Your Playbook for Thriving in Brazil, Mexico & 18+ Latin American Countries in 2024
In 2024, the Latin American economy is poised for significant growth and transformation. International companies using NetSuite in Brazil, Mexico, and across Latin America need a robust strategy to navigate this dynamic landscape. This playbook from LatamReady is your ultimate guide to unlocking success in the region.
Companies that take decisive action and utilize the best tools will outpace the competition in the coming months and years. With that in mind, our experts at LatamReady have prepared the following playbook to aid CEOs of international companies using NetSuite in unlocking success in Latin America.
Keep reading to learn the 8 actions international companies using NetSuite and arriving to Latin America need to take right now.
#1: Perform a Business Model Assessment on Your Latin American Operations
The economic landscape has shifted dramatically. Before expanding in Latin America, international companies using NetSuite should take a comprehensive analysis to understand what aspects of their business have thrived and which have struggled.
- Identify Resilient Elements: Determine which parts of your business have withstood economic shifts.
- Analyze Impact: Assess how various Latin American countries have been affected.
- Explore Incentives: Research local government incentives and tax reductions.
Answering these and similar questions requires diligent research and tracking and measuring key performance indicators (KPIs). Thankfully, this is easy to do using NetSuite’s intuitive digital interface.
By instituting weekly KPI analysis, business leaders can more easily identify best-performing sectors and where customers are still engaged — and shift more resources toward these thriving areas of their business and away from underperforming sectors.
#2: Conduct Financial Health Check for Each LatAm Subsidiary
Business leaders who have their eyes on expansion in Latin America must first ensure they have sufficient cash flow to achieve their goals in the region without overextending themselves.
When conducting a financial health check, businesses should run multiple scenarios, such as:
- Current revenue shortfall stays constant through the year
- Current revenue shortfall persists into the first half of 2024
- Current revenue shortfall worsens through the end of the year
By hoping for the best and planning for the worst, businesses can position themselves to weather the current financial storm while remaining in a strong position to take advantage of a possible upswing in the market in the second half of the year.
#3: Get a Ready-to-Use Built-for-NetSuite Tax Solution
Many international corporations with subsidiaries in Latin America make the mistake of seeking local tax compliance solutions in each territory where they conduct business. 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.
In the midst of the current financial crisis, international corporations using NetSuite and expanding into Latin America should seek a single, comprehensive tax compliance solution that complements their existing ERP system.
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! Don’t believe us? Take a look for yourself:
- 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
#4: Eliminate Costly Errors with the Latest Tools
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.
The LatamReady SuiteApp’s new and updated tax compliance tools have been developed specifically to help international corporations running NetSuite with subsidiaries in Latin America.
#5: E-Invoicing in Latin America is Now More Important than Ever: Digitalization Is Here to Stay
E-invoicing is largely mandatory across Latin America, so it is critical for international corporations doing business in the region to master E-invoicing rules and regulations.
However, that is easier said than done! Even in Brazil, which implemented an E-invoicing system over 10 years ago, many companies still struggle to keep up with the country’s complex E-invoicing requirements.
That is why more and more big international corporations using NetSuite are turning to the LatamReady SuiteApp to produce and send E-Invoices in Latin America. With just a few clicks, the LatamReady SuiteApp generates pixel-perfect E-invoices from within NetSuite for Brazil and many other Latin American countries.
Businesses can choose from 3 separate versions depending on their unique needs:
- 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
#6: Perform Health & Safety Review that Considers New Regulations from Local LatAm Governments
As we move further into 2024, health and safety in the workplace remain a top priority. While the pandemic may no longer dominate headlines, its impact has led to lasting changes in how businesses operate. Companies using NetSuite must stay vigilant and adapt to evolving regulations and standards to ensure the well-being of their employees and customers.
- Updated Safety Protocols: Regularly review and update safety protocols to align with the latest health guidelines and industry standards. This includes ensuring proper ventilation, maintaining cleanliness, and providing necessary health resources.
- Flexible Work Arrangements: Embrace flexible work policies that accommodate remote and hybrid work models. This not only supports employee well-being but also enhances productivity and job satisfaction.
- Workplace Design: Redesign workspaces to promote a healthy and comfortable environment. Consider ergonomic furniture, open spaces, and collaborative areas that encourage safe and effective teamwork.
- Health Resources: Provide employees with access to health and wellness programs, including mental health support, fitness initiatives, and resources for maintaining a healthy work-life balance.
In addition, leveraging modern technology will be more important than ever in the coming years. New business models designed to protect the health of customers, suppliers and workers will likely rely on cloud technology. Moving worker training and business meetings to the cloud can cut back on unnecessary physical interaction and reduce the likelihood of disease transmission.
#7: Move NetSuite Training to the Cloud
As noted above, the pandemic had shone a spotlight on the importance of remote education and training. Companies can no longer hire consultants to fly to different countries to oversee NetSuite training onsite or even to commute within big LatAm cities like Sao Paulo, Mexico City, Bogota or Lima.
Fortunately, LatamReady is uniquely equipped to provide international companies arriving to Latin America with the support services and training their local NetSuite users need.
Every LatamReady client is provided 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.
As a cloud-based E-learning platform, employees can access LatamDojo anywhere they have an internet connection, including from their homes, and learn to master NetSuite in their native language.
#8: Partner with the NetSuite Experts: Local Expertise and Local Support
Why try to go it alone or contract with multiple local NetSuite solution providers when you can have ONE single point of contact for all your operations in Latin America? During these uncertain times, you want to work with the experts.
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:
- With over 10 years of experience, 100+ NetSuite experts, and 150+ projects successfully completed, LatamReady is the biggest and most experienced team of experts for NetSuite in Brasil, Mexico and the entire Latin American region.
- LatamReady provides a single point of contact and project support in English, Spanish and Portuguese.
- LatamReady goes above and beyond the standard release schedule for certified SuiteApps by incorporating a new set of legal updates each month — resulting in 12 new SuiteApp releases each year.
- The LatamReady SuiteApp is the ONLY SuiteApp certified by NetSuite that works in 18+ Latin American countries.
Summary
Every international corporation using NetSuite and arriving to Latin America is evaluating its plans and strategies of how to achieve success in the region. As the global market begins to reopen, having a checklist of action items can help guide CEOs on the path toward success.
In summary, here are the 8 actions international companies using NetSuite in Latin America need to take right now:
- Perform a Business Model Assessment on Your Latin American Operations
- Conduct Financial Health Check for Each LatAm Subsidiary
- Get a Ready-to-Use Built-for-NetSuite Tax Solution
- Eliminate Costly Errors with the Latest Tools
- E-Invoicing in Latin America is Now More Important than Ever: Digitalization Is Here to Stay
- Perform Health & Safety Review that Considers New Regulations from Local LatAm Governments
- Move NetSuite Training to the Cloud
- Partner with the NetSuite Experts: Local Expertise and Local Support
Don’t get left behind by the competition! Contact LatamReady here:
Bonus: NetSuite Resources from LatamReady
As the leaders of tax compliance with NetSuite in Latin America, LatamReady has developed a robust network of NetSuite resources for international corporations arriving to the Latin American region.
Some of the most popular LatamReady platforms include:
- NetSuite in Latin America Demos: Detailed demos provide step-by-step guidance regarding mandatory taxation fields within NetSuite for Latin American subsidiaries.
- LatamReady YouTube Channel: Hit subscribe so you never miss a new video about taxes and Oracle NetSuite in Latin America. Watch from anywhere, even on your phone!
- LatamReady on LinkedIn: Connect on LinkedIn to stay up to date with the latest developments and special offers.