Additionally, QuickBooks Online, QuickBooks Online Accountant, QuickBooks mobile app, and QuickBooks Time no longer accept new subscriptions in India.
The company has offered no further explanation for the decision, nor the considerations that informed it.
Cloud accounting, invoicing, inventory management, and cash flow management are all part of QuickBooks’ line of products. Through QuickBooks Online Accountant, it also provides an online practice management solution for chartered accountants.
Due to the company’s decision to leave the Indian market, Intuit is no longer accepting new QuickBooks clients as of right now. However, existing customers will still receive free service for the company’s remaining seven months of operation.
Prior to July 31, 2022, the business will convert all current paid customers into free users, allowing them to continue using QuickBooks until January 31, 2023, charge-free. Customers with annual subscriptions will be refunded for the time that they didn’t utilise it.
QuickBooks’ decision to exit the market draws attention to the difficulties Indian SMEs present for service providers.
The departure of QuickBooks occurs at a time when many SMEs are embracing digitisation, creating an opportunity for Indian businesses like Zoho and Tally. Other homegrown accounting software providers include Marg and Busy.
Steps have already been taken by Zoho to fill the void left by QuickBooks’ departure. Zoho stated it was willing to assist QuickBooks India customers. The unicorn also made clear that it is committed to increase its presence in India.
In contrast, despite competition from foreign companies like QuickBooks, business management software vendor Tally Solutions has dominated the accounting software market. Tally developed a solid network, contacted accountants, and concentrated on training its customers in order to increase its reach. It would also aim for a bigger piece of the pie following QuickBooks’ departure from the Indian market.
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