Oh Colombia, a beautiful country situated in the northwest of South America, with stunning beaches, an abundant history and a very spectacular culture. What wouldn’t US corporation want to expand its operations to that wonderful territory, right?
However, before expanding your business to Latin America, specifically Colombia, let me give you a few tips that might be a lifesaver for your company.
Latin America is not the United States
First of all, every country in Latin America has different back office accounting requirements that are no similar at all to the ones required in the United States.
Colombian Legal Ledgers
In Colombia, you’re legally required to close your accounting books on a monthly basis and send those results to the colombian tax agency called DIAN (Dirección de Impuestos y Aduanas Nacionales).
The government does this mainly because it’s the best way to prevent fraud and money laundering. And of course, just like any other regulation, your accounting books results will need to use a pixel perfect, sometimes complex, specific required structure.
At this point, I’m sure you’re a little worried. Don’t worry! We have the answer to all your doubts.
The Perfect Solution
As you probably know, LatamReady is the leading authority in NetSuite Localizations for Latin America. This means we have a secret tool that helps Multi-Latin corporations achieve financial consolidation.
Let us introduce you the LatamReady SuiteApp. With our SuiteApp, we’ll help your company to generate colombian specific Legal Ledgers, produced from NetSuite and inside of NetSuite.
Colombian Legal Ledgers produce using LatamReady SuiteApp will follow the specific required format and will include the required fields. And, better than that, any tax related changes from the Colombian Government, will be automatically included in the LatamReady SuiteApp subscription.
And, if you want to keep learning more about Colombia’s Tax Regulations you can go into latamzone.info and watch our full webinar!