Do you know why exactly the government imposes E-invoicing for every transaction? Are you using NetSuite in Latin America? Don’t miss the opportunity to learn more about these topics and do not miss the opportunity to learn more about these issues and be more prepared to solve every problem you could face. Keep reading!
This is the REAL reason for mandatory E-invoicing!
To better explain the subject we are going to take the Mexican government as an example. It was the first in Latin America who decided to have Electronic Invoices. Two years later, Colombia decided to do the same, then it went to Chile and now more than ten countries in the Latin American region are requiring a mandatory Electronic Invoicing for tax reporting.
Tax reporting is all about control, it’s all about the tax authority receiving the right information in a specific format, which is a digital format today.
Tax authorities must receive that every month so they are in control and they see who is paying their taxes and what amount of taxes is being declared.
It’s a challenge to generate those specific E-invoicing reports from an accounting system, those reports are very dynamic just like the tax rates, so it’s not easy to have a solution for that.
What kind of challenge we’re facing
The E-invoice that must be fulfilled needs to be uploaded to its portal and approved before its use. LatamReady is constantly aware of all the different changes that occur in the region so we update the software performance in order to cover these needs and provide to our customers with a full solution that is updated constantly.
Our customers, therefore, don’t have to feel the pressure to discover what is new, we have made their work much easier, making the processes of their companies faster and more efficient.
However, if a client has a very low volume of transactions every month, it’s always possible to submit their invoices one at a time. As soon as the company starts issuing fifty or a hundred invoices a month, it’s very important to have that automatization. Otherwise, that would be a huge amount of manual work to do that separately from outside of the system.
LatamReady SuiteApp is an unbreakable shield
As you may know, the LatamReady SuiteApp is an excellent Tax Compliance solution inside the Latin American region within Oracle NetSuite. We’re a perfect solution for all the tax compliance issues your subsidiaries inside the Latin America, solving problems you may have in the tax calculation, tax determination and tax rules.
LatamReady works tirelessly every day to provide the best tool with the ultimate solution to all international corporations experiencing tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues that can be dealt with via LatamReady, all within NetSuite!
Be aware of the changes that are happening regarding tax compliance not only in Brazil but also Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space please check www.latamready.com or feel free to call us at +1-786-600-2641 to avoid any more problems!
Want to implement the ULTIMATE Tax Compliance solution?