What about accounting and sales tax with stripe?
Hi!
I'm seeking advice on "accounting and tax matters". My biz partner and I are building CRM extensions, and made our first sale!
It was to a customer based in the UK, and payments are collected by stripe.
Next thing we get is an email from stripe asking us to register for sales tax (VAT I think) in that region.
And I believe we will need to do that in all regions that we sell too, which could be quite a few. We are based in Australia where sales tax is known as GST. We don't need to register for GST until we reach a certain sales level, which helps.
But this all worries me a bit. I don't want to spend lots of time dealing with sales tax in a whole bunch of regions, and then our own local business tax as well!
Can anyone advise what products (or combination of products) we should use to make management of sales tax, integration of data simple? any advice on accounting software for a SaaS business based in Australia would be much appreciated.
Thanks for reading!
Came across this thread by chance and I know it's quite old, but I’ll leave my experience here, it might help someone. We had almost the same moment after first international sales because Stripe made payments feel easy and then suddenly tax and registration questions started appearing 😅
One thing we realized later was that once you start selling cross border and think about scaling globally, it stops being only VAT or GST. We also had to keep company data structured properly across jurisdictions, especially around legal entity identification and making sure reporting and tax identity details stayed consistent.
Around that period we used LEI Register because we ended up dealing with international financial activity and wanted the entity side standardized instead of tracking everything manually across systems. That part at least removed some admin noise while we figured out the accounting and tax stack.