Taxomate is an amazon accounting integration software that helps FBA sellers manage their finances all under one roof. But does your Amazon business need it? Check out this Taxomate Review 2024 to know everything.
Amazon is the largest online selling platform in the world. With so many sellers and products, keeping track of everything can quickly become a nightmare for even the most seasoned seller. But in this 21st century, you don't need an accountant and bookkeeper to help you keep track of your transactions.
As Amazon has grown, sellers have been using more and more third-party tools to make their lives easier. Accounting software are fast, automated and accurate. Taxomate is a software that connects your seller account to these advanced accounting software for better integration.
This article takes a look at Taxomate Account Management Software and determines whether this might be the best solution for you as an Amazon Seller.
Taxomate Review 2024: What is Taxomate?
Taxomate is a cloud-based account management software for Amazon sellers. Its primary goal is to help Amazon sellers streamline their business by connecting their seller accounts with their accounting software. For example, you can connect your Amazon.com account to top accounting softwares such as QuickBooks, Zero and Wave.
Taxomate is a fully automated solution that works for four major e-commerce giants: Amazon, Shopify, Walmart and eBay (Shopify and Walmart are yet to be added). One of its remarkable features is that it brings all your accounts together so that you won't have to look for them in different places. Taxomate merges all your “eCommerce transactions” into one single invoice for greater ease.
You can also calculate important sales metrics such as total sales, fees, advertising expenses, shipping costs, and much more. This helps you get a clear idea of profitability. With all of these features, Taxomate significantly helps sellers increase their productivity and business.
Taxomate becomes the best-automated way to get perfectly balanced books that also allows you to manage unlimited accounts and unlimited marketplaces. Calculating COGS (Cost of Goods Sold), Inventory Valuation, and Multicurrency Valuation are a few other features offered by this web app.
The software also offers a 14-day free trial period so that the users can know what they are paying for. Even its pricing plans are very affordable and reasonable, which grows along with your business. Taxomate's cost of its packages is 50% cheaper than its competitors. All its plans provide all features, plus you can manage numerous accounts and marketplaces.
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Taxomate Functioning: How does Taxomate work?
Taxomate allows you to link your online eCommerce seller account to your Taxomate account. As such, you can use Taxomate to keep track of all your transactions in one place. You can even calculate costs and expenses to get a good overview as well as determine profitability.
It has a similar work system for all its eCommerce platforms:
- Connect: The first thing you will have to do is to link Taxomate to your Amazon account as well as your accounting software. You can take the help of their easy guided setup process to complete the job. It is hassle-free and does not require any special skills. Once you have your accounts within Taxomate, you can take advantage of its features.
- Import Data: After Amazon makes a transaction or payment to the seller, they provide them with a summarized settlement. These settlement summaries are imported automatically once Amazon offers them, provided that you have completed the initial account setup process.
- Mapping: Another advantage that you get with Taxomate is its customizable system. The web app lets you apply “accounts and tax codes to your eCommerce platform transaction. You can even take the help of default mappings for ease.
- Accounting: The invoice amount which will be sent to your accounting software will be the same as the payment from Amazon.com. This will happen when you send your journal entry or sales invoice to accounting software that tracks all your sales and expenses.
- Automation: You get accurate and precise bookkeeping without any hassle. With just one click you can complete the reconciliation. This will help Taxomate sync in with your seller account and accounting softwares.
Taxomate Features: What all should you be expecting?
Taxomate is a simple and effective accounting software integration app. It does offer a variety of features. But these might differ based on your platform (Amazon, eBay, Shopify, and Walmart) and the marketplace.
Let us know the features for Amazon (Amazon.com):
- Perfectly Balanced Books
- Cost of Goods Sold
- Inventory Valuation
- Innumerable Accounts
- Unlimited Marketplaces
- Multi-Currency Support
- Time-saving Automation
- Bank-grade Security & Encryption
- 1:1 Onboarding Support
Accounting Integration: What softwares does Taxomate connect your account to?
You can connect your Taxomate account to some of the best accounting softwares to enhance productivity. This will also help sort your data and get all insights. These software include QuickBooks, Xero and Wave. Let's learn more about them:
- QuickBooks: The QuickBooks accounting software is a powerful tool created with workaholic tools that help your business thrive. It is one of the most popular accounting software brands on the market, and as a result, most Amazon sellers would be pleased to use it. Accounting, advanced accounting, virtual accounting, payment, time-tracking, and e-commerce are just some of its services. It continuously tracks income and expenditures, pays employees and contractors, and is constantly updated with your financial status.
- Xero: Xero is an effective, hands-on accounting solution for all Amazon entrepreneurs. It provides you with a range of tools that are simple to use as your personal accountant. You may use it to track and monitor your payments and bills. You may even connect Zero to your bank for secure and seamless payments. Users can even categorize and reconcile their bank account transactions regularly. It is the best deal for freelancers, businesses and accountants as well.
- Wave: Wave Accounting helps users with services such as invoicing, billing, payment tracking, payroll management, finance management, and much more. Its effective functionality helps companies simplify accounting procedures. All the data is assembled and presented on a user-friendly dashboard that any user can easily understand. It has helped more than 2,000,000 North American small business owners simplify their finances and is the best deal for entrepreneurs and freelancers.
Taxomate Review: Things to Know before you Buy Taxomate!
The software works excellently for accounting integration and keeping track. Additionally, you can calculate crucial data and take advantage of its advanced automation. But there are a few points that one should take into consideration before one makes the final decision.
First is its pricing, which is based on the number of orders. The monthly number of orders is distributed in particular ranges, and sellers must pay accordingly. This means that the minimum order quantity seller will have to pay is equal to the maximum order quantity seller of that range.
Users will have to reconcile manually, this particular task is not automated. It is a web app and an online service, you won't be able to download it as an application.
As for its marketplaces, it currently supports Amazon and eBay. Shopify and Walmart are part of their page but are not yet accessible, but they will soon be added. Another thing to note is that it does not work with QuickBooks desktop or self-employed.
Pricing Plans of Taxomate
Taxomate is not just great for your business but also your savings. The pricing plans of Taxomate are very affordable and will grow along with your business. This saves you the worry of choosing the best plan and ensures you are paying only what is needed.
The Pricing plans can be divided on a monthly and yearly basis. Though there is not much difference in the features, you will get additional 2 months with the annual package.
- Taxomate Starter Package: For the Starter package you only get 1 sales channel. But sellers also get unlimited user interface, number of marketplaces and historical data. As for customer support, you get Email, Chat, and 1:1 Onboarding. COGS Tracking and Quick Setup are all included in the accounting package. It offers all of accounting integration and the package is available in a 14-day free trial.
- Taxomate Multi-Channel Package: The major difference you will notice is that you get unlimited sales channels if you opt for the yearly package. The sales channel includes Amazon, eBay and Shopify (for Beta Testing). Rest you get all the exotic features listed in the Starter Package.
Monthly
| Orders/Month | Starter Pack | Multi-Channel Pack |
|---|---|---|
| Max 200 orders | $14/ month | $27/ month |
| Max 1000 orders | $24/ month | $42/ month |
| Max 5000 orders | $44/ month | $59/ month |
| Max 10k orders | $79/ month | $99/ month |
| Max 20k orders | $139/ month | $170/ month |
| Max 50k orders | $199/ month | $299/ month |
| Orders above 50k | Contact Them | Contact Them |
Yearly (2 Months free)
| Orders/Month | Starter Pack | Multi-Channel Pack |
|---|---|---|
| Max 200 orders | $12/ month | $23/ month |
| Max 1000 orders | $20/ month | $35/ month |
| Max 5000 orders | $37/ month | $50/ month |
| Max 10k orders | $66/ month | $83/ month |
| Max 20k orders | $116/ month | $142/ month |
| Max 50k orders | $166/ month | $250/ month |
| Orders above 50k | Contact Them | Contact Them |
The Pros of Taxomate
- One-stop Accounting: Taxomate is a versatile solution that can help sellers with most aspects of their business, from inventory management to managing shipments and taxes.
- Effective Accounting: The accounting feature of Taxomate allows you to easily track your profit and loss, as well as your cash flow, by compiling your transactions in one invoice.
- Customer Support: They offer 1:1 Onboarding to help you set up your account. Taxomate has been praised for having excellent customer service. This is always a merit when it comes to whether one should buy the service/product or not.
- User-Friendly: Taxomate's interface is very easy to use. They also offer historical settlements, transparency and security. All the features combine to increase your productivity.
Top FAQs on Taxomate Review 2024
Is QuickBooks Self-Employed supported by Taxomate?
Quickbooks Self employed does not have an API that is compatible with Taxomate's API. Hence this Quickbook version is not currently supported by Taxomate.
What software will you require to use Taxomate?
According to the official sources, you should have “QuickBooks Online (paid separately), Wave (free), or Xero Accounting (paid separately)” for using Taxomate. Also, note that QuickBooks Self-Employed or QuickBooks Desktop is not currently supported by Taxomate.
Is Taxomate 100% automated?
Saying that Taxomate is 100% automated would be inaccurate. Users still have to get in for the reconciliation part, which is super easy.
Which pricing plan will be the best for you?
Their pricing plans are based on your monthly order quantity. This allows you to pay per the number of orders you receive monthly. It can be changed as and when your business grows.
What Amazon marketplaces does Taxomate support?
Taxomate supports all Amazon marketplaces which makes it quite flexible. Not just that, users can also create unlimited accounts for better usability.
Final Words: Is Taxomate Worth it?
Overall, Taxomate is a very useful tool for Amazon sellers. It is a one-stop shop that allows sellers to manage their accounting aspects. Many Amazon sellers have found Taxomate extremely useful and praised the program highly. It is quite a new software and done pretty well based on just that.
It allows you to connect your eCommerce seller accounts without restrictions. The software supports Amazon, Shopify, eBay, and Walmart. Along with automation sync, you can also calculate Product Sales, Fees, Advertising Costs, Shipping Costs and fees to determine exact profitability. And all these features at very affordable prices. Get, Set, Accounting!
