LatamReady SuiteApp for NetSuite Localization Colombia

NetSuite Localization for Colombia

New updates! From now on, LatamReady, the N°1 Partner of Oracle NetSuite for Latin America, will implement NetSuite’s Localization for SuiteTax in Colombia, Mexico, and Brazil. In this blog, I will develop 3 key points about LatamReady and our LatamReady SuiteApp, built for NetSuite.

  1. Implementing NetSuite’s Localization for SuiteTax in Colombia, Mexico, and Brazil.
  2. LatamReady SuiteApp Add-Ons for customers using NetSuite’s SuiteTax Localization. Our Add-Ons complement and are compatible with SuiteTax Localization.
  3. The LatamReady App for taxes and withholding tax certificates, legal reports, e-invoicing, e-payments, and more.

Implementing NetSuite’s Localization for SuiteTax in Colombia, Mexico, and Brazil

LatamReady is the N°1 Partner of Oracle NetSuite, with 95% of five-star customer reviews. Since 2009, we have had a relevant background in helping more than 500 companies to operate and grow in Latin America using Oracle NetSuite. We now implement the NetSuite’s Localization for SuiteTax in Colombia, Mexico, and Brazil.

The LatamReady SuiteApp Add-Ons for NetSuite’s Localization

We have add-ons that complement NetSuite’s Localization such as for massive e-invoicing, currency exchange, the generation of country-specific legal reports as well as additional local banks for e-payments to vendors among other features. 

The LatamRedy SuiteApp

The LatamReady SuiteApp helps companies use NetSuite in Colombia and 18+ countries in Latin America to overcome tax compliance challenges and requirements, such as electronic invoicing process, tax calculation, legal reports, electronic payments, electronic documents, and other transaction types.

Main Features

Taxes and Withholding Taxes

The LatamReady App is always up to date with all monthly and annual tax reporting forms and tax requirements, making it easy for companies to comply with local tax reporting requirements in Colombia.

LatamTax, LatamReady’s Tax Engine developed inside of Oracle NetSuite and designed exclusively for Latin America, takes care of the complexity of local withholding taxes in sales and purchases. LatamReady also has the following features:

  • Withholding Reclassification (For Sales and Purchases)
  • Withholding Support by totals or lines (as applicable to the company)

The LatamReady SuiteApp fully supports NetSuite’s multi-booking feature and includes the following ledgers for legal reporting in Colombia:

  • Monthly Legal Ledgers
  • Exógeno DIAN
  • Exogenos Distrito Capital Bogota
  • Certificado de Retención (Monthly)

Oracle NetSuite & Electronic Invoicing with LatamReady

Experience seamless electronic invoicing in Colombia with Oracle NetSuite’s integration of the LatamReady App. This application offers a spectrum of features tailored to diverse invoicing needs:

  • One to one: Embrace the classic 2-step method consistent with NetSuite’s standards. Begin by crafting your electronic invoice and then, at your pace, generate and dispatch each one manually.
  • Massive: Ideal for large-scale operations, this feature supports the issuance of tens of thousands of electronic invoices at once.
  • Batch: Specifically designed for more moderate volumes, allowing you to process up to 200 documents in one go.
  • Ecommerce: Catering to the unique needs of Ecommerce entities, ensuring timely and accurate electronic invoicing.

The LatamReady App is not just about creating invoices. It extends its capabilities to managing E-invoices, Credit & Debit memos, Waybills, and so much more. Global businesses can now effortlessly issue pixel-perfect electronic documents, whether operating locally or internationally, all with a mere click within Oracle NetSuite. Dive into the world of simplified electronic invoicing with LatamReady Localization.

There are different ways and frequencies in which companies issue their invoices.

Electronic Payments

Via NetSuite’s Electronic Payments App, LatamReady enables companies to make massive electronic payments that follow the specific local formats required in Colombia.​

LatamReady works with the following local banks in Colombia:

  • BanColombia
  • Davivienda
  • ITAU
  • Colpatria
  • Santander
  • BBVA
  • Caja Social
  • .Av Villas
  • BCSC

Key Benefits

Tax Compliance and Efficiency

Tax compliance has never been easier with automated processes. When implemented NetSuite into your company, it not only enhances tax regulations understanding but also streamlines the close accounting process. Automation makes the task more efficient, enabling your project team to shift focus to more strategic undertakings. Netsuite users can capitalize on this solution, thanks to comprehensive workflow tracking that prompts tasks and links seamlessly to the relevant data.

Confidence in NetSuite’s Accuracy

A centralized ERP system is vital for any company looking to boost management efficiency and clarity. The benefits of anchoring crucial processes within such a system are multifold: improved security, diminished confusion, and augmented team accountability. With the expertise of a Netsuite expert, the need for additional spreadsheets is eliminated, allowing for more of the close process to remain in NetSuite. Here, the knowledge of automated and accrual features can be harnessed, promoting tax compliance and ensuring accuracy.

Comprehensive Features within NetSuite

LatamReady App, designed for different countries, perfectly embodies NetSuite’s versatility. Companies can now ensure tax compliance by executing all their necessary tasks within NetSuite, such as e-invoices and e-payments. Furthermore, the generation of monthly legal reports and other functionalities are all encapsulated in this solution. And for those using the SuiteTax version of NetSuite, the LatamReady App ensures full compatibility, further enhancing the list of available features.

Adaptable Solutions for Every Country

Every country and company demands unique accounting methods. Recognizing this, NetSuite combined with the LatamReady App offers potent customization tools. Whether it’s for a single subsidiary or consolidated accounts spanning different countries, this solution aids in streamlining processes. It is designed to be adaptable, permitting users to tweak it according to the evolving needs of their business, ensuring every Netsuite user can harness its power for any country-specific management and compliance needs.

Why LatamReady?

We are the #1 Oracle NetSuite partner in Latin America for implementation and localizations. Through the best ERP worldwide, will help you adapt to changes and grow your business. Our technical support is one of the best of the region: 95% of our reviews in NetSuite are 5-star reviews.

Why should you choose us? Find out here. You can contact us clicking here.

Schedule your call here

Published by LatamReady: Oracle NetSuite Partner

Founded in 2009, we have over a decade of experience implementing Oracle NetSuite in multiple industries and helping international corporations unlock growth with the LatamReady SuiteApp, an integrated Tax Compliance solution within Oracle NetSuite for 18+ countries in Latin America, including Brazil, Mexico, Colombia, Chile, Peru, Argentina and more!

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