What is Microsoft Cost Management and Billing?

• Microsoft Cost Management:
  It is a set of tools that help an organization manage their cost and they can also optimize their workload using cost management and related tools.

• Billing:
  It is where you manage your accounts, invoices, and payments.

Together, Cost Management and Billing are your gateway to the Microsoft Commerce system.

Cost Management is available from within the Billing experience. It's also available from every subscription, resource group, and management group in the Azure portal.

A few examples of what you can do in Cost Management and Billing include:

• Report on and analyze costs in the Azure portal, Microsoft 365 admin center, or externally by exporting data.

• Monitor costs proactively with budget, anomaly, and scheduled alerts.

• Split shared costs with cost allocation rules.

• Create and organize subscriptions to customize invoices.

• Configure payment options and pay invoices.

• Manage your billing information, such as legal entity, tax information, and agreements.

Ways to Optimize Costs in Azure

Microsoft offers a wide range of tools for optimizing your costs. Some of these tools are available outside the Cost Management and Billing experience but are included for completeness.

A. Some services are always free on Microsoft Azure following are
some of the services listed which are always free :

• Azure SQL database: 100k vCore [unit for virtual CPU] seconds of db serverless usage with 32 GB of storage.
• Azure Cosmos DB: 1,000 requests units per second provisioned throughput with 25 GB storage.
• Azure App Services: 10 web, mobile, or API apps with 1 GB storage 1 hour per day
• Azure Functions: 1 million requests.
• Azure Event Grid: 100k operations.

B. You can use Azure Pricing Calculator to calculate the cost of
overall services that may be used when deploying your
architecture for your project.
Also see : Visit here for Azure Calculator

C. You can use Azure Advisor which provides you recommendations on
which services are been underutilized, based on it you can
decide to dismiss it or not.
Don't forget to check out the video to understand Azure Advisor.

D. Use reservations to advance book your virtual machine for your businesses and save money.