Hey workmate! You probably heard of multi-booking before but, do you know how to deal with it and make your subsidiaries successful in the long term? Do you want to know what we recommend to our international clients who are expanding to Latin American countries?
Learn all about the tricks you must know to improve your ERP Cloud-based NetSuite with the super-powerful LatamReady SuiteApp. Read below to know more now!
A piece of advice about primary and secondary books
First of all, we recommend you to send all your primary accounting books to your ERP using the local corporate chart of accounts for all countries you operate and then, your secondary accounting book using the local or legal chart of accounts in the base currency of the country. With this process, you can have corporate consolidation using only one base for the primary accounting book, and the local chart of accounts also for the secondary book with the base currency. You’ll be combining local requirements with corporate requirements without knowing!.
The visibility of the corporation is very important. However, another scenario will be a whole new NetSuite implementation with an excellent SuiteApp perfectly useful for all Latin America and for global corporations arriving in the region.
From single books to Multi-Booking
If you don’t have multi-booking, you should implement the basic currency of the country. Besides the different legal charts of accounts, there are different currencies for every country such as Brazilian Reales, Peruvian soles, Mexican pesos, and American dollars. You can do the financial consolidation using the consolidate change rate, but you would lose a lot of time because of the amount of work it generates.
Having multi-booking is the best option to optimize your productivity, time and reliability. Switching to multi-booking is totally possible and easier than you think. International companies are now operating their subsidiaries in new countries in a much more efficient way than ever because of LatamReady.
LatamReady SuiteApp is an unbreakable shield
As you may know, the LatamReady SuiteApp is an excellent Tax Compliance solution in the Latin American region within Oracle NetSuite. We’re the perfect solution for all the tax compliance issues your subsidiaries in Latin America may face, solving problems about tax calculation, tax determination, and tax rules.
LatamReady works non-stop every day to provide the best tool with the ultimate solution to all international corporations experiencing tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues that can be dealt via LatamReady, all within NetSuite!
Be aware of the changes that are happening regarding tax compliance not only in Brazil, but Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space.
Please check www.latamready.com or feel free to call us at +1-786-600-2641 to avoid any other problems!
LEARN MORE!|Charts of Accounts EXPLAINED!
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