Expense tracking apps aren’t new.Â¬â€ In fact, they’re one of the oldest uses for the Web and there are (literally) hundreds of thousands of them out there, online.Â¬â€ Nearly all of them, though, are for business use so that sales forces, executives, and so forth can more easily track their expenses for reimbursement.
Expensure.com is not like those.Â¬â€ It’s made for personal expenses that are shared amongst non-business associates.
If you rent an apartment, say, and have a couple of roommates, Expensure can help you split the rent, utilities, etc. and easily track who has and hasn’t paid their share of each.Â¬â€ So let’s say the rent is due on the 1st and is to be split into thirds.Â¬â€ It’s your responsibility to pay it (you’re on the lease), so you are the one owed the other 2/3 of the rent.Â¬â€ As each roomie pays, their 1/3 is removed from the “owe.”
The same goes for utilities, food, whatever you want to include on the Expensure setup.Â¬â€ Even travel expenses amongst friends or family going on vacation can be tracked and split through Expensure.Â¬â€ The splits don’t have to be even either, so one person can be responsible for a larger portion than another.
There are other apps like Expensure, of course, but they aren’t getting the kind of publicity that Expensure has gotten.Â¬â€ BillMonk, for instance, isn’t nearly as slick and has been around for two years with little market headway.Â¬â€ The best part of Expensure, though, is circular debt resolution.
The circle of debt can be pretty complicated.Â¬â€ If person A owes B $15 while C owes person A $5, but person B owes person C $5, then in the end, person A only owes $10 to B. Â¬â€ Expensure works that out and cancels debts or re-routes payments so that everyone is paid more easily.Â¬â€ This makes tracking expenses a lot less of a headache too.
Expensure hit the radar at PayPal’s SF event in October and is currently in open beta.Â¬â€ It is owned by Harmonypark, a London-based company. Signup is free.