Harnessing the capabilities of Oracle NetSuite Cloud ERP, the LatamReady App, specifically built for Oracle NetSuite ERP, addresses tax compliance challenges for multinational companies operating in Colombia and across Latin America.
NetSuite Localization Colombia
Multinational companies operating in Latin American countries often grapple with the intricacies of withholding taxes, electronic invoicing, and numerous other tax obligations. This complex terrain becomes manageable with the LatamReady App, a solution explicitly Built-for-NetSuite and verified by NetSuite. The application is an all-encompassing tax compliance tool for more than 18 countries, among which Colombia Localization is included, offering a streamlined approach to these tax compliance challenges.
Tax Determination & Tax Information Reporting
The LatamReady App is specifically designed to adapt to the constantly evolving tax regulations, boasting features such as Tax Determination and Tax Information Reporting for Argentina. It offers thorough assistance for both monthly and annual tax forms, allowing businesses to achieve local tax reporting compliance with a high degree of accuracy and simplicity.
To improve user interaction and manage tax reports more efficiently, LatamReady incorporates an extensive set of Reports/Audit Reports/Searches/Alerts. These non-legal reports serve as a platform to scrutinize and authenticate legal reporting information before it’s dispatched or uploaded to local tax authorities, significantly minimizing the possibility of errors and ensuring adherence to local tax regulations.
Moreover, the app takes a giant leap forward in tax management by offering an automatic configuration for non-electronic documents. This extensive invoicing feature greatly streamlines the accounting procedures for businesses, tackling tax compliance challenges with increased efficiency.
Tax Rules & Tax Calculation
Tax Calculation
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)
Tax Agencies
We are integrated with the tax agencies of each country we serve; in Colombia, we work with DIAN.
Withholding Tax Certificates Formats
LatamTax produces the required format for Withholding Tax Certificates that are required by Suppliers
Local Tax ID Validation
No more local Tax IDs incorrectly registered! LatamReady includes the local validation algorithm required to verify that! See Tax Calculation Details
Other features of LatamReady App (Latin America)
Lastly, LatamReady supports electronic invoicing process (electronic invoices. XML file), electronic payments, legal books and massive bill payments.
These functionalities provide an integrated, paper-free, and effective method for handling finances within Latin American nations. The LatamReady App’s comprehensive strategy towards tax compliance positions it as an invaluable asset for multinational companies in the region, facilitating their journey through the labyrinth of Latin American tax obligations effortlessly.
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