If a NetSuite-using company is present or looking to expand into the Latin America market, it may have noticed that this is a difficult region to operate in: it has 18+ countries with different currencies and conversion rates for each one of them. Luckily, NetSuite has a feature that will translate each of these problems and provide you with accurate solutions.
But… What is this? How will it help me to solve these problems? What is it for? It’s called Mulbooking and with it you can achieve full tax compliance in all countries of Latin America.
Find out everything you need to know about Multibooking in this blog.
What is Multibooking?
Multibooking is a NetSuite feature that works with the LatamReady SuiteApp, helping companies around the world to achieve full tax compliance in Latin America.
With it, it’s possible to keep in parallel more than one fiscal or accounting book for the same company or subsidiary in a country through Oracle NetSuite Cloud ERP. In this way, you can have as many accounting books as you want avoiding double accounting.
Also, this functionality is able to configure the currency of your books according to the needs of companies and users.
For example, we receive a customer based in the United States with an American chart of accounts who wants to expand to Mexico. In this scenario the best option will be to separate everything in two different books. Each one of them in different currencies, with different accounting rules. It gives the CFOs, CEOs from the headquarters a full visibility of what’s going on in the subsidiaries.
How would it benefit me?
By working each ledger independently by country, you will be working with the basic local currency of the country, without consolidation or direct conversions of the other currencies in your different country locations. This represents a problem since management will not have full visibility of what is happening in each subsidiary.
So yes! Having multibooking is life-changing and its effectiveness can be complemented with the features of the LatamReady SuiteApp: a native SuiteApp “Built-for-NetSuite” solution that extends the power of the ERP to achieve full tax compliance for all Latin American countries.
So, now we know that…
- Multibooking is a solution that will help you comply with the legal fiscal and accounting requirements of Latin American countries.
- With it you will be able to have as many accounting books as you want for a company or subsidiary.
- These ledgers will be customized according to the company’s needs in terms of types, currency and conversion rates.
- Multibooking will optimize productivity, time and reliability in your company’s subsidiaries.
- The LatamReady SuiteApp is a SuiteApp built for NetSuite that facilitates full tax compliance for more than 18 countries in Latin America thanks to its 5 features.
How does the LatamReady SuiteApp 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 with the LatamReady SuiteApp 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 the LatamReady SuiteApp.