Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, making it your own could be risky. If you make a mistake, you might need to repeat the process!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Sap
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax software seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical data in one location. So, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to manage them. But, it is up to you and your team to complete everything on time. TaxJar is there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing it. However, there might be additional costs if the feature is 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. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as the list of transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the sales tax totals within your company. Additionally, you can export the data to CSV format. CSV file if you need it in your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operating costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional information. In addition their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to set 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 take a look at TaxJar’s pricing levels and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller company owner, this plan could be perfect for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the basic features, then the Professional plan might be the right one for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing all of the 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 have 12 free AutoFiles each year.
If you run a large company, you may need to go for an upgrade instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. TaxJar Sap
However, they did say that this plan is customized for each user. So the costs will vary in line with 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 looking into other options, they have 30 days of free trial. This should be enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you do, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products It can also help you meet your deadlines. This is also an excellent option for accountants as they have tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to meet. If you live in a place with complicated tax laws, this will surely help you wrap your mind around it. TaxJar Sap
But if handling taxes is easy, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the entire process easy to do, you might be better in doing it all on your own.
FAQ TaxJar Sap
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar will calculate the tax.