What is the best way to split bills amongst friends?

I've lived in many households and at the end of every month we would sit down with excel sheets and break our heads over who owes whom how much money. I'm sure this is feeling is common amongst other students or young professionals who lived in shared accomodation. Thus, to find a better way out of this I consulted our good friend, the Internet. Below is a new web-app I found that can be of immense use to everyone out there. Say goodbye to those useless excel sheets for good!

WeSplit.it : I tried this service out as it was the only free one I could find and was surprised to see how easy it was to use. Even though it was free, it had all possible features I could think of like reminding my friends when bills are due or even keeping a running tab with all my friends all, at once! I did see a couple bugs here and there and I reported them via their feedback form. Within hours I had a response and within 24hrs the bugs were already addressed. Now thats what I call good service. All this for free!! Not sure how these guys are making any money with this cool app but hey if there was a "donate" button I sure as hell would have given them something as I feel they deserve it :)

Here is the link for this amazing web-app: http://wesplit.it

Thats all for now folks!