Companies with subsidiaries in Latin America face a unique set of challenges: complicated tax regulations, constantly changing rules, and different formats for electronic documents, just to name a few.
These challenges can make expanding NetSuite to the Latin American region seem like an uphill battle.
However, the reality is that you don’t need to navigate this labyrinth alone. Here are several myths about expanding NetSuite to Latin America — and how companies can take control and achieve success in 18+ Latin American countries with LatamReady.
Myth #1: You Need a High-Tech Translation Device
Reality: When navigating foreign languages, cultures, and regulations, things can easily get lost in translation, leading to missed opportunities. How could ERP consultants know how to respond to potential customers in Latin America when they ask about “cinco mil facturas electronicas” or “determinação de impostos e de relatório legais no Brasil”?
While there isn’t a magical translation device, there is LatamReady, which offers multilingual customer support. Our experts provide outstanding customer care in fluent Spanish, Portuguese, and English, ensuring nothing gets lost in translation.
Myth #2: You Need to Be Everywhere at Once
Reality: Tax laws in Latin America vary from country to country and are constantly changing. SUNAT, DIAN, Fazenda — you could finally remember all those different acronyms and keep up with their latest tax requirements. Keeping up with the latest rules and regulations can seem impossible, but there is a more realistic option.
LatamReady SuiteApp, updated monthly, connects to local tax authorities in each country and tracks changes to tax regulations. This ensures that your corporation can stay compliant without multiple compliance solutions for each country you’re in.
Myth #3: You Need to Be a Mind-Reader
Reality: The top ERP sales reps may seem like they can read the minds of CEOs and CFOs, but that’s just experience.
With over 10 years of expertise and 100+ NetSuite experts, LatamReady knows the challenges corporations face in Latin America. We have developed the LatamReady SuiteApp to solve specific tax problems in 18+ Latin American countries.
At LatamReady, we don’t read minds because we don’t have to. We already know the challenges corporations face in Latin America — and we have the solution. We have developed the LatamReady SuiteApp to solve specific tax problems that are present in 18+ Latin American countries. You can see for yourself below:
- 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
Myth #4: Latin American Tax Compliance is a Moving Target
Indeed, Latin American tax compliance can feel like an endless game of catch-up. Each country has its own set of tax laws and regulations, which can change frequently and without much notice. This can create significant headaches for businesses trying to keep up with the latest requirements and ensure compliance.
LatamReady simplifies and automates these complex back-office processes with our SuiteApp. Updated monthly, our SuiteApp ensures you’re always compliant with the latest tax regulations across all Latin American countries where you operate. This allows your team to focus on strategic initiatives rather than constantly chasing after regulatory changes.
Myth #5: You Need Local Expertise Everywhere
inding local experts who understand both NetSuite and local tax laws can be tough. Each country in Latin America has unique tax requirements, and without local expertise, businesses can struggle to navigate the bureaucratic landscape.
LatamReady bridges this gap with a dedicated team that knows the ins and outs of tax compliance across Latin America. Our SuiteApp integrates these local requirements seamlessly into your NetSuite system, eliminating the need to hire local experts in each country. This streamlines operations and reduces the burden on your team.
Crush Your Competition with the LatamReady SuiteApp
If you want to dominate the market in Latin America, partner with LatamReady! Our innovative Built-for-NetSuite solution, the LatamReady SuiteApp, extends the power of NetSuite and simplifies complex back-office accounting processes.
Updated monthly to keep up with the latest changes in local tax regulations, it includes features such as:
- LatamTax — LatamReady‘s exclusive technology for supporting withholding taxes requirements in Brazil, Mexico and all of Latin America from within NetSuite.
- LatamHub — Automatically integrates legal exchange rates on a daily basis.
- LatamTools — Automation tools to eliminate 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.
- 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.
Schedule a meeting with a LatamReady sales representative today: