Amazon is bringing Intuit QuickBooks software to its millions of third-party sellers
Sasan Goodarzi, president and CEO of Intuit Inc. and Andy Jassy, CEO of Amazon.
David Paul Morris | Bloomberg | Getty Images
Amazon has for years counted on millions of third-party sellers to provide the bulk of the inventory that consumers buy. But keeping track of their finances has long been a challenge for outside merchants, particularly smaller mom-and-pop shops.
Amazon said Monday that it’s partnering with Intuit to bring the software company’s online accounting tools to its vast network of sellers in mid-2025. Intuit QuickBooks will be available on Amazon Seller Central, the hub sellers use to manage their Amazon businesses, the companies said. Eligible sellers will also have access to loans through QuickBooks Capital.
“Together with Intuit, we’re working to equip our selling partners with additional financial tools and access to capital to help them scale efficiently,” Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services, said in the joint release.
The companies said sellers will see a real-time view of the financial health of their business, getting a clear picture of profitability, cash flow and tax estimates.
While the Intuit integration isn’t expected to go live until the middle of next year, the announcement comes as sellers ramp up their businesses for the holiday season, the busiest time of the year for most retailers.
Representatives from both companies declined to provide specific terms of the agreement, including how revenue will be shared.
The marketplace is a critical part of Amazon’s retail strategy. In addition to accounting for about 60% of products sold, Amazon generates fees from providing fulfillment and shipping services as well as by offering customer support to sellers and charging them to advertise on the site.
In the third quarter, seller services revenue increased 10% to $37.9 billion, accounting for 24% of total revenue, a number that’s steadily increased in recent years. Amazon CEO Andy Jassy said on the earnings call that “[third-party] demand is still strong and unit volumes are strong.”
Amazon shares are up almost 50% this year, climbing to a fresh record Friday, and topping the Nasdaq’s 31% gain for the year. Meanwhile, Intuit has underperformed the broader tech index, with its stock up less than 4% in 2024.
Intuit shares dropped 5% on Nov. 19 after The Washington Post reported that President-elect Donald Trump’s government efficiency team is considering creating a free tax-filing app. They fell almost 6% three days later after the company issued a revenue forecast for the current quarter that trailed analysts’ estimates due to some sales being delayed.
QuickBooks, which is particularly popular as an all-in-one accounting, expense management and payroll tool for small businesses, has been one of Intuit’s key drivers for growth. The company said in November that its QuickBooks Online Accounting segment expanded by 21% in the latest quarter, while total revenue increased 10% to $3.28 billion.
Intuit has been adding generative artificial intelligence tools into QuickBooks and other small business services, such as its Mailchimp email marketing offering, to provide more automated insights for users.
“You can imagine, as we look ahead, our goal is to create a done-for-you experience across the entire platform, across Mailchimp and QuickBooks and all of the services,” Intuit CEO Sasan Goodarzi said on the fiscal first-quarter earnings call.
Goodarzi said in Monday’s release that the company is bringing its “AI-driven expert platform to help sellers boost their revenue and profitability, save time, and grow with confidence.”
Dado Ruvic | Reuters
Dina Powell McCormick, who was a member of President Donald Trump’s first administration, has resigned from Meta’s board of directors.
Powell McCormick, who previously spent 16 years working at Goldman Sachs, notified Meta of her resignation on Friday, according to a filing with the SEC. The filing did not disclose why McCormick was stepping down from Meta’s board, but said her resignation was effective immediately.
Meta does not plan on replacing her board role, according to a person familiar with the matter who asked not to be named due to confidentiality. Powell McCormick is considering a potential strategic advisory role with Meta, but nothing has been decided, the person said.
Powell McCormick joined Meta’s board in April along with Stripe co-founder and CEO Patrick Collison. Meta CEO Mark Zuckerberg said in a statement at the time that the two executives “bring a lot of experience supporting businesses and entrepreneurs to our board.”
Powell McCormick served as a deputy national security advisor to President Trump during his first stint in office and was also an assistant secretary of state during President George W. Bush’s administration.
She is married to Sen. Dave McCormick, R-Pa, who took office in January.
Powell McCormick is the vice chair, president and head of global client services at BDT & MSD Partners, which formed in 2023 after the merchant bank BDT combined with Michael Dell’s investment firm MSD.
With her departure, Meta now has 14 board members, including UFC CEO Dana White, Broadcom CEO Hock Tan and former Enron executive John Arnold.
WATCH: TikTok signs joint venture to create TikTok USDS Joint Venture.
Technology
Musk’s $56 billion Tesla pay package must be restored as court rules cancellation was too extreme
Elon Musk‘s 2018 CEO pay package from Tesla, worth some $56 billion when it vested, must be restored, the Delaware Supreme Court ruled Friday.
“We reverse the Court of Chancery’s rescission remedy and award $1 in nominal damages,” the judges wrote in their opinion.
In the decision, the Delaware Supreme Court judges said a lower court’s decision to cancel Musk’s 2018 pay plan was too extreme a remedy and that the lower court did not give Tesla a chance to say what a fair compensation ought to be.
The decision on the appeal in this case, known as Tornetta v. Musk, likely ends the yearslong fight over Musk’s record-setting compensation.
Musk’s net worth is currently estimated at around $679.4 billion, according to the Forbes Real Time Billionaires List.
Dorothy Lund, a professor at Columbia Law School, told CNBC that while the Friday opinion may restore the 2018 pay plan for Musk, it leaves the rest of the lower court’s decision unaddressed and intact.
“The court had previously decided that Musk was a controlling shareholder of Tesla and that the Tesla board and he arranged an unfair pay plan for him,” she said. “None of that was reversed in this decision.”
“We are proud to have participated in the historic verdict below, calling to account the Tesla board and its largest stockholder for their breaches of fiduciary duty,” lawyers representing plaintiff Richard J. Tornetta said in an e-mailed statement.
Tesla did not immediately respond to requests for comment.
The Delaware Supreme Court issued the order per curiam with no single judge taking credit for writing the opinion and no dissent noted.
Musk’s 2018 CEO pay package from Tesla, comprised of 12 milestone-based tranches of stock, was unprecedented at the time it was proposed. After it was granted, the pay plan made Musk the wealthiest individual in the world.
Tesla shareholder Tornetta sued Tesla, filing a derivative action in 2018, accusing Musk and the company’s board of a breach of their fiduciary duties.
Delaware’s business-specialized Court of Chancery decided in January 2024 that the pay plan was improperly granted and ordered it to be rescinded.
In her decision, Chancellor Kathaleen McCormick also found that Musk “controlled Tesla,” and that the process leading to the board’s approval of his 2018 pay plan was “deeply flawed.”
Among other things, she found the Tesla board did not disclose all the material information they should have to investors before asking them to vote on and approve the plan.
After the earlier Tornetta ruling, Musk moved Tesla’s site of incorporation out of Delaware, bashed McCormick by name in posts on his social network X, formerly Twitter, where he has tens of millions of followers, and called for other entrepreneurs to reincorporate outside of the state.
Tesla also attempted to “ratify” the 2018 CEO pay plan by holding a second vote with shareholders in 2024.
In November, Tesla shareholders voted to approve an even larger CEO compensation plan for Musk.
The 2025 pay plan consists of 12 tranches of shares to be granted to the CEO if Tesla hits certain milestones over the next decade and is worth about $1 trillion in total. The new plan could also increase Musk’s voting power over the company from around 13% today to around 25%.
Shareholders had also approved a plan to replace Musk’s 2018 CEO pay if the Tornetta decision was upheld on appeal. That plan is now nullified.
As CNBC previously reported, a law firm that currently represents Tesla in this appeal penned a bill to overhaul corporate law in Delaware earlier this year. The bill was passed by the Delaware legislature in March, and if it had applied retroactively, it could have affected the outcome of this case.
Read the Delaware Supreme Court’s ruling here.
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