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Online accounting software for small businesses from Intuit – Quickbooks – will be discontinued in India after 10 years of trying to crack the market. In an official statement, Intuit informed that from January 31, 2023, Quickbooks Online products will no longer be available in India. “Accordingly, we are no longer accepting new subscriptions in India at this time. This applies to all subscriptions for QuickBooks Online, QuickBooks Online Accountant, the QuickBooks mobile app, and QuickBooks Time,” the statement said, as reported by Moneycontrol.
All the existing paid subscribers will be switched to the free plan by Jul 31, 2022; this will help companies to continue with Quickbooks till January 2023 with no charges applied. Customers with an annual subscription will be offered a refund for the unused portion of their subscription. The company has asked companies to download their data out of the product at this time to avoid losing it. Quickbooks has been available in India since 2012 and rolled out its GST-compliant version in 2017. It also offers an online practice management solutions called QuickBooks Online Accountant for chartered accountants.
The shutdown of QuickBooks in India will not impact parent company Intuit’s presence in India, where it has more than 1,300 employees, the company said. Intuit counts Zoho and Tally among its competitors.