From the beginning of a barter-and-trade system, cultures have conducted businesses locally. Simple marketplaces, developing into shopping centers, moving into manufacturing, factories, and assembly lines, the nature of business has grown and spread. What was once regional and even national has started to disseminate globally. And with the advent of the internet, businesses are even more widespread than ever before. Corporations are now competing in as many countries as there are in the world as they take to the field of a global marketplace. And even more so, corporations are setting up shop in just as many locales. They’re moving from their headquarters to be closer to their clients and suppliers, on their home turf.
Emerging in this economic landscape is Latin America. It’s taking the forefront as a specialized region of viable consumers and businesses sitting at the global table. But maintaining a subsidiary in Latin America takes precise software to maintain local regulations. While mid-market businesses move in a global reach for business and finance, the localizations of the areas they develop are still a major standard corporations have to invest time in. Processes and directives must be maintained to operate successfully within this region. While corporations stretch their global footprint, the localizations of the areas they take root in becomes even more important.
Oracle+NetSuite has the global front covered. They’re a #1 Enterprise Resource Planning (ERP) solution provider throughout the world. Their goal of a seamless implementation and high technological standards for their software cannot be underestimated. And now they’ve partnered with LatamReady SuiteApp to enhance the Latin America experience. While Oracle+NetSuite seeks to provide financial consolidation for their clients’ many worldwide subsidiaries, LatamReady insures their Latin America sites are running with optimal efficiency and maintaining compliancy. Together they’re helping multinational companies to centralize their ERP system onto global instances in order to get better visibility. They’re consolidating the finances of these companies to be able to provide data that can be used on a global scale, while still adhering to local requirements regarding e-invoicing, taxes, and more.
Reporting Improvements across the World
The integration Oracle+NetSuite provides is on many levels. Any ERP a corporation enlists needs to be able to provide accurate data, but Oracle+NetSuite goes beyond by meeting the specific needs of multinational companies as they operate throughout the world. Oracle+NetSuite provides:
- Multi-currency management and currency revaluation
- Internal and external reporting
- Intercompany eliminations
- Real-time visibility with cloud services
These kinds of features is what allows Oracle+NetSuite to acquire the reputation of being a consistent leader in the ERP industry.
Globally, we still maintain a variety of currencies and change rates. These variances have a huge effect on the bottom line reporting corporations seek. Financial departments spend a huge amount of time and money regulating this information into cohesive, usable data. Oracle+NetSuite is doing the work for these clients. Within Latin America alone there is everything from pesos to euros to the Surinamese dollar. To be able to maintain accurate data utilizing that changing currency is paramount to a business’s reporting. Oracle+NetSuite is saving their clients’ time and money with automated currency exchange calculations.
Internal & External Reporting + Legal Reporting
The robust reporting within Oracle+NetSuite is incomparable. And absolutely necessary. Latin America is known to have strict compliance standards. Many of the countries are enacting rigid e-invoicing regulations as well as significant tax standards. To maintain compliance, LatamReady SuiteApp guarantees its clients are able to meet those regulations. And by doing so, this particular ERP provides accurate, detailed reports for both internal and external parties, such as the municipal organizations that monitor business activities. To be noncompliant in Latin America risks heavy fines and penalties, so many multinational corporations with subsidiaries in the region rely on their ERP software to keep them on track. So whether a company is presenting to local/federal officials or their board of directors, the reporting is precise and comprehensive.
When managing multiple companies, especially within different nations, consolidation is key to maintaining the financial data. Intercompany elimination refers to the process for removal of transactions between companies included in a group in the preparation of consolidated accounts. Having the ability to do this within an ERP improves efficiency and encourages the establishment of controls in a corporate environment. These are particularly important during a merger to cleanup and set precedents for financial reporting going forward.
Real-Time Visibility with Cloud Services
There are many benefits for moving to the cloud that have been discussed before, but the real time visibility is essential to financial consolidation. The ability to reduce errors with minimal effort while accessing the software from anywhere all over the world allows corporations to quickly conduct business between multiple companies or even multiple charts of accounts. Cloud accessibility by Oracle+NetSuite and LatamReady insures clients are receiving up to date local information with tax updates and currency conversion. Speed is also improved by the cloud’s operating instances.
Financial consolidation is a function of multinational companies as they move about the globe, reaching out to new consumers and markets. Oracle+NetSuite is delivering excellence to their clients by providing accelerated consolidation process, a clear view from the consolidated level to the subsidiary, and currency management at every level. LatamReady SuiteApp takes the benefits of that technology and brings it to the local level, meeting the needs of Latin America’s regulations. Together they’re providing their clients with the most inclusive ERP experience.
NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.
“One Region, One Key.” LatamReady, www.latamready.com/.
WorldSynergy1. YouTube, YouTube, 15 May 2017, www.youtube.com/watch?v=qE41qIBKVlE.
NetSuite.com. “Financial Planning.” Financial Planning, Financial Planning Software, Budgeting and Forecasting Software – NetSuite, www.netsuite.com/portal/products/erp/financial-management/financial-planning.shtml.
“Intercompany Eliminations.” Financial Analysis, www.readyratios.com/reference/accounting/intercompany_eliminations.html.
LatamReady : One Region, One Key. “Moving US Multi-Latin Corporations to the Cloud with LatamReady NetSuite.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 2 Dec. 2017, latamready.blog/2017/11/18/moving-to-the-cloud-with-latamready/.
NetSuite.com. “Scaling to Grow: Financial Consolidation in the Cloud.” NetSuite.com, www.netsuite.com/portal/resource/articles/erp/financial-consolidation.shtml.