Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the budget to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is lengthy, you should be able to determine if TaxJar is the tool you require in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar Do I Still Need An Accountant With TaxJar
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. This means that there is no need to collect information from multiple sources and sort it into a single platform. All you have to do is to integrate TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. For this review, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns TaxJar will train you on managing the tax returns. But, it is up to you and your team members to complete everything within the timeframe. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. This feature will ensure that everything will be automated from calculating taxes on sales in order to record and process them. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as a list of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only can they help you know how much you’ve accumulated, but they also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. Additionally, you can export your data in the form of a CSV file, if you want to use it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to search for your documents when you’re in a pinch. Even even if you already have an accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also for anything connected to sales tax. You can check out their webinars, guides and blog for more information. Apart from that the sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business manager, the plan will be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for different from the basics Professional might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you run a large business, you might need to go for the Premium plan instead. It comes with all the features needed to help with your taxes. Moreover, they allow unlimited data import integrations as well as API integrations, team members, and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose how much the Premium plan costs you. Do I Still Need An Accountant With TaxJar
However, they did mention that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you do, then you must try TaxJar.
Not only will it help you track your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. Do I Still Need An Accountant With TaxJar
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the whole procedure simple to follow, you might be better in doing it all by yourself.
FAQ Do I Still Need An Accountant With TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar determines the tax.