Utilizing the power of the LatamReady App Localization, built for Oracle NetSuite ERP, companies tackle the complexities of tax compliance for multinational corporations functioning in Chile and throughout Latin America.
NetSuite Localization Chile
Multinational corporations’ tax compliance challenges when conducting business in Latin American nations are multifaceted, involving aspects like withholding taxes, electronic billing, and a plethora of additional tax obligations. Addressing these issues becomes feasible with the aid of the LatamReady App, a tool constructed explicitly for NetSuite and officially approved by NetSuite. Notably, the LatamReady App is a robust solution for tax compliance in over 18 countries, encompassing Chile Localization, offering a practical approach to overcome these tax compliance obstacles.
Taxes and Withholding Taxes
Tackling taxes and withholding taxes in Chile and Latin America introduces two main obstacles. The first one pertains to the notable differences in tax computations between Latin America and the United States. The second challenge arises from frequent changes in tax regulations, which amplify the complexity of ensuring compliance with Chile’s tax obligations and accounting norms.
At LatamReady, we offer the LatamReady SuiteApp solution (verified by NetSuite), which is now fully integrated with the SuiteTax feature, catering to virtually every Latin American country, as previously mentioned. This solution, appropriately dubbed LatamTax, capitalizes on NetSuite’s ability to handle various withholding tax combinations (by product, by amount, by type of supplier), a critical component of Chile localization.
Moreover, as part of the NetSuite implementation process, we have forged alliances with leaders in tax determination, such as Systax (a Vertex Company) in Brazil. This relationship guarantees precise tax determination for inventory items. We have also established connections with numerous tax agencies to further support the automated recording of Tax Rates. This arrangement ensures comprehensive and current adherence to Chile’s shifting tax requirements and accounting regulations across Latin American countries.
Recognizing that the generation and distribution of invoices can vary greatly among businesses, we know the different methods and frequencies at which companies issue their billing documents. These could include:
- Invoicing in batches on a weekly or monthly schedule.
- Generating a few or a significant number of invoices each month.
- Producing tens of thousands of invoices in a single day per month.
- Creating invoices on a one-to-one basis.
Following creation, these invoices are then sent out to numerous customers. The integration of NetSuite with the client’s sales platform makes the task of sending electronic invoices within NetSuite effortless.
With its intrinsic SuiteApp, LatamReady, NetSuite becomes crucial at this point. Designed to adapt to diverse patterns of electronic invoice issuance to cater to different types of businesses and countries in Latin America (LatAm), this system provides thorough support. The models supported by the LatamReady SuiteApp include:
ONE BY ONE
This two-step approach conforms to the NetSuite standard of issuing electronic invoices. The first step involves creating the invoice, followed by manual generation and individual dispatch.
This two-step method is consistent with the NetSuite standard for bulk issuance of electronic invoices. This approach allows grouping up to 200 documents per batch.
This enables all invoices to be generated in a single action carried out by an end user. It allows the processing of an unlimited number of documents.
An electronic invoice is automatically created (one by one) and triggered by the customer’s ERP software.
To achieve this, LatamReady partners with major entities in the electronic invoicing sector, which act as the outsourced local billing ‘engine’. The major advantage for our clients is that this entire procedure is managed within NetSuite. LatamReady supports the solution, including the locally outsourced partner, as part of their Chile localization strategy.
The LatamReady SuiteApp enables the creation of legal reports for almost all LatAm countries within the Oracle NetSuite platform. It leverages a unified source of data to produce local legal reports, tax reports, and global reports for the Corporate Chart of Accounts in US Dollars.
As a business grows, the task of managing varied payments such as supplier payments, wages, reimbursements, sales commissions, and employee expenses can become notably complex. This is where NetSuite’s Electronic Bank Payments (EBP) feature, a globally-reaching payment management solution, becomes crucial. It eases the process of making electronic payments and oversees electronic documents related to these transactions.
With the backing of LatamReady, which has partnerships with over 40 banks throughout Latin America, the NetSuite EBP functionality enables businesses to effectively manage large-scale bill payments. It also eliminates the paperwork and costs related to processing electronic payments and corresponding electronic documents, rendering it a convenient and efficient solution for handling large-scale electronic bank payments.
We are Latin America’s #1 Oracle NetSuite partner for implementation and localizations. The best ERP worldwide will help you adapt to changes and grow your business. Our technical support is one of the best in the region: 95% of our reviews in NetSuite are 5-star reviews.
Schedule your call here