Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be risky. If you miss one detail, you might have to redo things again!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Number Of Clients
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you must maintain everything in line. The last thing you want is to get a penalty for missing a single minor point.
TaxJar lets you display your most important data in one location. This means that there is no need 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 all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing them. It is up to you and your team members to complete the process within the timeframe. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. However, there might be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including an inventory of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax within your company. You can also export your data to the form of a CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. 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 money more efficiently. You’ll know exactly how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides as well as their blog to find more information. Apart from that, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It also includes sales tax reporting, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the basics Professional could be the one for you. It’s priced at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to go for an upgrade instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrations, team members as well as AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Number Of Clients
However, they did say that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Luckily, you don’t have to gamble your money just to find out if the 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 give you enough time to determine whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of making use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor 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 valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to help you track your revenue and products however, it will assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in an area with complex tax laws, this will surely help you wrap your mind around it. TaxJar Number Of Clients
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Number Of Clients
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it to US$ before TaxJar determines your tax.