The current global crisis has disrupted business as usual and created a new set of challenges for international corporations using NetSuite and operating subsidiaries in Latin America.
Achieving full tax compliance and exercising greater control over operations both at home and abroad has never been more important — but how can businesses harness the full power of NetSuite in Latin America during this uncertain time? Especially when it is difficult — or even impossible — just to get all the decision-makers in the same room?
As a 100% cloud-based company with over 10 years of experience as a certified NetSuite partner in Latin America, LatamReady is well-positioned to share valuable insights and expertise on how to chart a new path forward during this challenging period.
Our experts have compiled below the 10 best practices for rolling out NetSuite in Brasil, Mexico and across Latin America in 2020.
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#1: Identify Best Communication Tools
With many employees working remotely right now, you cannot just pop into someone’s office to request a status update or budget review. When starting a new project with NetSuite in 2020, you should identify early on what communication tools your team will use to interact and stay connected. For example, here at LatamReady, we are working efficiently and staying in constant communication by utilizing the following digital tools:
- Monday.com — Organize and track project communication with this intuitive online workflow app.
- Google Meet — Easily host virtual video conferences to coordinate the most important project deliverables.
- Google Suites — Share documents via the cloud so multiple team members can access and contribute to the same assignment.
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#2: Navigate Language Barriers
Language barriers can easily lead to communication breakdowns and costly misunderstandings. That is why is it so important for international corporations with subsidiaries in multiple Latin American countries to work with a multilingual NetSuite partner.
LatamReady is headquartered in Miami, Florida and maintains offices in Lima, Peru and Sao Paolo, Brazil. It is no surprise, then, that our diverse team is equally adept at working with decision-makers in the United States or Europe; local NetSuite users across Spanish-speaking Latin America; and local users in Brazil who speak Portuguese.
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#3: Get in the (Time) Zone
Another common challenge of rolling out NetSuite remotely is coordinating a team that may be spread across several different time zones. Sharing calendars can help coordinate the best times for virtual meetings when everyone is online — and awake!
An even smarter strategy is to choose a NetSuite partner that operates in the same timezone as where the project is based. Having local offices in Peru and Brazil means that LatamReady’s team of experts is always available to field questions or handle issues that may arise for any project in Latin America.
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#4: Embrace Simplicity
Tax regulations in Latin America are already complex enough — there is no need to add more confusion by choosing different tax compliance solutions for each subsidiary in the region!
The LatamReady SuiteApp is the ONLY certified NetSuite SuiteApp that delivers full tax compliance in 18+ Latin American countries. Partnering with LatamReady means just one point of contact, one set of training and testing standards, and one simple solution for all tax compliance challenges in the Latin American region.
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#5: Select the Option that Fits Your Needs
Adaptability is key during this time of constant change. Instead of using a standard, one-size-fits-all approach in 2020, choose a solution that provides options to better meet your unique business needs.
For example, many international corporations that need an E-invoicing solution in Latin America turn to the LatamReady SuiteApp. Our innovation app can produce accurately formatted E-invoices from inside of NetSuite with just a few clicks of a button! Just as important, this popular feature is available in 3 different versions:
- 1-by-1 — Generate and send one invoice at a time
- Bulk — Generate and send up to 200 invoices at a time
- Unlimited — Generate and send high volumes of E-invoices as needed
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#6: Don’t Reinvent the Wheel: Connect with Local Experts
The huge economic impact of the current global health crisis may lead to changes in tax laws in many countries around the world, including Latin America. By connecting with knowledgeable local experts, international corporations with multi-Latin operations can ensure they stay up to date with the latest tax regulations.
At LatamReady, we have established strong ties to local players in Brazil, Mexico and more than 10 other Latin American countries. In Brazil, for example, we work closely with OOBJ, a recognized local E-invoicing supplier. OOBJ is a pioneer in the development of E-invoicing solutions in Brazil and even serves as the official E-invoice receiving system in several Brazilian states.
Thanks to our strong partnership with an E-invoicing provider certified by and connected directly to the local tax agency, international companies using the LatamReady SuiteApp never have to worry about whether their E-invoices are accurately formatted and comply with any regulatory changes made in response to the current crisis.
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#7: Harness the Power of Automation
During times like these, margins are tight and there is little room for error. That makes the tools LatamReady has developed all the more valuable for businesses who want to avoid costly fines for failing to achieve tax compliance. The LatamReady SuiteApp includes the following automation tools:
- LatamReady Initial Data Cleansing — Cleans initial data, including local tax compliance fields, before CSV files are imported during the implementation project.
- LatamReady Configuration Scanner — Reviews if NetSuite and LatamReady SuiteApp configurations are correct, or if they need to be reviewed or corrected.
- LatamReady Data Quality Scanner — Reviews daily data to ensure compliance with local tax rules.
In addition, our development process is fully automated via Xcelero, the leader in the NetSuite space for automated testing.
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#8: Take Advantage of E-Learning
Hiring consultants to fly to different countries to oversee NetSuite project implementation and training onsite is no longer possible. A new mode of training is required in 2020.
Fortunately, LatamReady is uniquely equipped to still provide international companies rolling out NetSuite in Latin America with the support services and training their workers need. We provide every customer with access to LatamDojo, our exclusive E-learning platform. LatamDojo contains essential online NetSuite training courses and Latin American tax compliance courses in Spanish, Portuguese and English.
Workers can learn everything they need to know — in their native language — about NetSuite and tax compliance requirements in Latin America through LatamDojo. As a cloud-based E-learning platform, employees can learn anywhere they have an internet connection, including from their homes.
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#9: Trust Experience
With so much change and uncertainty in the world at the moment, international companies would be wise to work only with experienced, trusted partners.
Founded in 2009 by CEO Carlos Zumaeta, LatamReady has been working hand in hand with NetSuite for over a decade, providing quality solutions to some of the leading global corporations with operations in Latin America.
With over 10 years of experience, 100+ NetSuite experts, and 150+ projects successfully completed, LatamReady is the biggest and most experienced team of NetSuite experts in Brasil, Mexico and the entire Latin American region.
Indeed, as of 2020, international companies with operations in Latin America rely on the LatamReady SuiteApp to achieve full tax compliance in 18+ Latin American countries, including:
- NetSuite in Brazil – See SuiteApp Features
- NetSuite in Mexico – See SuiteApp Features
- NetSuite in Colombia – See SuiteApp Features
- NetSuite in Chile – See SuiteApp Features
- NetSuite in Peru – See SuiteApp Features
- NetSuite in Argentina – See SuiteApp Features
- NetSuite in more Latin American countries – See SuiteApp Features
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#10: Utilize Online NetSuite Resources
The future of business is in the Cloud. Fortunately, there are plenty of resources available online to help businesses learn, master and execute projects using NetSuite in Latin America.
One of the biggest advantages of working with an experienced and trusted NetSuite partner like LatamReady — especially during times like these — is the wealth of expertise and resources we can share with clients.
LatamReady has developed a robust network of NetSuite resources to help guide international corporations using NetSuite in Latin America during this challenging period:
- NetSuite in Latin America Demos: Our detailed demos provide step-by-step guidance regarding mandatory taxation fields within NetSuite for your Latin American subsidiaries.
- NetSuite in Latinoamerica Webinars: Watch our NetSuite tax compliance webinars at LatamZone! We have a specialized team for each topic. You don’t want to miss what they have to say!
- LatamReady Blog: We frequently update our blog with the latest news and tips regarding mandatory tax compliance regulations in Latin America, so check back often!
- LatamReady YouTube Channel: Get all our latest videos on taxes and Oracle NetSuite in Latin America. Watch from anywhere, including at home!
- LatamReady on LinkedIn: Connect on LinkedIn to stay up to date with the latest developments and special offers.
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Is the LatamReady SuiteApp Right for Your Company?
We hope the 10 tips above have provided you with a clear path forward for rolling out NetSuite in Brasil, Mexico and across Latin American during these uncertain times.
While we do not have all the answers regarding the current crisis, but we do know this: even during this challenging period, there is still plenty of opportunity in Latin America. Will you seize success?
If you lead an international company using NetSuite and are considering rolling out projects in Latin America or scaling up in the region, consider the following:
- NetSuite is #1 Cloud ERP in the world. In today’s tumultuous times, easy access to financial information via the cloud is key.
- LatamReady has the largest team of NetSuite experts in the entire Latin American region and provides support and online training in English, Spanish and Portuguese.
- The LatamReady SuiteApp operates 100% in the cloud and is “Built-for-NetSuite,” meaning our tax compliance solution is certified by and works natively inside NetSuite.
- LatamReady has over a decade of experience helping big international companies using NetSuite to achieve tax compliance in the region.
- The LatamReady SuiteApp is the ONLY tax compliance solution certified by NetSuite that works in 18+ Latin American countries.
Chart a bold new path forward by embracing modern solutions to tax compliance challenges in Latin America. Roll out the world’s #1 Cloud ERP and partner with LatamReady, the NetSuite experts in Latin America.
Contact us here: https://tinyurl.com/yb22ktch or call a LatamReady sales reps at +1-786-600-2641 today to get the ultimate tax compliance solution within NetSuite in Latin America.
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LatamReady | Get the Ultimate Tax Compliance Now!
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