Intuit recently announced that it will be shutting down QuickBooks in India. The company has cited “business reasons” for the decision but has not given any specifics.
This is a surprising move, as QuickBooks is one of the most popular accounting software programs in India. According to a report by Business Standard, there are over 1 million QuickBooks users in India.
So why did Intuit decide to stop offering QuickBooks in India?
There are a few possible reasons.
One reason could be that the Indian market is very competitive, and Intuit was struggling to compete against other accounting software programs. This is especially true given that many of these programs are offered at a lower price point than QuickBooks.
Another reason could be that Intuit is focusing its resources on other markets. The company may have decided that it can be more successful in other countries, and so it is pulling out of India in order to focus on these other markets.
Whatever the reason, this is a surprising decision by Intuit. QuickBooks was a popular program in India, and its shutdown will likely cause inconvenience for many users.
When QuickBooks in India is shutting down?
Intuit will be shutting down its QuickBooks financial management service for India as of Jan. 31, 2023, a report from The Economic Times of India said Monday (July 4).
The report said the software firm announced the news in an email to its customers. “As of Jan 31, 2023, we will no longer offer QuickBooks services in India,” the company wrote. “We understand this change may be disruptive to your business.”
This is not the first time Intuit has discontinued its products in India. In 2016, the company shut down its TurboTax online tax filing service in the country.
Intuit said it would provide customers with “alternatives to QuickBooks” as part of the transition.
Huge opportunities for competitors
Soon after Intuit made the announcement, two of its biggest competitors in the Indian market, Zoho and Tally Solutions, announced that they would be offering special discounts to QuickBooks users.
“We want to ensure a smooth transition for all QuickBooks India customers,” Zoho said in a statement. “We are offering a 20 percent discount on our first-year subscription for all QuickBooks India users who migrates to Zoho Books.”
Tally Solutions also announced a 20 percent discount for QuickBooks India users who switch to its software.
“We understand that this is a difficult time for our friends at QuickBooks India,” Tally said in a statement. “We want to help make the transition as smooth as possible for their customers.”
Both Zoho and Tally said they would be waiving the usual migration fees for QuickBooks users.
This is a big opportunity for both companies, as they will be able to acquire many new customers who are looking for an alternative to QuickBooks.
Intuit’s decision to stop offering QuickBooks in India is a surprising move. Regardless of the reason, this will likely cause inconvenience for many QuickBooks users in India who will now decide to migrate to other accounting software programs.