|Microsoft new app called Spend helps the user track their expenses. / Photo by: tktktk via 123rf|
One of the most basic disciplines of both saving and handling finances is to be able to track all of one's expenses. This is the most fundamental step to being able to save and finding out what aspect of one's spending to cut down on. One of the many ways you can do this is by using either a journal, or keeping receipts for future recording. Microsoft has just made this a little easier with the newest addition to their Garage program. This new division, called Spend, is focused primarily on helping create expense reports for the average worker.
This program was created by the same team that created MileIQ, which is an app that helps people keep track of their mileage on the road. This new program gives the user the option to automatically track in real-time all of the receipts and expenses that one has incurred as they happen. This would help cater to a large audience, considering that a number of people find a lot of difficulty in managing this aspect of their finances. It works by linking up to a particular credit card, debit card, or bank account to automatically track and check all of one's outgoing payments and expenses, as well as reimbursements or tax purposes. Within the app, users could also tag which expense was for business and which could be categorized as personal. The reports created by Spend can supposedly match and are compatible with major software for expense management and accounting.
Currently, the Spend app is available only on the iOS app store, but there is a possibility that it could expand to other platforms as time goes on. This will not be the last addition to Microsoft Garage, as they plan to provide more apps and functions in the near future.