Quickbooks Sri Lanka: The Definitive Guide

It’s no secret that maintaining a smooth accounting process is an incredibly important part of running a successful business. However, your business will outgrow manual accounting practices and need more intuitive software like Quickbooks Sri Lanka at a certain point.

QuickBooks is an all-in-one digital accounting software that will have all your accounting data stored in one place; easily accessible and conveniently available for you regardless of when and where you are.

QuickBooks in Sri Lanka is a better alternative to the usual method of managing accounts with excel. This software can completely eliminate the weary, manual upkeep and management of spreadsheets.

However, since QuickBooks offers an overwhelming number of features, it can be a little confusing to understand all of them at once. If this sounds like a problem you’ve faced before, we’re here to help you!

In this blog, we’re going to simplify everything you need to know about QuickBooks Sri Lanka to help you get a headstart on integrating a smart accounting tool for your business.

Table of contents.

1. What is QuickBooks and why use an accounting tool like QuickBooks?

2. What features does QuickBooks offer?

3. What are the plans and pricing for QuickBooks Sri Lanka?

4. How to choose the best QuickBooks plan for your business

5. FAQs

What is QuickBooks and why use QuickBooks in Sri Lanka?

QuickBooks is an all-around business accounting software that helps manage, track and maintain day-to-day business activities.

Maintaining records and reports of transactions, tracking expenses, managing day-to-day invoices, and meeting tax regulations always have to be tackled while growing your business.

The usual accounting methods like using Excel or Google Sheets aren’t always as convenient as they can be. These platforms can’t really help you see an overview of your business or allow you to have a quick look at your reports on the go. All of this makes it tricky when you’re a small or medium (SME) business owner looking to expand your customer base in Sri Lanka. This is why an accounting management system like Quickbooks is helpful.

As an SME, you can use this tool to avoid a lot of problems that a manual accounting process might cause. QuickBooks Sri Lanka offers a lot of options that will help you achieve financial peace of mind when it comes to your business, like:

• Track and collect your receivables faster.

• Customize your business invoices to fit your brand, and use instant payment methods.

• Track the mileage of your business orders through the QuickBooks Sri Lanka app.

• Snap and store bills and receipts, without maintaining files of bills and receipts. This tool matches receipts you snap from your mobile and automatically records them.

• Track and sort income and expenses so you won’t miss any potential deductions.

• The option of getting customizable tags. You can label and track transactions you want.

• Tag important events such as seasonal promotions, discount campaigns, and also tag your marketing channels. The tool offers the option of getting calculated and comprehensive reports on these as well.

As a small business owner, one of your biggest goals is to expand your business. And, as your business gradually grows, so does the finances. In the beginning, you might be able to track and manage your finances with minimal effort, but it can get overwhelming very quickly once the business starts growing.

Not to mention, mismanaging finances is something that you don’t want to do. It can create irreversible effects and result in you being fined by the Inland Revenue Department or even going out of business.

So, it’s a smart move to invest in a proper financial management system from the get-go.

The benefit of using QuickBooks here is that it gives you all the tools to manage your finances and be at the top of your game. In other words, QuickBooks will be your virtual accountant. How cool is that?

What features does QuickBooks offer?

QuickBooks can be a great tool to help increase efficiency in your business’s accounting process.

Let’s take a look at how it can help your business:

1. Manage your bills with QuickBooks Sri Lanka

Contact-free is the new way to do business, and one of the best features QuickBooks offers is the option to organize and manage all your bills online!

You can use QuickBooks to track and record any bills you pay as cheques or direct deposits. They also offer an option to schedule bill payments in advance so you can easily manage your finances.

2 . Track your inventory

This one is a real game-changer! QuickBooks can track your stocks, and give you real-time updates and reports instantly (i.e. all your inventory details will update automatically as you work).

QuickBooks has an inventory calculator that will notify you of what’s on hand, or if you are over/understocking. It also automatically converts your purchase orders into bills once the inventory is restocked, so you can pay your vendors on time.

To make things easier, the software also has a mobile app you can download. You can receive mobile notifications when it’s time to reorder inventory through low stock alerts.

3 . Access business reports instantly

Most of us are familiar with the struggle of preparing business reports. With QuickBooks in hand though, this will be easy.

You can access business reports instantly to know where your business stands. Financial reports like income statements, balance sheets, and inventory reports will be available to you one click away.

You can also track what’s upcoming and ongoing through the readily available cash flow statements QuickBooks provides. You can even customize and choose to see reports that matter to you most, like your open invoices and customer balances.

4 . Determine profits of your projects

One of the most useful features of QuickBooks is its option to calculate project-based profit and losses. You can determine the success of the project at a glance through dashboard reports.

QuickBooks has a dedicated rate calculator that helps you get a handle on employee costs and how much money your projects are making. With this tool, you can move on to your projects easily because the smart budget oversight and forecasting will help you scope the project before you begin.

5 . Sync your brand identity with your financial templatesr projects

QuickBooks is all about fitting your accounting needs with your brand needs. So the option of sending invoices through QuickBooks comes with a free customization feature. You can pick a format that best suits your brand image and leave a lasting impression on your clients.

Besides you can customize tags to suit your products as well. You can tag money in and money out transactions in a way that makes sense for you. Don’t forget that custom insights, based on your tags will be available as well so that you can evaluate how your business is doing whenever you want.

What are the plans and pricing for QuickBooks Sri Lanka?

You can either access QuickBooks by downloading it to your desktop or online from any device through your server.

QuickBooks is a cloud-based software, which means you can access it from any device with an internet connection. You can download the QuickBooks mobile app from the Play Store or Apple App Store.

Before you commit to any paid plans, you can give it a test run as a sample company, or sign up for its free 30-day trial to explore all the features.

QuickBooks also has a range of tutorials explaining how each feature works. You can also get any further questions answered by joining one of their free, live webinar events. If you want to know more about their upcoming webinars, you can go to their official website here

If you decide to commit to QuickBooks, there are 3 plans you can choose from.

PLAN	Simple start planThis is best suited for start-ups and small businesses.For one user, plus your accountant.	Essentials planBest suited for expanding small businesses.For three users, plus your accountant	Plus plan Best suited for medium-scale businesses. For five users, plus your accountant
PRICE	Monthly US$ 17.38 (LKR 3440.11) Annually US$ 187.73 (LKR 37988.89)	Monthly US$ 25.49 (LKR 5158.14) Annually US$ 237 (LKR 55575.93)	Monthly US$ 34.76 (LKR 7034.01) Annually US$ 375.45 (LKR 75975.76)
FEATURES	Track income & expenses Send custom invoices & quotes Connect your bankTrack VAT	Track income & expenses Send custom invoices & quotes Connect your bank Track VAT Insights & reports Manage employees Multi-currency	Track income & expenses Send custom invoices & quotes Connect your bank Track VAT  Insights & reports  Manage employees Multi-currency Recurring transactions Track inventory  Track projects & locations  Manage budgets

How to choose the best QuickBooks plan for your business

Apart from the basic options we’ve mentioned above, QuickBooks offers so many other aspects that can drastically help your business. In fact, there are so many elements that it can get a little overwhelming to understand what fits your business best.

There are also many schemes and websites that offer non-authentic versions of QuickBooks. You have to keep a lookout for those sites as QuickBooks is not free accounting software. Some schemes can even get you in big trouble with your business finances.

So what can you do to make sure you choose the right path?

This is where Simplebooks can help you out!

Our team has helped many companies set up QuickBooks, and have guided them through the entire process and provided maintenance services after installation. We can do the same for you!

Simplebooks can guide you in choosing the best fit QuickBooks plan for your business’s accounting needs. We can help you to set up templates, set up invoices, create a workflow and help you maintain it after you install QuickBooks.

If you need a reliable consultant  reach out to us now and schedule your free consultation call today! 

FAQs