For many NetSuite-using companies, tax compliance in Latin America can be a real headache due to the complexity of, not only, local laws, but also all the legal ledgers that must be submitted. Luckily, NetSuite has a native solution that can help companies with this issue.
Want to know more about it?
Legal reports in Latin America?
One of the main challenges for companies seeking to enter Latin America is the large number of documents required for the audit. Also, it is important to know every detail of their presentation because, if mistakes are made, the companies will carry the risk of paying heavy fines and penalties…
Some points to take into account for the development of the legal reports in Latin America are the:
That carries a lot of stress for businessmen making their work much more complicated!
When looking for solutions, companies often implement local softwares to resolve the local needs of the country where they are located but the problem with this is that the company will carry out its activities without having full visibility or control over everything that happens.
So… what to do?
Legal ledgers: Legal reporting within NetSuite
To overcome this challenge, LatamReady has developed one special feature in its App (the LatamReady App) called Legal Ledgers.
Legal ledgers are books in which all the legal reporting of the company takes place. It saves the information of all transactions registered by the enterprise and has a record of the movements of each of the company’s accounts separately.
The feature Legal Ledgers in the LatamReady App generate accurate legal reports for auditing in any country of LatAm in one click, all within NetSuite. How? The platform will give all the formats and structure of the documents that companies need.
Also, it is able to generate local legal reports and global reporting for the Corporate Chart of Accounts in US Dollars using a single source of information: the Oracle NetSuite Cloud ERP.
So whether the company is filing with national officials or the board of directors, the reports are accurate and complete.
Incredible, right?
Conclusions
So, now we know that…
- Legal reporting in Latin America could be challenging because of all the parameters, regulations, deadlines and company information required by the tax authorities of each country.
- Making mistakes in its development will carry the risk of paying heavy fines and penalties for companies.
- NetSuite-using companies don’t have to worry about this cause they count on the best solution: the LatamReady App.
- With its feature Legal Ledgers, the LatamReady App is capable of generating accurate legal reports for auditing in any country of LatAm and to generate local legal reports and global reporting for the Corporate Chart of Accounts in US Dollars. All of this using a single source of information: the Oracle NetSuite Cloud ERP.
How does LatamReady power up Oracle NetSuite?
Do you already trust the power that Oracle NetSuite Cloud ERP brings to your company? Then you would love to extend its power by unlocking any Latin American country with the LatamReady App.
Why LatamReady?
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.