German Taxdoo expands from VAT to bookkeeping

Founded in 2016 by Roger Gothmann, Dr. Christian Königheim and Dr. Matthias Allmendinger, Taxdoo set out to make VAT compliance for eCommerce easy - and succeeded. Now, a few years later, Taxdoo announced in their newsletter in the end of September and the beginning of October, that they will expand beyond VAT for eCommerce.

The new frontier is bookkeeping. Apart from being the standard for VAT in eCommerce, Taxdoo wants to be the standard for this topic in the field of eCommerce as well. This new "generation of products" is supposed to start at the beginning of 2024, while exploration and testing has already been conducted with close partners.

The future for 2024 of this new "product generation" looks as follows:

• Receivables accounts separated by sales channel and marketplace

• Individual clearing accounts by payment provider or the marketplace through which the payment is processed

• Revenue and VAT accounts that can be easily reconciled with local VAT advance returns and returns in all EU countries and the UK

• Connection to the DATEV Buchungsdatenservice to transfer transaction and payment data from Taxdoo directly to the DATEV Cloud

• Improvements in the handling of export files and correction batches in the user interface

• Simple and transparent reconciliation of account balances between DATEV and Taxdoo

• Booking of exchange rate differences, inventory changes and third country sales