Taxes are always one of the hardest things to do, whether you’re running your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the budget to engage an accountant performing the task on your own can be risky. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to assess whether TaxJar is the tool you require in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Sap Plugin
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting platform is compatible with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical data in one location. This means that there is no need to gather information from multiple sources and organize it into one platform. All you have to do is to integrate TaxJar, then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to handle these. But, it is up to you and your team members to complete the process in time. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales tax to recording and processing it. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, like an inventory of your transactions, reports, and information.
The greatest benefit of this feature is that they allow you to update your account automatically each day. They not only let you keep track of how much you’ve collected however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. You can also export the data in CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. This means that you don’t have to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operating costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. Check out their webinars, guides, and blog for 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 establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It comes with sales tax reporting, 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 company proprietor, then this program will be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking to get a bit more than just the basic features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive business, you might need to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations API integrations, team members, and AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal how much the Premium plan is going to cost. TaxJar Sap Plugin
But they did state that this plan is customized to each user. The cost of the plan will be different in line with what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this 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 be enough time to determine whether the software is the right choice for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To summarize Here are the pros and cons of making use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- Allows you to track 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 applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products It can help you meet the deadlines you set. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this will certainly help you to get your mind around it. TaxJar Sap Plugin
But if handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar Sap Plugin
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it to US$ before TaxJar will calculate the tax.