Intuit’s QuickBooks Exiting Indian Market – Here’s What You Should Do!

Intuit’s QuickBooks Exiting Indian Market – Here’s What You Should Do!

Intuit’s QuickBooks Exiting Indian Market – Here’s What You Should Do!

Intuit’s accounting solution QuickBooks will exit India in 2023. Intuit’s decision comes as a setback to multiple businesses that were dependent on QuickBooks for their accounting needs. Starting 1st July 2022, no new subscriptions to QuickBooks are accepted in India. However, the existing customers are allowed to continue using QuickBooks until 31st January 2023 which is now deferred till 30th April 2023.

This will apply to all the QuickBooks products i.e., QuickBooks Online, QuickBooks Online Accountant, QuickBooks Time as well as QuickBooks mobile app.

What Next?

Existing users of QuickBooks are in a dilemma as to what should be their next step after QuickBooks exit from India. The following are the most prominent questions that are faced by these organizations today:

  1. Organizations are required to maintain their data for a certain period as per the following statutory requirements:

Sr. No.

Relevant Law

No. of Years for which data should be maintained

1

Income Tax Act, 1961

6 years from the end of the relevant assessment year

2

Goods and Services Tax Act, 2017

72 months from the due date of furnishing the annual return

3

Companies Act 2013

8 years from the end of the financial year

The above timelines state the importance of preserving the historical data which otherwise can attract penal actions.

  1. Even if you create a backup of your QuickBooks data, then a question arises as to how the data can be accessed and run in the absence of QuickBooks in the future.
  1. Which is the best alternative to QuickBooks and how to migrate all the existing data to the new software?
  1. The Ministry of Corporate Affairs has mandated every company, that uses accounting software for maintaining its books of accounts, to use such accounting software that contains the feature of audit trail. This is set to be implemented from 1st April 2023 (after being deferred twice). Therefore, whether the accounting software that you select contains an audit trail feature or not is yet another question that needs to be addressed.

Migrating your existing data can be a bit tricky for existing businesses using QuickBooks. It is therefore important to take the assistance of professionals in order to avoid data losses and accurate transition from QuickBooks to other accounting platforms. But which is the best alternative for QuickBooks?

Alternatives to QuickBooks

Following are some of the popular accounting software in India that can be top alternatives for QuickBooks:

  • Tally: Tally is one of the most common and user-friendly software that perfectly meets the requirements of Indian business scenarios. It not only allows users to do accounting but also supports statutory report generations like GST reports etc. in line with the government-prescribed format.
  • Zoho Books: Zoho Books is growing its dominance in the Indian market. Like QuickBooks, it provides a web-based online accounting ecosystem thus allowing users to operate anytime anywhere.
  • Host Books: Similar to Zoho Books, Host Books too offers an online accounting ecosystem to the users. You might find certain differentiating features between Zoho Books and Host Books depending you’re your usage and requirements.

Above are 3 of the many predominant accounting software in India. To ease your problems, we have compiled a list of all major accounting software that can be a great substitute for QuickBooks in India with features suitable for your business size and operation. Check out the detailed article on Choosing the Right Accounting Software as an Alternative to QuickBooks.

However, each software has its own operating ecosystem and user interface. Exporting data from QuickBooks to any of the above software can be a bit difficult for business owners. Therefore, it is advisable to consult an accounting professional who will understand your business needs and recommend you the best software that ideally supports your business transactions. 

How Can Professional Accountants Ease the Process?

Consulting a professional accountant can help you decide which software is ideally suited for your business. Also, migrating all your existing data from QuickBooks to new software can be a tedious task especially when the users are not aware of the nits and grits of the new accounting software. As the accountants are well versed with multiple accounting software, therefore, getting in touch with a professional accountant can help you with the following functions:

  • Help you with the entire and accurate data migration from QuickBooks to your desired software
  • Timely and error-free recording of your transactions in the new software
  • Generation of the statutory reports directly from the new accounting software
  • Reconciliation and closing of accounts, especially in the year-end

As the Financial Year 2022-23 just started 3 months back, it’s not too late to start your migration from QuickBooks. We at ASC have a professional team of experts striving toward client satisfaction. Plan now before your QuickBooks subscription expires!   In case you require any assistance with respect to Secretarial Compliance and Secretarial Audit, please feel free to contact the ASC Group

 

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