From virtual reality to the smartphones we use every day, technology is transforming the way we live our lives and how we conduct business in the 21st century.
One example of this is electronic invoicing, also known as e-invoicing. Gone are the days of tall stacks of paper invoices and lengthy delays to copy and print! Today, e-invoices are sent with the click of a button.
However, international corporations operating subsidiaries in Brazil and elsewhere in Latin America must be aware of certain regulations when it comes to e-invoicing. Find out what they are below!
How E-Invoicing Works
E-invoices, a form of electronic billing, must be produced in a specific format and legally approved by the tax agency in the country where you are doing business.
Before an e-invoice is sent to a customer, it must first be submitted digitally as an XML file to the tax agency for review. Only after the tax agency has placed a digital stamp of approval does the e-invoice have legal value.
More Than an Invoice
E-invoices are especially important because they are more than just digital billing forms — e-invoices may also serve as credit memos, waybills and much more!
Take Brazil, for example, where e-invoices are also used as waybills. If a shipment of goods is stopped by a government authority in Brazil, the delivery person can show them the e-invoice in PDF format. The government representative can quickly scan the barcode at the bottom of the e-invoice and review data to confirm the driver, shipment and truck are all in order.
The Ultimate Solution for E-Invoicing in Brazil
Now you know how e-invoicing works and why it is so important. However, how can you ensure your subsidiary submits e-invoices to the Brazilian tax authorities in the specific format required?
There’s where LatamReady steps in!
We have created a web services connection with an e-invoicing provider certified by and connected directly to the local tax agency, so you never have to worry about whether your e-invoices properly composed.
Is LatamReady Right for My Business?
If you are a leading global corporation with plans to open or expand operations in Brazil or elsewhere in Latin America, the LatamReady SuiteApp is the solution you need to manage e-invoicing and achieve 100% tax compliance.
The LatamReady SuiteApp is the only native Built-for-NetSuite SuiteApp that supports E-invoicing, E-payments, legal ledgers and more for 18+ Latin American countries, including Brazil.
Gift yourself the Christmas gift of the LatamReady SuiteApp! Visit www.LatamReady.com or call one of our sales reps at +1-786-600-2641 today.
Get On-Demand Access to NetSuite Courses