Intuit will discontinue its financial management suite, QuickBooks Online, in India after failing to capture the Indian market for ten years. Through an official statement, Intuit declared that QuickBooks online products will not be available in India starting from January 31st 2023. So they are not accepting new subscriptions that apply to QuickBooks Online Accountant, QuickBooks Online, QuickBooks Time and the QuickBooks mobile app. Intuit sent all its customers a copy of this declaration via email on Thursday. Existing customers can switch to the free subscription model, enabling them to avail themselves of the free services of QuickBooks until January 31st, 2023. Customers who have taken an annual subscription will receive a refund for the unused part of their subscription. The company has asked its customers to retain their data from the product to avoid losing it.
Intuit launched QuickBooks in India in 2012 and provides accounting software like invoicing, cloud accounting, cash flow management and inventory management. They introduced their GST- compliant version in 2017. They are also offering online accounting services in the name of QuickBooks Online Accountants, especially for chartered accountants.
The company has announced that the shutdown of QuickBooks will not affect the presence of Intuit in India, the parent company. Intuit in India comprises more than 1300 employees who will continue to offer their services to over 100 million Intuit customers across the world. They will continue to invest in the top tech talents in the country.
QuickBooks’ discontinuation in India Provides Opportunity To Indian Companies
QuickBooks’ discontinuation in India will give an excellent opportunity for its rival companies like Tally and Zoho to fix their position in the Indian market.
Zoho has already announced that they are willing to support and serve the customers of QuickBooks in India. They are ready to provide an alternative solution to QuickBooks’ customers, making their transition easier.
Tally solutions, on the other hand, has been in the Indian market for years. It has undergone several changes and has released many versions. Tally Prime, its latest updated version, receives massive responses from its customers because of its user-friendly features. It will be much easier for QuickBooks’ customers to switch to Tally Prime, as they have similar characteristics and provide better services.
As per the official website of QuickBooks, more than four million customers around the globe utilise its services. However, they have failed to please the Indian customers with their Indian client data dripping to 1 to 2%.
Intuit has got global recognition and helps smoothen the online accounting practices of its customers; it has an employee strength of around 14,200 and drew revenue of $9.6 million in 2021. Intuit has shown its presence in nine countries with 20 offices worldwide.
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