Intuit Inc. President and CEO Sasan Goodarzi and Amazon CEO Andy Jassy.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Amazon Millions over the years third party seller Provides most of the inventory that consumers purchase daily. But tracking finances has long been a challenge for outside merchants, especially small mom-and-pop businesses.
Amazon said on Monday it was working with Intuit The software company’s online accounting tools will be introduced to its vast network of sellers by mid-2025. Intuit QuickBooks will be available on Amazon Seller Central, the hub sellers use to manage their Amazon businesses, the companies said. Qualified sellers can also get loans through QuickBooks Capital.
“We are working with Intuit to provide our sales partners with additional financial tools and capital support to help them scale effectively,” Dharmesh Mehta, Amazon’s vice president of global sales partner services, said in a joint statement.
While the Intuit integration isn’t expected to go live until the middle of next year, the news comes as sellers ramp up business for the holiday season, the busiest time of year for most retailers. Sellers will have instant access to the financial health of their business, with a clear understanding of profitability, cash flow and tax estimates, the companies said.
Representatives for both companies declined to disclose specific terms of the agreement, including how revenue will be shared.
The marketplace is an important part of Amazon’s retail strategy. In addition to accounting for about 60% of the products sold, Amazon generates fees by providing fulfillment and shipping services and by providing customer support to sellers and charging them fees. advertise on the website.
exist Season 3Seller services revenue grew by 10% to $37.9 billion, accounting for 24% of total revenue. This number has grown steadily in recent years. “3P demand remains strong and unit sales are strong,” Amazon Chief Executive Andy Jassy said on the earnings call.
Amazon’s shares are up nearly 50% this year, climbing to a new record on Friday and outpacing the Nasdaq’s 31% gain this year. Meanwhile, Intuit has lagged the broader technology index, with its shares rising less than 4% in 2024.
shares Down 5% on November 19back washington post Reports say President-elect Trump’s government efficiency team is considering creating a free tax filing app. Shares fell nearly 6% three days after the company’s announcement revenue forecast Results for the quarter fell short of analysts’ expectations as some sales were delayed.
QuickBooks is particularly popular as an all-in-one accounting, expense management and payroll tool for small businesses and has been one of the key drivers of Intuit’s growth. The company said last month that its QuickBooks online accounting business grew 21% in the latest quarter, with total revenue rising 10% to $3.28 billion.
Intuit has been adding generative artificial intelligence tools to QuickBooks and other small business services, such as its Mailchimp email marketing product, to provide users with more automated insights.
“You can imagine, going forward, our goal is to create experiences that are tailored to you across the entire platform in Mailchimp and QuickBooks and across all services,” Intuit CEO Sasan Goodarzi said on the fiscal first-quarter earnings call.
Goodarzi said in a press release on Monday that the company is launching “an expert platform powered by artificial intelligence to help sellers increase revenue and profitability, save time and grow with confidence.”
