Sasan Goodarzi, president and CEO of Intuit Inc. and Andy Jassy, CEO of Amazon.
David Paul Morris | Bloomberg | Getty Images
Amazon has for years relied on millions of third-party sellers to supply most of the inventory consumers buy. But keeping track of their finances has long been a challenge for third-party merchants, especially smaller mom-and-pop shops.
Amazon said Monday it is working with Intuitive to bring the software company’s online accounting tools to its extensive network of vendors by mid-2025. Intuit QuickBooks will be available on Amazon Seller Central, the hub sellers use to manage their Amazon businesses, the companies said. Qualifying sellers can also access loans through QuickBooks Capital.
“Together with Intuit, we are working to equip our sales partners with additional financial tools and access to capital to help them scale efficiently,” Dharmesh Mehta, Amazon’s vice president of global sales partner services, said in the joint release.
The companies said sellers will get a real-time view of the financial health of their business, giving them a clear view of profitability, cash flow and tax estimates.
While the Intuit integration isn’t expected to go live until the middle of next year, the announcement comes as merchants ramp up their operations for the holidays, the busiest time of year for most retailers.
Representatives for both companies declined to provide specific terms of the agreement, including how the revenue will be shared.
The marketplace is a crucial part of Amazon’s retail strategy. In addition to being responsible for approximately 60% of products sold, Amazon generates fees for providing fulfillment and shipping services, as well as offering customer support to sellers and charging for advertising on the site.
In the third quarter, merchant services revenue rose 10% to $37.9 billion, accounting for 24% of total revenue, a number that has been steadily increasing in recent years. Amazon CEO Andy Jassy said during the earnings call that “[third-party] Demand is still strong and unit volumes are strong.”
Shares of Amazon are up nearly 50% this year, hitting a new all-time high on Friday and surpassing the Nasdaq’s 31% gain this year. Meanwhile, Intuit is underperforming the broader technology index, with its share price up less than 4% through 2024.
Intuit shares fell 5% on Nov. 19 afterward The Washington Post reported that new President Donald Trump’s efficiency team is considering creating a free tax filing app. Three days later, they fell nearly 6% after the company released a current-quarter revenue forecast that fell short of analyst estimates as some sales were delayed.
QuickBooks, which is especially popular as an all-in-one accounting, expense management and payroll tool for small businesses, has been one of Intuit’s key growth drivers. The company said in November that its QuickBooks Online Accounting segment grew 21% in the latest quarter, while total revenue rose 10% to $3.28 billion.
Intuit has added generative artificial intelligence tools to QuickBooks and other small business services, such as Mailchimp’s email marketing offering, to provide users with more automated insights.
“You can imagine, as we look ahead, our goal is to create an experience for you across the platform, across Mailchimp and QuickBooks and all the services,” Intuit CEO Sasan Goodarzi said of the fiscal earnings for the first quarter. phone conversation.
Goodarzi said in Monday’s release that the company is introducing its “AI-driven expert platform to help sellers increase sales and profitability, save time and grow with confidence.”
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