This module will help you to cut the long link(s) via web service from the Bit.Ly
To use this module first you will need to register on http://bit.ly/
After your registration you need to get the API KEY http://bit.ly/a/your_api_key/
After this, you can use this module.
Also the BitLy will allow you to add your FaceBook and Twitter account.
This options you can find in the BitLy's accound settings.