To solve a common problem of everyday life, Foxenet Ltd announces the launch of BillShare, an innovative new iPhone app that helps a group of people keep track of expenses they share together without confusion, arguments, or "IOUs."
Keeping track of two people who share expenses is challenging, but squaring away the debts of three, four, or more people over time is very difficult. To solve this, BillShare keeps track of bills and payments so each person pays their fair share.
"BillShare was designed for roommates, friends, couples, family, coworkers, or anyone who's ever owed someone else money," said Eamonn Fox, Founder of Foxenet Ltd. "The app makes it easy to track debts and payments by walking you through each step."
To see how BillShare works in real life to help people divvy up expenses, consider the example of a grocery bill split among four roommates.
The first step is to create accounts for each person who will be sharing bills. Then, users can add a paid bill (like that grocery bill), unpaid bill (like an electric bill), or recurring bill (like cable TV). To add a bill, users enter the name, amount, who paid it, and any notes. The app instantly shows the effect a new bill has on who owes what in the accounts module.
An important feature of BillShare that makes splitting expenses easier is called the "kitty", like a piggy bank shared by everyone in the group. People either owe money to the kitty or is owed money by it. At any time, users can see a summary of how much money is in the kitty and each user account.
For example, the three rooomates that did not buy the groceries (but will be eating the food) would all owe the kitty their share of the bill. When a user pays the kitty, the transaction is tracked by recording a payment in the app. Each roommate enters the amount paid and BillShare acts as the banker, automatically doing the math and keeping the books.
Once everyone pays their share of the grocery bill to the kitty, the roommate who bought the groceries can be reimbursed for what she is owed. That payment from the kitty to the user is recorded in BillShare, so all roommates know they are squared up.
BillShare also tracks unpaid bills, which can be entered into the app along with their due dates. When the deadline arrives, each account will be charged with their share of the bill. Users can also receive a reminder of the due date.
Adding a recurring bill to the app saves time for expenses that happen regularly for a set amount, such as a cable TV or internet bill. Users enter the amount, start date, and recurring period (every month, for example). When the recurring period is reached, BillShare creates a new "due" bill and charges each account with their portion.
In addition, this flexible app allows some people to be marked as "exempt" from paying a particular bill - for example, if friends wanted to treat someone to a birthday dinner.
If someone is running low on cash, they can borrow from the kitty. This loan can be recorded and will increase the amount of money that person owes the kitty.