Intuit to shut down QuickBooks financial management suite in India
ET reviewed a copy of the email.
He said QuickBooks products and services will no longer be available in the country from January 31 next year.
QuickBooks was launched in India in 2012 and offers accounting software such as cloud accounting, invoicing, inventory management and cash flow management.
The software suite currently competes with companies like Zoho, Tally, and
Intuit said it would stop new signups and existing customers would switch to a free subscription model, to ease the transition.
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“As of July 1, 2022, no new registrations for QuickBooks products in India will be accepted. Before July 31, all existing customers will upgrade to a free subscription that will allow them to continue using QuickBooks until January 31, 2023, with no fees applied. Customers who have paid for an annual subscription will receive a prorated refund for the unused portion of their subscription,” a spokesperson told ET.
The company said the decision to discontinue QuickBooks will not impact Intuit’s presence in India.
“The decision to retire QuickBooks products in India does not impact Intuit’s continued presence and commitment to investing in the country’s top technology talent. The 1,300+ strong team in India continues to deliver bold innovations that impact over 100 million Intuit customers globally,” the spokesperson added in response to questions from ET.
The shutdown of QuickBooks in India is expected to boost rivals Zoho and Tally.
Zoho said on Thursday that it is open to supporting and serving QuickBooks customers in India.
“At Zoho, we understand how difficult it can be for businesses to find a replacement for their existing financial system. Zoho Books would be happy to meet the needs of businesses looking for an alternative solution and help them make a smooth transition,” said Prashant Ganti, Head of Product Tax, Accounting and pays at Zoho.
According to the QuickBooks website, the financial management suite serves approximately four million customers worldwide. However, industry sources said that India currently accounts for less than 1-2% of its overall customer base.
Intuit is a global technology platform that offers its customers online accounting software. The company employs about 14,200 people and had revenue of $9.6 billion in 2021. It has about 20 offices in nine countries.