Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford enough money to employ an accountant, making it your own can be risky. If you miss one detail it could mean you have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this life-saving tool and how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is exactly what you need right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Netsuite
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, 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 want to check is that your accounting tax system is compatible along with sales funnels. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your key metrics in one place. So, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. In our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to manage these. It is up to you and your team members to complete the process on time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you need, such as an inventory of your transactions, reports, as well as the data.
The best part about this option is the fact that it allows you to automatically update every day. They not only let you keep track of how much you’ve collected, but they also help you determine when your next payment is due.
The dashboard allows you to fully view the sales tax totals in your business. It is also possible to export the data as CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar provides training and tutorials not only on their platform, but everything connected to sales tax. Check out their webinars, guides, and blog for more information. Additionally their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into 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.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan to help you in filing and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for something a bit more than just the basic features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for an upgrade instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data API integrationsfor team members, and AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal the price of the Premium plan. costs you. TaxJar Netsuite
However, they did say that this plan is customized to each user. So the costs will vary depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. It 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 should know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track the sales and profits of your business It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this will certainly help you to get your head around the subject. TaxJar Netsuite
However, if managing your taxes is straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the whole procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Netsuite
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n US$. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines your tax.