Intuit, an accounting software program supplier, has determined to tug its QuickBooks product from India after a decade of operation right here. QuickBooks’ services and products for accountancy and small companies will now not be out there from January 31, 2023. The corporate said that it isn’t accepting any new subscriptions in India – it applies to all of the companies like QuickBooks On-line, QuickBooks On-line Accountant, QuickBook Time, and QuickBook cell app. It has additional requested its clients to obtain their information and transition out of the product.
This improvement appears too sudden, and the corporate has not provided any particular purpose for it but. “This tough choice to discontinue QuickBooks has been made as the corporate can now not ship and assist a product that meets the wants of shoppers in India,” the official assertion says. The corporate has 4 million clients globally, with lower than 1-2 per cent in India.
For now, Intuit’s choice to tug QuickBooks from India, which impacts 30,000 companies, is seen to be an ideal alternative for rivals like Zoho and Tally to fill in.
Intuit QuickBooks’ India journey
QuickBooks’ suite of choices contains cloud accounting, stock administration, money stream administration, and invoicing. It additionally offers a web based practise administration resolution for chartered accountants by way of QuickBooks On-line Accountant.
Intuit launched QuickBooks in India in 2012, however even earlier than that, the cloud-based accounting resolution was working in alpha and beta variations for 12 months. When it entered the India market, QuickBooks positioned itself to focus on 2 million broadband-connected small companies. At the moment, Tally was QuickBooks’ largest competitor, having a powerful presence within the small and medium area.
Over time, QuickBooks gained reputation within the Indian market. A few of its promoting options embody affordability, accessibility, ease of use, ease of set up and upkeep. In an earlier interview with Analytics India Journal, Saurabh Saxena, India website chief and vp, Product Improvement at Intuit, stated that the India staff has been chargeable for constructing a number of foundational capabilities of QuickBooks On-line Advance merchandise, like workflow automation platform, reporting platform, roles-based entry, energy instruments for energy clients, customisation, amongst others.
In one of many main milestones, QuickBooks was made GST compliant in 2017. This helped clients to create transactions with the brand new GST tax charges with out disruption and customise bill templates to show particular data.
Within the newest improvement, Intuit India introduced an settlement with Visa in March this yr to strengthen enterprise propositions for SME clients in India. It was touted to be the primary of its type for Intuit QuickBooks in India. This settlement was to develop joint worth propositions and thought management within the SME area.
Potential causes for QuickBooks withdrawal
Like a number of different industries, SMEs are quickly digitalising their processes – digital bookkeeping, funds, stock administration, and supply. SMEs are boosting their funding in know-how.
Regardless of the alternatives that this discipline gives, it additionally has distinctive challenges which can be tough to traverse. Given what constitutes SMEs – from native grocery to suppliers to massive manufacturers, making a one-fit resolution doesn’t make sense. It is vital for SME-focused gamers to have particular data of the necessities and the understanding of challenges to supply applicable options.
Over time, a number of homegrown accounting software program distributors have entered the market – Zoho being one of many prime examples. The Indian authorities’s AatmaNirbhar Bharat marketing campaign might have performed a job in selling these homegrown companies.
Large alternatives for rivals
Quickly after Intuit made the announcement relating to QuickBooks, Zoho introduced that it’s open to supporting and serving clients of QuickBooks and serving to them transition easily to their platform.
“Zoho Books has been out there since 2011. We’ve a really sturdy buyer base in India which is quickly rising. We’re hyper-focused on strengthening and increasing our operations within the nation. We’re absolutely dedicated to serving to companies handle their funds and fulfil their GST and some other regulatory-related obligations. We’ll work regularly to serve companies by offering them with a world-class, future-proof monetary administration resolution which they will depend on whereas rising their enterprise. We’d be glad to assist QuickBooks clients in India searching for another resolution. We’ve a devoted staff centered on making the transition as clean as potential,” Prashant Ganti, head of merchandise – Tax, Accounting & Payroll, Zoho stated.
One other main competitor that has been round out there even earlier than QuickBooks is Tally. It at the moment instructions greater than 75 per cent of the market share and has 2 billion customers. Other than accessibility and ease of use, Tally’s reputation primarily comes from the familiarity issue and person acceptness. With the exit of a significant competitor, Tally’s reputation is ready to soar much more.
