The classic Halloween character of Frankenstein was patched together from multiple cadavers in an evil scientist’s laboratory. A leftover arm here, a different dead person’s leg there, a couple of screws at the neck to hold the head in place… pretty terrifying, right?!
Do you know what else is scary? Trying to expand an international corporation in Latin America using only local partners and multiple software add-ons. Talk about a nightmare!
Fortunately, there is a better way for multi-Latin corporations to achieve full tax compliance while making informed strategic decisions that grow their business. Keep reading to learn more!
What is a Frankenstein Accounting System?
Many international companies that expand into Latin American work with local partners and a patchwork of different software add-ons to achieve tax compliance.
While this may work initially, as the company continues to grow and move into new markets in the region, they eventually are forced to juggle numerous local accounting practices and formats.
This, in industry-speak, is called a Frankenstein system.
Trying to grow a business using a Frankenstein system requires hours upon hours of manual inputs and limits the visibility and control a headquarters can exercise over their subsidiaries.
Do you want to know a better way?
The Benefits of a Consolidated ERP System
A cloud-based enterprise resource planning (ERP) system enables growing international corporations to consolidate their various back-office accounting processes under a single umbrella. Leading companies that implement an ERP such as Oracle NetSuite benefit from:
- Greater productivity
- Future financial savings
- Enhanced visibility and control
Having access to a platform like NetSuite allows businesses to make strategic decisions based on hard financial data as opposed to operating on gut decisions alone.
What’s the Premier Tax Compliance Solution in LatAm?
If you are a leading global corporation with plans to open or expand operations in Latin America, the LatamReady SuiteApp is the solution you need to streamline complex back-office accounting process for all your subsidiaries in the region.
Our Built-for-NetSuite SuiteApp extends the power of Oracle NetSuite to support legal ledgers, local withholding tax calculation, E-payments, E-invoicing and more in 18+ Latin American countries, all on a single, intuitive platform.
Growing an international business requires having a solid foundation. Partner with the expert team at LatamReady to position your multi-Latin corporation for success. Visit www.LatamReady.com or call one of our sales reps at +1-786-600-2641 today.
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