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My wife and I will be using this software, so my question is will we be able to use the mobile app on each of our phones to keep track of our finances?
Yes, you can both use the mobile web app (https://m.inzolo.com) to log in and access your budget.
From a smartphone can you enter transactions using the mobile web app? Waiting for the Insolo android app especially with the Banking auto import. This feature is just what I was looking for.