Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant performing the task on your own can be dangerous. If you make a mistake it could mean you have to redo things again!
Most people want to skipping this step. But since it’s required, we have no choice.
So what can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. Even though this is lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Australia
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to make their business more simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is your tax-reporting software perfectly integrates along with sales funnels. If you’re selling through multiple 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 show your critical metrics in one place. So, there’s no requirement to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income TaxJar will train you on how to manage them. But, it is up to you and your team to complete the process within the timeframe. TaxJar will only guide you on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you require, including the list of transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to fully view the overall sales taxes for your business. Additionally, you can export your data in a CSV file if you need it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you’re in the event of a need. Even when you already have your accountant, this function can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform , but also everything related to sales tax. Check out their guides, webinars, as well as their blog to find more info. In addition the sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a smaller company owner, this plan could be perfect for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for different from the basics, then the Professional plan might be the right one for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service 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 have a massive enterprise, you may want to choose premium plans instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team members, and AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar Australia
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different according to 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 see whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a breather. To sum it all up, here are the pros and cons of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple 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.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track your products and revenue however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they offer the Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar Australia
If handling taxes is easy, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar Australia
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar can calculate the tax.