Taxes are always one of the hardest things to do, whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to employ an accountant, performing the task on yourself can be risky. If you overlook one thing, you might have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can benefit you. Even though this is lengthy it is possible to gauge whether TaxJar is what you need right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Odoo
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels 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 various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is that your accounting tax system perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your most important metrics in one place. This means that there is no need to collect data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. In this review, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up for you and your team to complete everything in time. TaxJar is only there to provide guidance 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 won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. From there you and your team will have access to all the information you need, like the list of transactions, reports and data.
The greatest benefit of this feature is that it allows you to update automatically 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 total sales tax for your business. You can also export the data in the form of a CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but everything related to sales tax. You can check out their webinars, guides, or blog posts for additional details. In addition the sales tax calculator is beneficial when you’re planning to complete everything yourself.
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 expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a smaller business owner, this plan could be ideal for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the basic features Professional might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to choose the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data as well as API integrationsfor team users, and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar Odoo
But they did state that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of the 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 simple to navigate
- The company offers a 30-day trial for free.
- 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
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it help you track your revenue and products It can also help you meet the deadlines you set. This is also an excellent option for accountants as they offer a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Odoo
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the entire process easy to do then you’re better to do it by yourself.
FAQ TaxJar Odoo
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar can calculate your tax.