FinanceMe.lk versus Excel and paper loan books
Most lenders in Sri Lanka still run on a paper book, an Excel sheet, or both. They work, up to a point. Here is where that point usually is.
| Topic | Excel or paper | FinanceMe.lk |
|---|---|---|
| Cost | Free, apart from the hours spent on it. | From Rs. 4,900 a month, with every feature. |
| Working out instalments | By hand or with formulas that break when a row is inserted. | Schedules built from the product rules, skipping Sundays and holidays. |
| Penalties and arrears | Worked out at month end, if there is time. | Updated every night for every loan. |
| Field collections | Written in a book, typed in later. Errors creep in twice. | Recorded on the officer’s phone at the door, even offline. |
| Receipts | Carbon receipt books that can be copied. | SMS receipts and printed receipts with a QR code anyone can verify. |
| Cash control | Trust, and a count when someone remembers. | A cash close per officer every evening, reviewed by a manager. |
| Who changed what | Nobody knows. | Every change logged with a name and time. |
| Reports and accounts | Built by hand each month. | PAR, collections, P&L and balance sheet ready at any time. |
| If the book or laptop is lost | The records are gone. | Nothing is lost; sign in from another device. |
When excel or paper is the better choice
If you have fewer than about 30 borrowers, collect them yourself and enjoy spreadsheets, Excel is a perfectly good tool. The trouble starts when other people collect for you, or when you can no longer remember every borrower by heart.
How to switch
- 1
Start the free trial and set up your loan products the way you already lend.
- 2
Upload your Excel sheet. FinanceMe.lk matches the columns and shows every balance for you to check before saving.
- 3
Keep the old book for reference for a month while your officers get used to the app.
Open your loan book in FinanceMe.lk today
14 days free with every feature. No card, no sales call. We help you bring your Excel sheets across.