consistent and responsible financial track record. Check out why credit scoring is important to lenders.

3. Make strategic investment decisions: Tracking your expenses is more than managing your day to day expenses. You can set up long term financial growth for yourself by taking advantage of opportunities to save and diverting some of it into profitable investments.

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You need Kolo if you don’t want to go mental

No matter the amount of personal or company accounts you have, Kolo can help you handle them all. So, we’re taking the chore of logging into several bank apps, and digging through SMS, emails, or bank statements for information on past payments.

Replace all that with a clearer view of your finances and net worth, saving and investment opportunities, easier and organized access to your account information, better credit score, and ultimately peace of mind.

When you’re ready to switch to the finer side of life, simply visit Kolo to get started.