Amazon has been relying on a multitude of third-party vendors to supply the majority of their inventory for several years. However, financial management has always been a hurdle for these external merchants, particularly for smaller, family-owned businesses. Amazon announced on Monday that they are joining forces with Intuit to give their vast network of sellers access to the software company’s online accounting tools by mid-2025.
Intuit’s QuickBooks will be integrated into Amazon Seller Central, the platform sellers use to manage their Amazon businesses. Qualified sellers will also be given the opportunity to access loans via QuickBooks Capital.
The partnership aims to give sellers a real-time snapshot of their business’s financial health, providing a transparent view of profitability, cash flow, and tax estimates. While this integration isn’t slated to go live until next year, the announcement comes as sellers gear up for the busiest retail period of the year – the holiday season.
The details of the agreement, including revenue sharing, were not disclosed by representatives from both companies. Amazon’s marketplace plays a crucial role in the company’s retail strategy, accounting for approximately 60% of products sold. The company also generates revenue from fulfilment and shipping services, customer support for sellers, and advertising on the site.
In the third quarter, Amazon’s seller services revenue rose by 10% to a staggering $37.9 billion, representing 24% of the total revenue. This figure has been steadily climbing in recent years. Amazon’s shares have skyrocketed by almost 50% this year, significantly outperforming the Nasdaq’s 31% gain. In contrast, Intuit’s stock has increased by less than 4% in 2024.
Intuit’s shares took a hit in November when it was reported that the incoming Trump administration was considering the development of a free tax-filing app. Intuit’s QuickBooks, popular among small businesses for its all-in-one accounting, expense management, and payroll features, has been a key growth driver for the company.
The software firm has been integrating generative artificial intelligence tools into QuickBooks and other small business services to provide more automated insights for users. Intuit’s CEO, Sasan Goodarzi, stated in the announcement that the company aims to help sellers increase their revenue and profitability, save time, and grow with confidence through their AI-driven expert platform.
This partnership represents a significant step forward in supporting sellers, particularly smaller businesses, in managing their finances more effectively. As e-commerce continues to grow, such tools will become increasingly important in ensuring the success of third-party sellers on platforms like Amazon.
