Intuit pulls QuickBooks from India, uncomfortably quickly • The Register
Accounting software colossus Intuit has decided to pull its QuickBooks product from India.
The decision will take effect on January 31, 2023, after which QuickBooks products and service offerings for accountants and small businesses will no longer be available in the world’s second most populous country.
“After careful consideration, it has been decided that we can no longer continue to provide and support QuickBooks products that meet the needs of small businesses and accounting professionals across India,” reads a statement. to remark posted yesterday.
The company has provided no further explanation for the decision, or the considerations behind it.
A customer’s tweeted response to the news suggests that Intuit may simply not have “gotten” India, as the end of service comes in the middle of a fiscal year.
@QuickBooks Majority of companies follow the year from April to March in India. Please consider rendering your services until at least May 2023 so businesses can close their books for the 2022-23 fiscal year.
Stopping services in the middle of a year would be painful. pic.twitter.com/IfJp9257C7
— Iqbal Singh Grover (@iqbalsrcc) June 30, 2022
The decision to leave India means that Intuit is not recruiting new QuickBooks customers to date, while current customers will be offered free service for the remaining seven months of operation.
The register asked Intuit why it chose to stop offering QuickBooks in India — a nation whose economy grew at a rate of nearly 9% in 2021, is rapidly digitizing and, according to the Confederation of Indian Industry is home to more than 63 million small businesses. The register will update this story if Intuit provides a substantial response.
Intuit has offered users this link to a list of alternative accounting software providers – but at the time of writing this produces an error.
India has local accounting software companies, including Zoho, Tally, Marg and Busy. The nation also runs a self-reliance campaign named Aatma Nirbhar Bharat which encourages buying from local suppliers.
Intuit may have struggled with this campaign and the patriotic imperative that the Indian government attaches to it.
Interestingly, while Intuit will not offer its products in India, the company will continue to operate there to develop its products for use in other countries.
“Intuit’s 1,300+ strong team in India continues to deliver bold innovations that benefit more than 100 million customers globally,” the company’s shutdown notice reads. “The decision to withdraw QuickBooks products in India will not impact Intuit’s continued presence and investment in India. Intuit remains committed to the region and committed to its mission to drive prosperity around the world. ®