Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the budget to employ an accountant, making it your own could be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skip this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and how it can assist you. Even though this is a long read it is possible to assess whether TaxJar is what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then we’ll dive right into.
What is TaxJar? How To Use TaxJar With Inventorylab
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting software perfectly integrates with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. So, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar, and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to manage these. It is up for you and your team to complete the process on time. TaxJar will only provide guidance on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing it. However, there might be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports and the data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only will they let to know the amount you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export your data in the form of a CSV file if you need it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things related to sales tax. You can look through their webinars, guides, and blog for more details. In addition, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get that is more than the basic features and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the basic plan?
In addition to having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to go for premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff dedicated to managing your account. However, they don’t disclose the amount that the Premium plan is going to cost. How To Use TaxJar With Inventorylab
But they did state that this plan is customized to each user. So the costs will vary depending on what you need for your business.
Fortunately, you don’t need to bet your life on it to see if this platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products, but it can help you meet your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you reduce time and keep track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your head around the subject. How To Use TaxJar With Inventorylab
If handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
FAQ How To Use TaxJar With Inventorylab
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar will calculate the tax.