SpicyDigits has just released their services in public Beta. This means that anyone can sign-up and benefit from SpicyDigits services all for free.

The point of SpicyDigits is to manage the financial aspects of various projects that you are working with on a team. “If you and your geeky friends are busy crafting next google in your garage, keep your focus on the technology and let SpicyDigits manage your recurring project expenses.” [spicydigits homepage]

For a current entrepreneur in the Internet business such as myself that works with teams, this service would be beneficial because the cost of domain name registration, upgrades along with dedicated server costs add up and managing expenses is a major task all on its own. This brings you one step closer to not necessarily needing a separate accountant during the initial business growth phase.

When you first create an account with SpicyDigits, you create a group name and a description. After that you enter the e-mails of those who you want to participate in the group expenses. Then comes the accounting aspect of it where you can upload a picture of the receipt, choose the date of the incurred expense, split up the expenses 50-50 or set the percentage ownership of each expense. Once payments are made, you log this into the system and then it e-mails a bill to the group participants.

When Facebook released Developers, their open source API, one of their featured users was Moochspot, a way for Facebook to group expenses as well and SpicyDigits is very similar to this. In the end, SpicyDigits wins my preference since they’re advertising towards entrepreneurs that spend larger amounts of cash on business expenses and Moochspot is advertising towards college buddies that owe each other miscellaneous expenses such as a 30-pack of Natural Ice beer that you bought the other day for your house party. Also for Moochspot you need to have a valid Facebook account and a valid Moochspot account, whereas SpicyDigits, you just need to have one account to benefit from the service.