Taxes are always one of the most difficult tasks to complete, 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. In the event that you do not have the funds to engage an accountant performing the task on yourself can be dangerous. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. While this is an extensive read it is possible to determine if TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar TaxJar With Netsuite
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that take days to complete and is completed in 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.
What can it do to help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting platform perfectly integrates along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you have to do is integrate TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team to complete everything on time. TaxJar will only help you understand what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax in order to record and process it. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. 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 staff will have access to all the information you need, such as a list of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. Not only will they let 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 payment is due.
The dashboard allows you to fully view the overall sales taxes in your business. It is also possible to export the information to the form of a CSV file if you need it in your financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to search for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials not only on their platform, but for anything related to sales tax. Check out their webinars, guides, and blog for more information. Additionally their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It includes sales tax reporting, four autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a smaller company manager, the plan will be ideal for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for something different from the basic features Professional might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to choose an upgrade instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of users, and AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar With Netsuite
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require for your company.
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To sum it all up, here are the pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by 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 recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to help you track your revenue and products It can assist you in meeting your deadlines. It’s also an excellent option for accountants as they provide a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can help you get more done while keeping track of every deadline and obligation you have to meet. If you’re in an area with complex tax laws, this can surely help you wrap your mind around it. TaxJar With Netsuite
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar With Netsuite
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USdollars before TaxJar will calculate the tax.