Businesses are in desperate need to migrate from Quickbooks after its recent announcement that it would shut down its business operations in India by the beginning of the next year (Access to Qucickbook Services in India Shall Not Be Available after 30 April 2023). The decision has been taken by its parent company Intuit, a global leader in financial and business technology. No official reason for the decision has been stated yet. However, market analysts have speculated that the reason for this closure is probably due to the struggle it has faced by its competitors, large and small, in India. Besides providing a complete report on the announcement of closure, the purpose of this article is to suggest viable alternatives for Quickbooks India.
The shutdown of Quickbooks in India has increased opportunities for the already robust IT Industry and market in India. The industry has witnessed a rapid rise in small and medium-sized enterprises introducing a wide and varied range of software-based products, services, and solutions, in the past few years. This rise in the number can be owed to the investment nudge provided by the Government, domestic and foreign corporations in India. After the pull out of Quickbooks from India’s digital market, a significant vacuum will be created in the SaaS sector, which efficient competitors like Zoho are already working to fill.
Shut Down of Quickbooks in India
Quickbooks, a product of the parent company Intuit, announced the cessation of its business operations in India, effectively from January 31st, 2023. The date was extended to 30th April 2023, after its careful adherence to such multiple requests from its existing customers in India. Quickbooks, the online accounting software catering to small Indian businesses and related products and services, shall not be available after the announced closure date.
The closure of Quickbooks would also mean a complete its shutdown online. It has asked its customers in India to “transition out” from all its products and services into other competitive alternatives. In fact, it also has listed some of its recommended alternatives on its official website. Neither Quickbook nor Intuit have offered any reasonable explanation behind the decision to shut down operations in India.
Discontinuation of Quickbooks in India
Access extended until 30th April 2023
Important update: We recently announced that Intuit QuickBooks Online products will no longer be available in India.
Since we made this announcement, we’ve listened to feedback that our customers would like to access QuickBooks until the end of the financial year. Supporting you through this transition is a priority for us and hence access to QuickBooks has been extended until 30th April, 2023.
From 30th April 2023, Intuit’s QuickBooks products and service offerings for accountancy and small business customers will no longer be available in India. Here’s what you need to know:
Best Indigenous Alternatives to Migrate From Quickbooks
The closure of Quickbooks in India has created wide opportunities for indigenous small and medium enterprises in the same industry, offering the same products and services as it is, and looking forward to catering for the entire Indian business market in the near future. The accounting app itself has recommended a list of government-approved alternatives to its products and services related to accounting, payroll and business management. We have analysed all the options to which an existing customer of quickbook or intuit India may migrate after the shut down of their services in India. The suite of financial software from the Zoho Corporation seems to be the most comprehensive and affordable among all the cloud-based accounting software providers.
We Recommend Cloud-Based Accounting By Zoho. Get Free Trial to use Zohobooks For your business.
Why Migrate From QuickBooks to ZohoBooks?
The closure of Quickbook in India has created wide opportunities for indigenous small and medium enterprises in the same industry, offering the same products and services as Quickbook does, and looking forward to catering for the entire Indian business market, in the near future. Quickbook itself has recommended a list of government-approved alternatives to its products and services related to accounting, payroll and business management. Follow the table below to check out the recommendations of Quickbook as its substitute in the Indian Digital Industry. We have analysed all the options to which an existing customer of quickbook or intuit India may migrate after the shut down of their services in India. The suite of financial software from the Zoho Corporation seems to be the most comprehensive and affordable among all the cloud-based accounting software providers.
ZohoBooks is better than QuickBooks
- Features
- eWay Bill
- Multi GSTIN
- Client Portal
- Sales Approval
- Purchase Approval
- ZohoBooks
- (add-on)
- Features
One of such indigenous alternative to quickBook is the ZohoBooks cloud accounting software that offers a range of services, including Invoice billing and generation, tax calculations, project management, payroll services, the management of clients, customers, bank accounts, and the furnishing of detailed financial reports for the business. The table below discusses all the services that ZohoBooks offers to its customers.
| S. No. | Services of ZohoBooks | Its Benefits |
|---|---|---|
|
1 |
Invoicing and Billing
|
Digital billing and drafting of invoices reduces the chances of errors, the time of calculation, and the costs involved in billing and invoice generation.
|
|
2 |
Online Payment using a Payment Gateway |
Easy, effortless, quick, and secure transactions. Records of Payments are saved automatically. Multiple Currencies are supported. |
|
3 |
Online Expense Tracking
|
Track your expenses online in no time for better financial management. Records of Payments are saved automatically. |
|
4 |
Accounting |
Prepare account Statements by connecting your bank account directly for an error-free matching of transactions. Accounts are frequently audited and updated. |
|
5 |
Project Management |
Track the pace of your project, identify hurdles and challenges and resolve them quickly. Prepare budget, time, and cost estimates for projects and record their actual budget, time, and cost.
|
|
6 |
Inventory Management |
Record product information, track product delivery, manage online payments and transactions, maintain records of stocks, furnish reports on inventory management |
|
7 |
Tax Compliance
|
Quick and Error-free Calculation of taxes & furnish tax reports
|
|
8 |
Report Generation
|
Furnish reports on overall financial status and management of business
|
|
9 |
Reduction of overall time
|
Digital accounting reduces overall time in comparison to manual accounting
|
|
10 |
Reduction of overall costs |
Digital accounting reduces overall costs in comparison to manual accounting
|
How can SetIndiaBiz Help?
Setindiabiz Private Limited is a premium partner of Zoho Corporation and has been using its wide range of products, including ZohoBooks, Zoho CRM, Zoho People, Zoho Invoice, Zoho Assist, and Zoho Mail, for a really long time. As an online legal service platform rendering affordable tax and compliance services, we have been availing of the services of Zoho Software, our internal management and the services offered to our clientele. Having been startled by its extremely efficient performance, we highly recommend its clients and customers to migrate to Zoho Software as well. This is because we believe that the products of Zoho are well designed, immensely productive, and helpful for the proper management of all types and sizes of businesses.
We are premium consulting partner of zoho
Aside from aiding businesses in shifting to Zoho Software, we also carry out the entire accounting services that businesses outsource to us, using Zoho Software. These include the monthly preparation of financial statements, MIS, statutory reports and return filing, that businesses outsource to us, using the Zoho Software. For this purpose, we ask for the basic data of transactions from businesses in Google or Excel sheets. Our Professional Accounting team not only helps businesses in migrating from Quickbook to ZohoBooks but also creates the workflows and reports according to their needs and demands. The list of our services for which we use the Zoho Software has been mentioned below.
We understand that migrating from one accounting system to another is a tedious and complicated process. Therefore, we are here to make the process easy and less cumbersome for you. However, as far as the shutting down of QuickBook operations and the unavailability of its accounting services in India beyond 30th April 2023 is concerned, it is imperative that you opt for an alternative. Zoho Software and the services offered by them is a complete package that your business would preferably want to avail. We are currently helping several businesses to digitalise their accounting and payroll process and enrol for Zoho as it can potentially and significantly reduce the costs and efforts of meeting with necessary compliances.
Pls let us know your cost to migrate quickbooks data Zoho books. We already have license for Zoho books
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