Amazon has historically relied on millions of third-party sellers to provide the majority of inventory available to consumers. However, managing finances has posed significant challenges for many of these merchants, particularly smaller mom-and-pop businesses. In response to this issue, Amazon announced on Monday a strategic partnership with Intuit to integrate the company’s online accounting tools into its seller platform, with a launch scheduled for mid-2025.
The integration of Intuit QuickBooks into Amazon Seller Central will equip sellers with essential financial management tools. Additionally, eligible sellers will gain access to financing options through QuickBooks Capital. Dharmesh Mehta, Amazon’s Vice President of Worldwide Selling Partner Services, emphasized the collaboration’s objective: “Together with Intuit, we are working to equip our selling partners with additional financial tools and access to capital to help them scale efficiently.”
This integration will provide sellers with a real-time view of their business’s financial health, facilitating a clearer understanding of profitability, cash flow, and tax estimates. Although the integration is set to go live in mid-2025, the announcement comes at a critical juncture as sellers prepare for the holiday season, which typically represents the busiest period for retailers.
Representatives from either company have not disclosed details regarding the financial terms of the agreement, including revenue-sharing arrangements. The Amazon marketplace is a vital component of the company’s retail strategy, accounting for approximately 60% of products sold. Amazon also generates significant revenue through fulfillment and shipping services, customer support, and advertising fees for sellers.
In the third quarter of this year, Amazon’s seller services revenue increased by 10% to $37.9 billion, constituting 24% of the company’s total revenue—a figure that has steadily risen in recent years. During the earnings call, CEO Andy Jassy noted that demand from third-party sellers remains robust, with unit volumes continuing to grow.
Amazon’s stock has risen nearly 50% this year, achieving new highs and outperforming the Nasdaq’s 31% gain. In contrast, Intuit has underperformed relative to the broader technology index, with its stock increasing by less than 4% in 2024.
Intuit’s shares experienced a decline of 5% on November 19, following reports that the incoming Trump administration was considering the introduction of a free tax filing application. The stock fell nearly 6% three days later after Intuit issued a revenue forecast for the current quarter that did not meet analysts’ expectations because of delays in certain sales.
QuickBooks has been a key driver of growth for Intuit, particularly as it serves as an all-encompassing accounting, expense management, and payroll tool for small businesses. In November, Intuit reported a 21% growth in its QuickBooks Online Accounting segment during the latest quarter, contributing to an overall revenue increase of 10% to $3.28 billion.
Furthermore, Intuit has been integrating generative artificial intelligence tools into QuickBooks and other services, including its Mailchimp email marketing platform, to deliver automated insights for users. CEO Sasan Goodarzi articulated the company’s vision: “As we look ahead, our goal is to create a done-for-you experience across the entire platform, encompassing Mailchimp, QuickBooks, and all related services.”
With the forthcoming integration of QuickBooks into Amazon Seller Central, sellers will gain access to a powerful new resource for managing their finances more effectively, thereby enabling them to focus on scaling their businesses with confidence.
