Hey, did you know that the Latin American region counts for more than 14 countries, with different currencies for each one of them? When it comes to owning subsidiaries in Latin America, remember that currencies are another big challenge, especially in accounting and tax reporting.
Most of the time, when not paying enough attention to the different currencies and conversion rate will put your company in jeopardy, especially in the Latin American space..! But no worries, LatamReady has the solution for you so stick around!
Multi-booking, who cares…not me!
Normally, if you don’t have multi-booking, you implement the basic currency of the country. Besides the different statutory charts of accounts there, are of different currencies; Brazilian Reals, Peruvian soles, American dollar, etc. You can do the financial consolidation using the consolidate change rate, but you lose all the visibility of what is going on within your subsidiaries out of it. That’s WHY having multi-booking is life-changing. Productivity, time and reliability… that’s what you get in implementing multi-booking within your company! Amazing, isn’t it?
But I’ve been using single books for each country I’ve been operating in for decades… I feel like I won’t be able to switch to multi-booking!
You’re 100% wrong! Switching to multi-booking is totally possible and way easier than you think! A few weeks ago, we were discussing that change with a new customer who had been implementing NetSuite for 30 years, and now he’s implementing our tax compliance solution in Argentina…they want to use multi-booking for Argentina! That client wanted to have his primary book in US dollars, through consolidating in a way he could drill down to the transaction. But he hadn’t done that for the rest of the subsidiaries. He actually had set up primary books in functional currency, and as a secondary book in US dollars. Now operating in a new country, we want to gain in productivity and to get reliable data, easily and in a short matter of time. LatamReady is here for it!
Alright you convinced me, I want to have the multi-booking feature now! What should I do next?
In order to do so, you need a solution provider, certified for turning on the option of multi-booking within NetSuite and of course…LatamReady is the right one for you! Our LatamReady SuiteApp is the ultimate solution to all your tax compliance problems as it includes not only e-invoicing but also e-payments, legal ledgers, and many other features for more than 14 other countries in Latin America within NetSuite. Feel free to call one of our sales rep at +1-786-600-2641 to know more! You can also find our pricing list on www.latamready.com, after that you’ll be fully on point with LatAm tax compliance using NetSuite, that’s for sure!