Are you using NetSuite in Latin America? Do you know that for each specific tax requirement you need a different E-invoice? How tricky! Well, within NetSuite this process can become a lot simpler by using one (only one) Native solution.
What is the “E-invoicing”?
Electronic invoicing, also known as “electronic documents”, is a legal requirement necessary to make documents on any commercial transaction. This is generated by an electronic communication system that guarantees its legal validity and integrity.
The electronic invoice, issued in a special format called XML, must be made for each transaction made.
The generation and issuance of these documents vary in ways and frequencies according to each company. Some of the most common are:
- Invoices in weekly or monthly batches.
- Few or high volumes of invoices per month.
- Tens of thousands of invoices in 1 day a month
- Invoices 1 to 1
Those are sent to tens of thousands of customers.
In addition, some of the benefits that E-invoicing provides are:
How does e-invoicing work in Latin America?
The generation of e-invoices is becoming mandatory in every Latin American country and it must follow a specific format according to each of them.
Hundreds of e-invoices are created per day and all of them need to guarantee its legal validity and integrity with the local tax authority in order to be ready for the customer. So, yes! This authority is in full control of every transaction that’s being made in a company and has the power to slow down the flow of the business’ operations.
If a NetSuite-using company issues electronic invoices in Latin America, there are two options they can go for:
But, which of these would be the best option? While the first one could solve the issue, it could get unsustainable in time because of the high costs of money and energy spent. The second one, though, is a much more efficient and sustainable way to cover those operations since it works within the ERP system you already work with. Does LatamReady SuiteApp ring any bells?
How will LatamReady + NetSuite help you with e-invoicing?
For more than 13 years LatamReady has been the native NetSuite solution for any tax compliance challenge in Latin America, saving millions of dollars and hours of the corporations’ valuable time.
How? Through the LatamReady SuiteApp. And for the specific issue of e-invoicing, this SuiteApp has the ideal solution with its feature of Electronic Invoicing.
Through this feature, the LatamReady SuiteApp is capable of producing massive quantities of E-invoices per month in a matter of seconds within Oracle NetSuite ERP. Also, the LatamReady SuiteApp is able to support different versions of electronic invoices issuance, developed for different types of business and countries in LatAm.
That means that the company has one single point of contact instead of dealing with manually intensive spreadsheets! This helps the NetSuite-using companies to increase their productivity, visibility and control over its Latin American subsidiaries.
So, now we know that…
- Electronic invoicing is a legal requirement to make documents on any commercial transaction that guarantees its legal validity and integrity.
- E-invoicing is becoming mandatory in every Latin American country. For each one of them there is a specific format to follow and a local tax authority to guarantee its legal validity and integrity.
- The best option for NetSuite-using companies to deal with this challenge is to work with a integration feature within its own Oracle NetSuite ERP. For example, LatamReady solution.
- LatamReady is a Built-for-NetSuite service that extends the power of NetSuite by facilitating full tax compliance for more than 18 countries in Latin America.
- The feature Electronic Invoicing of this solution is capable of producing massive quantities of e-invoices per month and supports different versions of electronic invoices issuance, developed for different types of business and countries in LatAm. All within Oracle NetSuite Cloud ERP.
How does LatamReady power up Oracle NetSuite?
We are the #1 Oracle NetSuite partner in Latin America that, through the best ERP worldwide, will help you adapt to changes and grow your business.
Why should you choose us? Find out here.
Become a NetSuite expert in the LatamReady solution in our LatamDojo!
We want YOU to become the expert! That’s why we have a surprise: an e-learning platform (for our customers only) known as LatamDojo.
But… What is LatamDojo? What does it offer? Why should I use it? Here are the answers!
Chart a bold new path by adopting modern solutions for tax compliance challenges in Latin America with LatamReady.