Does your corporation have its sights set on Latin America as it looks to expand and open new subsidiaries abroad? While there is plenty of opportunity for ambitious companies in the Latin American region, CEOs and CFOs must first ensure they have the right tools when expanding from the U.S. to Brazil, Mexico, Colombia, Perú, Chile, Argentina or other nearby countries.
Choosing a powerful enterprise resource planning (ERP) software and reliable tax compliance solution is paramount. However, finding a suitable system to manage all your key business processes and grow along with your company is not always an easy task.
In this blog post, we will highlight the innovative features that lead so many of the largest multi-Latin corporations to choose Oracle NetSuite Cloud ERP in Latin America and the LatamReady SuiteApp.
How to Make Better Decisions Faster with Oracle NetSuite ERP
When expanding a business from the U.S. or Europe to Latin America, local languages, currencies and exchange rates all must be taken into account. Without an integrated ERP solution, these challenges can cause delays or errors in reporting, which can hinder decision making and make your business less agile in the marketplace.
Implementing a global management system like NetSuite will directly assist in the expansion of your business by consolidating financial reports, simplifying and streamlining key business processes and saving you and your accounting team precious time.
From the top to the bottom of an organization, across time zones, currencies and languages, Oracle NetSuite Cloud ERP enables key players to access critical information to make better business decisions faster.
Oracle NetSuite integrates all core business processes into a single, easy-to-use platform that provides visibility and control over the data needed to assess performance. The primary features of Oracle NetSuite include:
- Business intelligence
- And much more
Oracle NetSuite Offers True Financial Consolidation
International corporations expanding to Latin America can pursue two different models of financial consolidation.
One option is a regional model that allows subsidiaries to run separate systems, consolidate financial information and then send it up to the parent company. However, this model has a higher risk of reporting errors and can lead to significant productivity loss.
A better strategy to achieve true financial consolidation is to implement an integrated global ERP like Oracle NetSuite, which can consolidate both financial and operational data from headquarters all the way down to the smallest local office.
Automated processes within NetSuite help companies avoid the costly errors that can often occur when recording or manually transferring data to and from spreadsheets. When local teams do not have to synthesize account data in different formats thanks to NetSuite, month-end financial closing times can be dramatically reduced.
Increase the Visibility of Your Business with Oracle NetSuite
Optimizing and standardizing operations is essential for you to streamline all the processes required for your company. Scale your business by implementing Oracle NetSuite Cloud ERP, a system that can support and empower your company during the process of expansion and growth.
NetSuite offers businesses greater visibility and control through a single centralized system, which can be customized according to the unique interests and needs of your company. Best of all, NetSuite has the experience and the ability to grow together with your company and meet changing business needs.
NetSuite Drives International Expansion
Migrating or upgrading to a fully integrated business management package such as Oracle NetSuite Cloud ERP provides U.S. and international corporations with the foundation they need to expand in Latin America.
NetSuite supports multiple currencies and subsidiaries, so companies can open new operations across the entire Latin American region with ease. In addition, companies can fully customize their NetSuite financial modules to adjust as their company grows from a single headquarters to a larger, more complex operation with various subsidiaries in multiple Latin American countries.
The Advantages of a Built-for-NetSuite Tax Solution
Financial consolidation with Oracle NetSuite Cloud ERP sets a strong foundation for growth in Latin America, but companies still must abide by complex and constantly changing tax regulations in each country where they do business.
Many international corporations with subsidiaries in Latin America make the mistake of seeking local tax compliance solutions. While this strategy may work in the short term, relying on multiple partners and multiple solutions to achieve tax compliance is often costly, inefficient and slow.
The most successful international corporations utilize a Built-for-NetSuite tax compliance solution like the LatamReady SuiteApp for all of their operations in Latin America. Built-for-NetSuite SuiteApps are certified by and work natively inside NetSuite and adhere to NetSuite’s high-quality standards.
The innovative LatamReady SuiteApp is the only tax compliance solution certified by NetSuite that operates in 18+ Latin American countries. Our Built-for-NetSuite solution can tackle all your tax compliance problems in the biggest economies in Latin America, including Brazil, Mexico, Argentina, Colombia, Chile and many more!
- NetSuite in Brasil – 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
How to Eliminate Costly Errors with the LatamReady SuiteApp
Following the complex and constantly changing tax compliance regulations in Latin America — which are changing more now than ever — can be extremely time-consuming and a strain on valuable resources. However, not paying attention to the details can result in costly non-compliance errors that businesses cannot afford during these difficult times.
The smartest CEOs utilize the latest tools to overcome these accounting challenges and achieve full tax compliance across their Latin American operations.
The newest version of the LatamReady SuiteApp includes LatamTools, a suite of innovative features that eliminate accounting and tax compliance errors:
- 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, the LatamReady SuiteApp also includes a range of features that simplify and automate complex back-office accounting processes, such as:
- LatamTax — LatamReady‘s exclusive technology for supporting withholding taxes requirements in Brasil, Mexico and all of Latin America from within NetSuite.
- LatamHub — Automatically integrates legal exchange rates on a daily basis.
- Legal Ledgers Feature — Expands NetSuite capabilities to support legal ledgers in Brazil for services and inventory items
- E-Payments Feature — Expands NetSuite’s E-Payments feature to work with over 50 local banks in Latin America.
- Inventory Items Tax Calculation — LatamReady has partnered with Brazilian tax intelligence company Systax, a leading local tax engine calculator that automatically updates sales tax rates into NetSuite transactions.
NetSuite in Latin America: Full Implementation Now Available
Implementing a new global ERP is a critical business decision, so you want to do it with experts who know how to adapt the system to reflect your industry and your unique business needs. For corporations expanding into Latin America, LatamReady are clear leaders in NetSuite implementation and the tax compliance space.
Since its founding in 2009, LatamReady has grown to become the largest and most experienced NetSuite team in Latin America. Today, our company has more than 100 employees and have worked with more than 150 international companies.
The traditional way of training for new NetSuite users is being transformed by cloud-based technology. Companies no longer need to hire consultants to travel to different countries to oversee NetSuite training at each subsidiary. Instead, more and more companies are applying their training online.
LatamReady is perfectly equipped to provide companies with the support and training services that NetSuite users need. All LatamReady customers have access to LatamDojo, which is our exclusive E-learning platform. LatamDojo contains essential NetSuite online training courses in Portuguese, Spanish and English.
NetSuite Resources from LatamReady
As the number one partner of NetSuite in Latin America, we have developed an impressive network of NetSuite resources, including webinars, demos and more. In addition to LatamDojo, some of our most popular NetSuite platforms and features include:
- NetSuite demos – Detailed demos from our experts provide a step-by-step guide on how to harness the power of NetSuite.
- LatamReady Blog: contains the latest news and tips about NetSuite in Latin America. It is updated frequently, so check back frequently.
- LatamReady on YouTube: Subscribe to never miss a new video about Oracle NetSuite in the Latin American region. Watch from anywhere, even on your phone!
- LatamReady on LinkedIn: connect with us on LinkedIn to stay updated on the latest developments and special offers.
Are you ready to achieve rapid growth and scale revenue in Brazil, Mexico, Colombia, Chile, Argentina, Peru, Costa Rica, Panama and Ecuador? Oracle NetSuite Cloud ERP is the management technology that growing corporations need to unlock their full potential.
Schedule a meeting with a LatamReady sales representative today!