Sasan Goodarzi, President and CEO of Intuit Inc. and Andy Jassy, CEO of Amazon.
David Paul Morris | Bloomberg | Getty Images
Amazon For years, it has relied on millions of third-party sellers to provide the bulk of the inventory purchased by consumers. However, keeping track of their finances has long been a challenge for third-party retailers, particularly smaller mom-and-pop shops.
Amazon announced Monday that it is entering into a partnership Intuitive to introduce the software company's online accounting tools to its extensive network of sellers by mid-2025. Intuit QuickBooks will be available on Amazon Seller Central, the hub that sellers use to manage their Amazon businesses, the companies said. Eligible sellers also have access to credit through QuickBooks Capital.
“Together with Intuit, we are working to provide our channel partners with additional financial tools and access to capital to help them scale efficiently,” said Dharmesh Mehta, Amazon's vice president of global channel partner services, in the joint press release.
The companies said sellers can get a real-time view of their company's financial health, giving them a clear picture of profitability, cash flow and tax estimates.
Although the Intuit integration isn't expected to go live until the middle of next year, the announcement comes as sellers ramp up their business for the holiday season, which is the busiest time of year for most retailers.
Representatives for both companies declined to disclose specific terms of the agreement, including how revenue will be split.
The marketplace is a crucial part of Amazon's retail strategy. In addition to accounting for about 60% of products sold, Amazon also generates fees by providing fulfillment and shipping services, as well as by providing customer support to sellers and charging fees for advertising on the site.
In the third quarter, seller services revenue rose 10% to $37.9 billion and accounted for 24% of total revenue, a figure that has steadily increased in recent years. Amazon CEO Andy Jassy said on the conference call: “[third-party] Demand is still strong and unit volumes are strong.”
Amazon shares have risen nearly 50% this year, hitting a new record on Friday and outpacing the Nasdaq's 31% rise this year. Meanwhile, Intuit underperformed the broader technology index and its shares rose less than 4% in 2024.
Intuit shares fell 5% on Nov. 19 after The Washington Post reported that President-elect Donald Trump's government efficiency team is considering developing a free tax filing app. They fell nearly 6% three days later after the company issued revenue guidance for the current quarter that fell short of analysts' estimates due to delays in some sales.
QuickBooks, which is particularly popular among small businesses as an all-in-one accounting, expense management and payroll tool, has been one of Intuit's key growth drivers. The company said in November that its QuickBooks Online Accounting segment grew 21% in the most recent quarter, while total revenue rose 10% to $3.28 billion.
Intuit has added generative artificial intelligence tools to QuickBooks and other small business services like its email marketing offering Mailchimp to provide users with more automated insights.
“As you can imagine, our goal going forward is to create a tailored experience across the platform, across Mailchimp and QuickBooks and all services,” Intuit CEO Sasan Goodarzi said on the first quarter earnings call .
Goodarzi said in Monday's press release that the company is bringing its “AI-driven expert platform to help sellers increase their sales and profitability, save time and grow with confidence.”
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