LatamReady SuiteApp Brings Oracle NetSuite to Latin America for International Corporations

Oracle NetSuite is a leading provider of ERP software worldwide, and nothing supports this contention more than their footprint in Latin America.  Their dedication to providing compliant, accessible financial software via their LatamReady SuiteApp is how they’re able to deliver the most successful application on the market. LatamReady is supplying full NetSuite implementations to meet the needs of Latin America like no other Cloud ERP solution provider.

Primarily, Oracle NetSuite and LatamReady are offering the Cloud to Peruvian businesses. Peru’s rapid expansion and other programs have helped to reduce the national poverty rate by 28 percentage points since 2002 and have created trade deals with numerous countries across the globe, preparing them to conquer the market if the tools are available. The Cloud offers ease of access, readily available software updates, and NetSuite’s top-notch security which will transform how Peru does business.

In Peru, business practices are morphing to increase efficiency on a global level, allowing them to compete in industries worldwide while also maintaining stringent, transparent record keeping within their country. In doing so, Peruvian legal changes have already been considered by LatamReady. They specifically improved the award-winning Cloud ERP software of Oracle+NetSuite to comply with the shifting needs of Peru’s legal requirements. The LatamReady SuiteApp is suited for all Peru’s regulations, including the following:

• The Chart of Accounts is statutory in Peru, and LatamReady requires transactions to be performed using local statutory COA and map local COA to corporate COA using NetSuite Multi-Booking feature. This is easy to use, simple to implement and streamlines the complexities of using the correct COA rules and regulations.
• The practice to exclusively require electronic versions of legal ledgers is becoming more and more popular in Latin America countries. LatamReady legal ledgers are exclusively offered following the electronic version (fields, columns, and order), and can be downloaded in CSV format. In Peru specifically, the LatamReady SuiteApp connects to the COMFIAR for all transactional needs. This will specifically come into play as more and more Latin America countries become exclusively electronic, not just with ledgers, but also invoices and vouchers.

These are only two of the most recent business practice changes within Peru, but Oracle+NetSuite and LatamReady can provide so much more. Their constant development toward the ‘latest and greatest’ will ensure the LatamReady SuiteApp is always ready to handle any national accounting changes. It doesn’t just meet Peru’s compliance conditions; this product also offers a sleek, Cloud-based, ERP solution suited specifically to multi-latin companies.

Meeting the needs of the customers

Peru regulates a business’s COA which can often make an ERP complicated and difficult to use. Those regulations are effortlessly handled with NetSuite’s official electronic ledgers: Daily and Major Ledgers, Purchase and/or Sales Records, Trial Balance, and more. In Peru, ledgers/reports must be declared monthly and electronically to SUNAT following a specific format. Oracle+NetSuite has a reputation of being easy to use, intuitive, and manageable in every financial situation, and their newest application for Latin America is no different. They’ve crafted a product for Peru’s protocols by providing tools that make corporate consolidation easy.  These tools:

• Follow Peruvian and Industry accounting practices;
• Eliminate the use of monthly Journal entries;
• Improve auditing practices, and
• Allows for multiple accounting ledgers that are completely personalized.

LatamReady is also ready to meet any local validation rules. They validate all document types that are authorized by SUNAT: Invoices, Sales Slips, Fee Receipts, Credit and Debit Notes, etc. NetSuite and LatamReady can also meet the challenge of managing General Sales Tax Withholding (IGV), Income Tax, Percepciones and IGV Detracciones (Suppliers and Customers). They’ve covered the Withholding process of validating document payments of more than S/.700.00, as well as Purchase/Sell Services pertaining to the Detraction.

Regarding invoicing, LatamReady has addressed that as well. The LatamReady SuiteApp supports the registration of accounts receivable documents and their respective electronic issuance. While much of Latin America is steadily moving to complete e-invoicing, many Peruvian businesses still print their documents on pre-printed paper that is authorized by SUNAT. There’s no pain in using this ERP solution as LatamReady is also prepared to support this continuing practice. When those corporations are ready to make the change to full electronic invoicing, NetSuite and the LatamReady SuiteApp will be with them every step of the way for an easy transition.  The connection between Oracle+NetSuite and local e-invoicing suppliers is seamlessly designed as the user is always working inside of Oracle+NetSuite.  LatamReady SuiteApp is the first SuiteApp already using the NetSuite Electronic Invoicing module, and this is readily available to their users.

Accounts payable departments aren’t being neglected either. The LatamReady SuiteApp will make managing expenses, petty cash, and refunds simple and efficient. Making payments is also easy as electronic payments for massive payouts are available via Banco de Crédito del Peru (BCP). The entire process is insightful and accessible for any enterprise size. Enjoy the capability and functionality of a robust ERP no matter the size of your corporation. Having a complete, easy-to-use ERP solution is a cost-effective way to improve a company’ s performance and growth.

All of these previous considerations are being addressed with LatamReady’s ready-to-use SuiteApp in conjunction with Oracle+NetSuite’s incomparable software. And what’s in that incomparable software? Let’s discuss the brass tacks of working with a NetSuite ERP. This is referring to the most exciting part decision- making process of choosing a new ERP: the features.

What LatamReady has to offer NOW

The following features are some of the key facets LatamReady is launched with on purchase. This is the base product, the foundation that will make a financial department sound. It will guarantee a company can meet the demands of their chosen industry, specifically for Peru.

• RUC (Tax ID) validation in Customers and Suppliers registers
• Local transaction types and information required to produce legal ledgers required by SUNAT (Peruvian Tax Agency). 
• Five legal ledgers following electronic format (Monthly information is presented in TXT format and downloadable in CSV format):
  • Registro de Compras
  • Registro de Ventas
  • Diario
  • Mayor
  • Balance de Comprobación (3.17 Libro de Inventarios y Balance) Libro de Caja y Bancos
• Pre-printed numbering management for local documents
• Three pre-printed format documents (Pre-printed format defined by LatamReady):
  • Invoices (Type: Factura)
  • Invoices (Type: Boleta)
  • Credit Memo Debit Memo Waybill

There is much more, but these particular elements are standouts in with Oracle+NetSuite/LatamReady SuiteApp partnership. This base would be enough to gain the lead on competitors, but LatamReady can offer even more.  The Advanced features are what truly sets it apart from the other ERPs on the market. They’re:

• Set of 85 Reports/Audit Reports/Searches/Alerts developed by
  • LatamReadyThis set of reports has been developed to be used to analyze, review and validate the information to be sent to SUNAT
• Electronic Invoicing: Via COMFIAR
• Electronic Payments: NetSuite Electronic Payments + LatamReady combined solution supports the following bank payment files:
  • BCP
  • BBVA Continental
• Withholding Taxes (Retenciones) and Detracciones
• IVA Withholding Tax Certificate Printing (if the Company is a Withholding Tax Agent named by SUNAT)
• Localized Expense Report (Ej. meals, travels, petty cash, etc.) to present expenses in Legal Purchase Ledger (Registro de Compras)
• Kardex Valorizado: Inventory costing and inventory transactions legal report
• Fixed Asset legal ledgers: (1) Detalle de Activo Fijo and (2) Detalle de Arrendamiento Financiero
• Flujo de Efectivo: Cash Flow legal ledger (Direct Method)

Any company who is facing the Peruvian challenges to modify their accounting department to meet the new regulations being imposed plus continue to excel in their markets will need a reliable ERP. They would benefit from these features immediately, and it will increase the efficiency of their processes while still maintaining compliance.

How Oracle+NetSuite/LatamReady affects Peru

Oracle+NetSuite is the apex of Cloud ERP solutions available in the market today. There is no competition when it comes to experience and technological know-how.  Combined with LatamReady SuiteApp, they’re implemented across more than 10 Latin America countries, conforming to all regulations and local accounting rules fluidly. LatamReady is the #1 Oracle+NetSuite solution provider in the multi-latin field. As it broadens its reach into Peru, it’s bound to offer the same high level of quality software and ERP security customers have come to expect.

Moving along the path to the future, Oracle+NetSuite  also offers the corporations of Peru a secure Cloud provider. They have been at the forefront of this technology and can provide the highest of excellence as an ERP Cloud based solution. NetSuite continuously makes developments in this area and are trendsetters in the industry. In fact, the LatamReady SuiteApp was specifically created for Cloud use, so all the modules were built with that aspect in mind. To use an ERP solution that’s precisely made to utilize the Cloud avoids any bumps or rocky transitions that companies may encounter when trying to implement an ERP that’s been cobbled from an original standalone product and now suddenly has Cloud features. Isn’t it easier to just start with the best?

The benefits of Cloud processing are astronomical: usability for storage, accessibility via any internet connection, and disaster recovery services are just three common examples. Companies that adopted cloud services experienced a 20.66% average improvement in time to market, 18.80% average increase in process efficiency, and 15.07% reduction in IT spending. Together, these benefits led to a 19.63% increase in company growth.  To know the finances of a company are securely being stored via the cloud, ready to be accessed at any time using the LatamReady SuiteApp gives a business owner the kind of peace of mind only Oracle+NetSuite can provide.

And the only way to achieve that kind of security and growth is by going with a company with the longevity and proficiency of an industry stalwart like Oracle+NetSuite. Their expertise of working across the multi-latin field with companies from the US, UK, Australia, etc. makes them a safeguard solution for an enterprise’s financial needs. And LatamReady is the #1 NetSuite option for a multi-latin NetSuite implementation.

Experience is key. They are a leader in ERP solutions since 1998; they have the solid foundation their clients can count on. With the combination of Oracle, another powerhouse in the industry in 2016, they’re poised to lead the market in every shape and form. The LatamReady SuiteApp can supply tax and legal compliance, implement 100% into NetSuite, and provide five-star support in English, Spanish and Portuguese. Oracle+NetSuite’s technological innovations and established groundwork are taking Latin America by storm. And now, thanks to the LatamReady SuiteApp, they’re available in Peru, ready to revolutionize how Peruvians do business.

Carlos Zumaeta

LatamReady CEO

CITATIONS:

“Peru.” Forbes. Forbes Magazine, n.d. Web. 16 Apr. 2017.

“Oracle Purchase of NetSuite Will Help It Vie With Cloud Rivals” Jing Cao, Brian Womack. Bloomberg, n.d. Web. 31 July 2016.

“11 Advantages of Cloud Computing | Skyhigh Networks.” Skyhigh. N.p., 17 Jan. 2017. Web. 16 Apr. 2017. SuiteApp.com. N.p., n.d. Web. 16 Apr. 2017.

NetSuite.com. “SUITECLOUD PLATFORM.” NetSuite Platform – SuiteCloud: The Ultimate Business Cloud Platform. N.p., n.d. Web. 16 Apr. 2017.