Dealing with Multiple Currencies in Latin America

If you’re using NetSuite in Latin America, this is an article you can’t afford to miss.

Here is the scenario. You’re an international company with offices in 8 different countries in Latin America, and you know your corporation is going to deal with a number of different foreign currencies. 

Now, dealing and controlling this can be an issue if you don’t have the local legal tax and accounting requirements met, which are specific to each and every different country in Latin America. 

You can seriously put your company in jeopardy if you don’t pay attention to the different currencies and conversion rates. 

Don’t let this information hinder your growth, because we can help you with that while you focus 100% on your company. No distractions, no concerns for you. Read on for reassurance. 

Nov. 21, 2019 – Latin American currencies continued a recent slide Thursday, pressured by mounting political uncertainty throughout the region.

Multibooking? Why should I care?

Your company is using NetSuite in your Latin American offices, and you don’t have your multi-book feature set. So, now you’re only working with the basic local currency of the country, with no consolidation or direct conversions of the other currencies in your different country locations. 

Do take the different statutory chart of accounts per country into consideration, as they are significantly different from each other.

  • Brazilian Reals 
  • Peruvian soles
  • American dollars…etc 
Brazil President Jair Bolsonaro said he’d like to see a stronger local currency against the U.S. dollar, as it currently hovers close to an all-time low.

You can however perform your own financial consolidation using the ‘Consolidate Change Rate’, but prepare yourself, you will lose all the visibility of what is going on within your subsidiaries. 

Avoid unnecessary issues by implementing the multi-booking feature within Netsuite for your multiple subsidiaries. You will be able to make faster business decisions, your processes will become more efficient, doesn’t this sound like such a relief? 

I’ve been fine without the Multi-booking feature, I can’t make the switch.

You’re 100% wrong! 

Implementing the multi-booking feature is way easier than you think! 

At some point, we (LatamReady) were discussing that particular issue on change with a new customer who had been using Oracle NetSuite as their ERP for many years, and at that time the company planned to use our solution for tax compliance in Argentina, which also needed the multibook feature!

We took that challenge and set it up!

Get the solution now from the right experts who can do the job well and get your company growing significantly with no problems in tax compliance.

What are my next steps?

Carlos Z., Founder & CEO of LatamReady

Latin America will open for you with the help of LatamRwady SuiteApp.

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!

LEARN MORE!|Overall Knowledge is important for your Multi-Latin company

Want to implement the ULTIMATE Tax Compliance solution?

CLICK HERE | LatamReady

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