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- Reading Time: 7 Minutes
- Published: July 19, 2022
- Last Updated: February 7, 2025
Intuit’s accounting solution QuickBooks will exit India in 2023 after a decade of setting foot in the Indian market. This announcement has come as a surprise to more than 30,000 of its users. The news came in on June 30th, 2022, which informed its users it would not be available after January 31st, 2023, and the users must migrate their data before the same. The products that will be unavailable include QuickBooks Online, QuickBooks Online Accountant, QuickBooks mobile app, and QuickBooks Time. The Company stopped new subscriptions for the said products in India from July 1st, 2022. For the customer’s ease, it will turn its existing subscription into a free one from July 31st, 2022, through January 31st, 2023.
However, a revised announcement was given by QuickBooks, where it extended its access until April 30th, 2023. It means the users will not have to pay for the solution until April 30th, 2023, and can transfer their business data within these nine months. Intuit has also provided a link to help users with the migration process. It has also provided a link to a government site to guide the user to a new solution.
While QuickBooks will no longer be available in India, Intuit will retain a strong presence in the country. Intuit has a strong team of over 1300 employees who benefit more than 100 million customers worldwide. Indian team has been responsible for bringing in new foundational capabilities like workflow automation platform, roles-based access, customisation, power tools for power customers, and reporting platform, among others.
What Exactly Happened
Despite the rising popularity of QuickBooks and the adoption of digitisation by Indian small and medium businesses, QuickBooks decided to pull out of its Indian operations. What could be the reason for this? While QuickBooks has four million customers globally, it has less than 1-2 per cent of the same in India. While this might contribute to the matter, the question arises as to why India accounts only for 1-2% of QuickBooks customers. The small and medium business market is quite diverse and poses unique challenges. It was making a one-size-fits-all solution not apt for the situation.
Another reason which might have influenced the decision is the mass market and the pricing model of QuickBooks. QuickBooks is a cloud-based accounting software offered in a SAAS model where the user pays a monthly subscription cost. Compared to Tally, the market leader, this is on the costlier side as Tally offers rental and perpetual products wherein there is a one-time cost and no renewal is required.
What Should You Do
With QuickBooks exiting India, what should you do if you are a QuickBooks user? Find assistance! Migration of accounting data is a complex and essential task, and you cannot afford to have any mistakes in your accounting data. Some professionals can help with the migration and implementation of accounting software for business. These professionals can help you with a safe transition to another alternative accounting software of your choice or even aid you in selecting one which suits your business needs.
What is The Best Alternative for QuickBooks?
The answer to this is not a straightforward one. It would be best to analyse your business needs and select software that fills all your requirements. Think of this process as a repetition of the process when you previously selected QuickBooks as your accounting software. This could be a perfect opportunity to choose software that helps you with all your accounting needs.
The top two contenders for QuickBooks alternative right now are Tally and Zoho Books. Tally enjoys a significant share of the customer base in India, while Zoho Books is gaining popularity with its online ecosystem. We would even suggest moving to ERP software providing accounting functionality for small and medium businesses, with NetSuite, Microsoft Business Central, and SAP being the top contender in this segment.
As a business owner, you might find it difficult to migrate the data from QuickBooks and set your data in the new software, which is a unique ecosystem. This is the reason why you must hire a professional.
How Can We Help?
We at Whiz Consulting can help you easily migrate all your data from QuickBooks to the accounting software of your choice. Being a QuickBooks accounting services provider, we are fully acquainted with the QuickBooks ecosystem and can quickly help you navigate the same. Apart from providing outsourced QuickBooks bookkeeping, we are proficient in other accounting software and provide Tally accounting services, Zoho Books accounting services, Busy accounting services, SAP accounting services, and NetSuite accounting services, among others.
We understand that every business is unique, and there is no universal solution to their needs. Therefore, we analyse each business, suggest the right accounting software, and further help implement the same with precision.
In A Nutshell
The exit of QuickBooks can be pretty hectic news for business owners who are, in any case dealing with multiple business issues. With the proper guidance and a strategic decision, this obstacle can become an opportunity for you to choose better-fitted accounting software for your business. Contact our experts today and safely migrate your data to the software of your choice.
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