Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to engage an accountant making it yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required, we have no choice.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Even though this is an extensive read it is possible to gauge whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar And Netsuite
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical metrics in one spot. This means that there is no need to collect data in multiple channels and organize it into one platform. All you need to do is to integrate TaxJar, and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns The team will guide you on managing them. However, it will be up for you and your staff to finish the tax returns in time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to all the information you need, like a list of your transactions, reports and information.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let you keep track of how much you’ve earned, but they also help you track when your following payment is due.
Their dashboard can also allow you to see the sales tax totals in your business. It is also possible to export your data in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have to cover other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only on their platform, but for anything related to sales tax. You can look through their guides, webinars, or blog posts for additional info. In addition the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements and reporting. It also includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan will be ideal for you. It might not include all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for that is more than the standard features Professional may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrations, team members, and AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the price of the Premium plan. will cost you. TaxJar And Netsuite
However, they did mention that this plan is customized for each user. Therefore, the cost will differ depending on what you need 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 considering other options, they have 30 days of free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and requirement you have to meet. If you’re living in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar And Netsuite
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do, you might be better in doing it all on your own.
FAQ TaxJar And Netsuite
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines your tax.