Posted by Mumbai-Chennai: Accounting software major Intuit to discontinue its QuickBooks products and service offering in India from 31 Jan 2023. The sudden exit of Intuit’s QuickBooks from India further brings new opportunities for other accounting software companies.
Intuit’s unexpected decision to pull out QuickBooks products and services from India also means an advantage for rival accounting software companies in India like Tally, Zoho, Busy Accounting and others.
With over 75% market share Tally dominates the Indian accounting software market and has around 2 billion business users and remains the first choice among small and medium-sized businesses and enterprises in India.
Tally, Zoho, Marg, Busy Accounting and Intuit are among the top five accounting software companies in India.
These companies now have big opportunities to tap the existing customers of Intuit’s QuickBooks in India. Around 30,000 businesses are using Intuit’s QuickBooks in India and these customers need to migrate to other software platforms.
The accounting software market in India was worth around $9.67 billion in 2020, according to an industry report. It is estimated to reach $17.12 billion by 2027, growing at a CAGR of 8.5% during the forecast period from 2021 to 2027.
“From 31 January 2023, Intuit’s QuickBooks products and service offerings for accountancy and small business customers will no longer be available in India,” Intuit said in a notice.
Following the feedback from customers in India, Intuit has extended the support period from 1 January to 30 April 2023. The extension will help customers maintain their accounting books in accordance with the Indian financial year from 1 April till 31 March next year.
The company also has stopped accepting new customer orders for QuickBooks products in India from 1 July this year.
All existing paid subscriptions will be switched to free before 31 July 2022, to enable companies to continue using QuickBooks until 31 January 2023 with no charges applied, the company said. Customers who have paid an annual subscription will receive a refund for the unused portion of their subscription.
With this unexpected move from Intuit, the Chennai-based Indian software company Zoho said it is open to supporting and serving Intuit’s QuickBooks customers in India.
“The continuation of financial systems for any business is essential for its growth and sustainability. At Zoho, we understand how challenging it can be for businesses to find a replacement for their existing financial system,” Prashant Ganti, Head of Products – Tax, Accounting & Payroll, Zoho commented on the sudden move of Intuit’s QuickBooks India exit.
“Zoho Books will be glad to serve the needs of those businesses looking for an alternative solution, and help them transition smoothly,” said Ganti.
Like Intuit’s QuickBooks, Zoho offers its Zoho Books – a cloud-based finance and accounting platform for businesses, helping them perform accounting functions, track stocks, reconcile bank accounts, manage projects and comply with GST.
Indian accounting software giant Tally too has announced support for businesses and customers of Intuit’s QuickBooks in India, enabling their transition to Tally’s accounting platform.
Relying on its extensive partner ecosystem and a 24×7 customer support centre, Tally Solutions has claimed that it is prepared to help these businesses and customers migrate from Intuit’s QuickBooks.
For businesses, software migration from one vendor to another is a very complex and cumbersome process as also involves business data. The critical aspect of migration is ensuring there’s no data loss and accuracy is maintained.
“Tally understands these key concerns and is fully prepared to ensure that businesses face no such hassle when moving from their current software to TallyPrime,” the Bangalore-based software company said.
“Our teams and partner-network are fully prepared to support these SMEs seamlessly transition to Tally such that there is no loss of any crucial business data,” Joyce Ray, Head – India Business, Tally Solutions commented on Intuit’s QuickBooks India exit decision.
Intuit’s QuickBooks has been in the Indian market for more than 15 years. And its discontinuation will not have any impact on Intuit’s operations and presence in India. Intuit has over 1,300 employees in India, majorily employed in software development and innovation.