Version Control For Microsoft Office Documents

Office has built-in, automagic version control.  Every time you save a file a new "version" is created.

That is not a feature of Office. Depending on your setup, it may be something that's offered by your backup software or via an operating system restore point. Word 2003 & earlier did have a form of version management (which is quite different to anything discussed in this thread), but that facility has been deprecated.

Microsoft Office 2010, 2013, 2016 - none have native version control. You can use Sharepoint though.

For individual work custom macro for saving backup copies could be sufficient.

Some use Git revision control, although I do not have personal experience. There was a discussion here.

For business environment it's best to find a proven 3-rd party solution. I have an impression that not many companies have built on this demand. Spreadgit and Helix have been around for a while, a new promising XLTools add-in appeared recently. Each solution has its perks, but normally covers one specific Office application.

Office has built-in, automagic version control.  Every time you save a file a new "version" is created. To view, compare, and restore previous versions of a document, select File -> Info -> Versions (File -> History in Office Mobile).

What you do not get with built-in version control is an implicit branching capability.

If you have Sharepoint, it has the ability to do version control (built in, you just have to turn it on). It can save each updated copy of a file to give you an audit trail, while only showing you the current version in the UI.

There are many areas where I find SP to be tedious to use for file repository purposes, but I do like the version control it provides.

I haven't used TFS, so I can't give you a personal opinion. However, you might find the answers in the thread at http://stackoverflow.com/questions/2709902/team-foundation-server-vs-svn-and-other-source-control-systems useful.