Given market changes, proximity to, as well as substantial economic ties with its northern neighbor, Latin America continues to be a crucial area for US, UK and international business growth. As both large and small companies continue to expand into the region, the challenges of working with multiple companies, suppliers, and markets in a region with such diverse legal regulations are increasing. In fact, there is an immediate need for businesses to have a seamless electronic invoicing system in place, one that can work with the laws of each country and be completely integrated with a top Enterprise Resource Planning software as NetSuite.
Electronic invoicing is becoming mandatory in Latin America; it is already required in Mexico, Chile, Peru, and Ecuador. Implementation in Colombia has also begun. Latin America presides over some of the most complex electronic invoicing and tax requirements in the world — even local companies find the process arduous; compliance rules are specific to each country. Colombia, for example, requires two different sets of local books (COLGAAP and NIIF), while Chilean law does not necessitate the use of a Statutory Chart of Accounts.
LatamReady offers the implementation of NetSuite in conjunction with a seamless, cloud-based localization and electronic invoicing solution for international businesses looking for or working with NetSuite in US + multiple Latin American countries.
LatamReady SuiteApp manages business compliance areas, from local government compliance to tax regulations, in ten Latin American countries. Trusted by over seventy businesses, LatamReady has helped companies to implement NetSuite best practices and localizations inside of NetSuite since 2009.
Why NetSuite and LatamReady — and why now?
Globally, more and more businesses of all sizes are upgrading to the cloud. Cloud computing has made mission-critical business technologies safer, less cumbersome, and more productive than local servers. Recent surveys revealed that 88% of cloud users found that adopting cloud computing had resulted in significant financial savings. 56% of companies surveyed saw an increase in profits.
NetSuite is the number one cloud Enterprise Resource Planning software. With more than 40,000 businesses using NetSuite, its user base is ten times the size of its closest competitor. NetSuite business software is built with a wide range of industries in mind, allowing it to offer a variety of functionalities that are industry specific. More importantly, NetSuite’s cloud ERP is built from the ground up for cloud-based computing and is—from its inception—produced to be cloud-specific. Because NetSuite SuiteApps are built for the cloud, they are able to exploit lower costs of implementation and reduced hassle for IT departments. In fact, in 2013, NetSuite received PC Magazine’s “Editor’s Choice” award because of its: “…exceptional breadth, depth, and usability.” Finances Online gives NetSuite’s cloud ERP software a 99% customer satisfaction rating, particularly highlighting its seamless integration with other programs and the smooth integration of finance, sales, and invoicing.
Since 2009, LatamReady has worked with NetSuite to keep international businesses government compliant in Latin America. LatamReady is the one and only certified built for NetSuite SuiteApp for the Region and is the number one NetSuite option for a multi-national Latin American implementation.
LatamReady SuiteApp uses NetSuite SuiteApp technology to connect NetSuite to local Latin American e-invoicing suppliers. In fact, LatamReady works 100% natively inside NetSuite, so the interactions between LatamReady SuiteApp and NetSuite ERP are seamless. It also uses one key for ten Latin American countries. Specifically, LatamReady has been programmed for local compliance in US, Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, and Uruguay. Key features for all countries include e-invoicing templates via NetSuite e-Invoicing SuiteApp, pre-printed formats, legal books, withholding taxes features that complement NetSuite Withholding Tax SuiteApp, e-payment templates via NetSuite Electronic Payments SuiteApp, taxes sync with standard NetSuite tax definitions for Latin America, accounting rules and transaction types. Implementation and support services are available in both English and Spanish.
Specifically regarding e-Invoicing, here are some of the unique elements that LatamReady offers in key Latin American markets:
Electronic Invoicing for Argentina
Electronic Invoicing is offered via COMFIAR Argentina. NetSuite is connected to COMFIAR Argentina via web services and, using Netsuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Argentina: Invoices (Sub-Types: A, B, and C), Credit Memos, Debit Memos, etc.
Electronic Invoicing for Chile
For Chile, LatamReady SuiteApp offers Electronic Invoicing capabilities via Nubox Chile. NetSuite is connected to Nubox Chile via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Chile: Invoices, “No Afecta” Invoices (IVA cero), Debit Memos, Credit Memos, Waybills, etc.
Electronic Invoicing for Colombia
Electronic Invoicing is offered via COMFIAR Colombia. NetSuite is connected to COMFIAR Colombia via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Colombia.
Electronic Invoicing for Mexico
For Mexico, LatamReady SuiteApp offers Electronic Invoicing capabilities via Buzon-E Mexico. NetSuite is connected to Solution Factible via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Mexico.
Electronic Invoicing for Peru
Electronic Invoicing is offered via COMFIAR Peru. NetSuite is connected to COMFIAR Peru via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Peru.
There are noteworthy differences between LatamReady for NetSuite and other electronic invoicing solutions for NetSuite in Latin America.
First and foremost, LatamReady SuiteApp is able to integrate electronic invoicing, tax, and governmental compliance within NetSuite.
Second, it does so through cloud-based computing, which is faster, less cumbersome, and eventually more cost effective. Just as NetSuite is the largest, most commonly used cloud-based ERP, so LatamReady is the number one option for US + Latin American NetSuite implementation.
As LatamReady expands to more countries and creates an integrated, seamless, up-to-date compliance program, it stands to become the de facto leader in multinational US+ Latin American localizations and electronic invoicing inside of NetSuite.