Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. If you don’t have the funds to hire an accountant, performing the task on your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
So what can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. While this is an extensive read it is possible to assess whether TaxJar is what you need in the present.
Prefer 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 let’s get right into it.
What exactly is TaxJar? TaxJar Nexus Insight Dashboard
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to keep everything simple and organized. Let’s look into their features and services.
Features and services
One of the most important things you’ll want to check is your tax-reporting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar, it 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 highlighting the platforms that they can connect with:
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. Once the time comes for filing tax returns for income, the team will instruct you on managing them. It is up for you and your team members to complete the process within the timeframe. TaxJar will only help you understand what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax in order to record and process them. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team can access everything you need, such as a list of your transactions, reports and the data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. You can also export the data as CSV format. CSV file if you need it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operating expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but all things related to sales tax. You can look through their guides, webinars, and blog for more details. Additionally their sales tax calculator can be helpful if you’re planning on 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 costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the most effective plan if you need help in filing and reporting. It includes the tax on sales, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan should be ideal for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrationsfor team members as well as AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Nexus Insight Dashboard
However, they did mention that this plan is customized for each user. The cost of the plan will be different according to what you require to run your business.
Fortunately, you don’t need to bet your life on it to see if this platform is 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 see whether the service is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- 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
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to reduce time and keep track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your mind around it. TaxJar Nexus Insight Dashboard
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure simple to follow, you might be better in doing it all by yourself.
FAQ TaxJar Nexus Insight Dashboard
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to US$ prior to when TaxJar will calculate the tax.