The Challenge of Latin America
Even with the latest enterprise resource planning software at one’s disposal, abiding by and accounting for the various tax laws and regulations throughout Latin America can be a major challenge for multinational companies operating in the region. This presents multinational companies with substantial obstacles even after investing heavily in the global version of NetSuite (NetSuite OneWorld).
Non-compliance isn’t an option for the world’s leading firms, and neither is missing out on the massive sales opportunities in the region. Many companies have chosen to manage compliance internally or even move their compliance process outside their ERP software. This is usually a cost-saving decision, but the decision inevitably reduces speed and can lead to all kinds of issues that often negatively impact the resources available to other business channels. It’s far better to establish a cohesive and long-term solution.
Managing chaotic internal processes and making platform changes are, of course, major tasks. ERP implementations can seriously disrupt business if such implementations are not approached with clarity and expertise.
Moving business-to-government compliance inside the ERP
Multinational firms from America to Australia have been making — and continue to make — the sound decision to position their business-to-government compliance within their existing enterprise resource planning software.
E-invoicing and tax requirements in Latin America are extremely complex and considered to be some of the most challenging to navigate in the world. The decision to invest in capabilities within an ERP helps untangle this complexity to a measurable extent and is far more future-focused.
Professionals tasked with setting up offices or operations from Ecuador to El Salvador, or from Panama to Paraguay, need a sensible and comprehensive solution that is simple to implement while remaining on the cutting edge of compliance and regulation knowledge in this very dynamic region.
Over time, one ERP solution provider has truly established itself in the Latin America: NetSuite. On July 28, 2016, Oracle announced that NetSuite was now a member of the Oracle Cloud Family — both as part of the company’s portfolio for Small & Medium Businesses as well as the Two-Tier ERP approach for Big Corporations.
With Netsuite-Oracle, companies can transform, engage, and modernize their businesses. NetSuite shatters limitations with a game-changing solution built specifically for different Industries. Through omnichannel commerce, companies can meet their customers everywhere and get ahead of competitors with technologies built specifically for the 21st century.
Numerous firms have decided to go with NetSuite, and many of them are now focusing on expanding their Latin American business capabilities.
A respected solution provider and a leader in Latin America
As has been indicated, implementing Netsuite in Latin America is no small task. That said, many firms have chosen to avoid the pitfalls restricting business growth that unavoidably comes from expensive mistakes with either compliance or tax reporting.
Dealing with the complex tax and legal systems in Latin America can cause a lot of headaches (especially if one is using an outdated ERP).
Pumah by LatamReady helps multinational companies manage business-to-government compliance and tax reporting within NetSuite using LatamReady SuiteApp. LatamReady SuiteApp works inside NetSuite allowing customers to be compliant with local accounting rules in more than 10 Latin American countries.
NetSuite is the #1 Cloud ERP option for a multi-Latin ERP implementation
- NetSuite boasts top cloud performance and experience in Latin America.
- Pumah by LatamReady comprises more than seven years implementing and localizing NetSuite for American and Latin American & Caribbean Customers.
- LatamReady has been a top tier NetSuite Partner since 2009 and has implemented NetSuite to more than 70 organizations.
- Based in Miami and operating across Latin America and the Caribbean, LatamReady is the only localization solution certified by NetSuite.
Growing capability and experience in Latin America
Deep NetSuite experience began with a relationship that was established with NetSuite in 2009. Over the last seven years, they have built on this experience and improved the relationship. The capabilities have also been improved and expanded. They now have solid Latin American localizations knowledge at their disposal. The team is bilingual in both English and Spanish and honors NetSuite best practices.
In January 2015, LatamReady SuiteApp became the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program. Since then, LatamReady has expanded its capabilities and increasingly helped companies with implementation throughout Latin America, while carefully keeping a finger on the pulse of government compliance and tax regulation changes.
Built for NetSuite
Between February and November 2015, LatamReady SuiteApp expanded its support for the legal and tax requirements of these ten Latin American countries: Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru and Uruguay — although 2016 has shown itself to be a year of changes in Peru. SUNAT launched a new set of legal requirements, but despite this, LatamReady is now supporting monthly electronic ledgers following these recent changes.
Oracle Announces NetSuite Will Join the Cloud Family
On July 28, 2016, Oracle made the announcement that NetSuite had become part of the Oracle Cloud Family as part of Oracle’s portfolio for Small & Medium Business and Two-Tier ERP approach for Big Corporations.
Becoming a trusted name
Pumah by LatamReady is the number 1 multi-Latin compliance and localizations solution for NetSuite. More than 70 businesses in the region already trust LatamReady. These companies have benefited from the simplicity of entering and opening LatAm with One Key.
- LatamReady SuiteApp works 100% natively inside NetSuite.
- Tax and Legal compliance have been simplified.
- LatamReady is constantly updated to address legal compliance.
- Implementation and Support services performed in both English & Spanish.
- First and only localization solution technically certified by NetSuite for Latin America as part of the ‘Built For NetSuite’ program.
As an implementation architect or solutions decision-maker, benefits such as these are critical expectations from a solution provider. Companies like Adistec and NCH have successfully implemented and provided most useful feedback.
Gustavo Dipilla, COO of Adistec Corporation, shared his company’s implementation story. Adistec is a leading company in the distribution of hardware, software, and value-added services for Latin America and the Caribbean. Headquartered in Miami and already present in 15 countries in Latin America before implementation, they faced the huge challenge of setting up their ERP to maximize their business potential.
In the region, it represents brands that include VMWare, NetApp, Cisco, Fortinet, Symantec, Kaspersky, as well as several others. It decided to implement NetSuite for its subsidiaries in nine countries throughout Latin America, and with impressive speed began witnessing a marked increase in the efficiency the software solution was able to provide.
One of Adistec’s biggest challenges was to customize their experience within NetSuite. They successfully achieved personalization of forms, research, reportage, and specialized fields in conjunction with the implementation team. One big win was to the ability to create the logic to control the making of estimates with sale prices calculated in function of import duties and taxes for each country where they had subsidiaries. Even though Adistec knows challenges will crop up again as they enter new countries, they have been suitably encouraged by the success of the implementation thus far. They know they can successfully build new business with an ERP that is in such fine shape. Their chosen platform and the highly supportive team will help them make future implementations a success.
NCH Corporation was similarly able to capitalize on the implementation expertise of Pumah. They began their Peru implementation in January 2014 and followed up with Panama in July of the same year. Implementation has simplified order intake, invoicing, finances, production, and inventory management.
Given the success achieved with these implementations, US and international companies already doing business or expecting to do business in Latin America are expected to trust Pumah to handle their ERP implementations. Globally, more than 70 firms from the US, the UK, and Australia are already using LatamReady SuiteApp.
LatamReady boasts the following features — essential for making business in Latin America productive and profitable. Each of these features, from e-invoicing templates to the ability to set and control adaptable accounting rules, allows for greater efficiency and accuracy.
- E-invoicing templates via NetSuite E-Invoicing SuiteApp.
- Pre-Printed formats.
- Legal books.
- Withholding taxes features complementing NetSuite Withholding Tax SuiteApp.
- e-Payments templates via NetSuite Electronic Payments SuiteApp.
- Taxes sync with standard NetSuite tax definitions for Latin America.
- Accounting rules.
- Transaction types.
Pumah, powered by LatamReady SuiteApp, keeps companies completely up to date with the constant changes in compliance and tax reporting on a country by country basis. This knowledge and expertise mean companies spend fewer resources and less time adjusting their internal processes, managing change, and paying attention to errors and data discrepancies.
How to approach ERP implementation in Latin America
When companies approach Latin America, there are several options for ERP and several options for management of compliance and tax regulations. For example, a company could choose to go with SAP. There are two key differences between SAP+Local LatAm Partners and NetSuite+LatamReady. As you investigate your choice of ERP Latam, consider the following:
- NetSuite is #1 Cloud ERP. Today, the cloud is key.
- LatamReady is the #1 NetSuite option for a multi-Latin NetSuite implementation. Here, experience is key.
- LatamReady has already facilitated successful implementation in over 70 companies from a variety of industries and continues to bring this expertise in implementation to Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru, and Uruguay.
In the final analysis, the future is key — and the time for implementation is now.