Amazon (AMZN) is providing Intuit’s (INTU) QuickBooks software to millions of its third-party sellers to help them better manage their finances.
Amazon and Intuit have formed a partnership that will see QuickBooks online accounting tools distributed to its vast network of sellers by mid-2025.
Specifically, Intuit QuickBooks will be made available on Amazon Seller Central, the hub sellers use to manage their Amazon businesses.
Some eligible sellers will also have access to loans provided through QuickBooks Capital, said the two companies.
QuickBooks will provide third-party sellers with a real-time view of the financial health of their business, as well as a clear picture of profitability, cash flow, and tax estimates.
Third-party sellers remain a critical part of Amazon’s business, accounting for 60% of products sold by the e-commerce company.
Amazon generates significant fees from providing fulfillment and shipping services to third-party sellers, as well as by offering customer support to sellers and charging them to advertise on its e-commerce platform.
In this year’s third quarter, revenue from third-party sellers rose 10% to $37.9 billion U.S., accounting for 24% of total revenue at Amazon.
For Intuit, QuickBooks remains a popular all-in-one accounting, expense management, and payroll tool for small businesses.
QuickBooks Online Accounting segment expanded by 21% in Intuit’s latest quarter, while total revenue increased 10% to $3.28 billion U.S.
Intuit has been adding artificial intelligence (A.I.) tools to QuickBooks and other small business services, such as Mailchimp email marketing, to provide more automated insights to users.
Amazon’s stock has risen 50% this year and currently trades at $226.09 U.S. per share.
The stock of Intuit has gained 7% year-to-date to trade at $646.58 U.S. a share.
Tech Insider
