Utilizing the power of the LatamReady App, built for Oracle NetSuite ERP, companies tackle the complexities of tax compliance for multinational corporations functioning in Mexico and throughout Latin America.
NetSuite Localization Mexico
The LatamReady Localization App supports Legacy and is compatible with the SuiteTax version of NetSuite and the Oracle Localization SuiteApp.
Multinational companies operating in Latin American countries often grapple with the intricacies of withholding taxes, electronic invoicing, and numerous other tax obligations. This challenging landscape becomes navigable with the LatamReady App, a solution purposefully designed for NetSuite and endorsed by NetSuite itself. The LatamReady App is a comprehensive tax compliance solution for over 18 countries, including Mexico Localization, providing a simplified strategy for these tax compliance hurdles.
Taxes and Withholding Taxes
Addressing taxes and withholding taxes in Mexico and Latin America presents two primary challenges. Firstly, tax computations in Latin America diverge significantly from those in the United States. Secondly, tax regulations undergo frequent modifications, adding to the complexity of Mexico compliance with tax requirements and accounting rules.
To surmount these hurdles, NetSuite offers the opportunity to utilize the LatamReady SuiteApp, now fully synchronized with SuiteTax for virtually every Latin American country, as we previously discussed. This solution, aptly named LatamTax, leverages the capability of NetSuite to accommodate an array of withholding tax combinations (by product, by amount, by type of supplier) – an integral aspect of Mexico localization.
Furthermore, as part of implementing NetSuite, we have established connections with leaders in tax determination, such as Systax (a Vertex Company) in Brazil. This connection ensures accurate tax determination for inventory items. Additionally, for the automated recording of Tax Rates, we have established links with various tax agencies. This set-up allows for comprehensive and up-to-date compliance with evolving tax requirements and accounting rules in Mexico and other Latin American countries.
E-invoicing
Understanding that the production and distribution of invoices can differ significantly among businesses, we recognize the diverse methods and intervals at which organizations issue their billing documents. These can take the form of:
- Batching invoices on a weekly or monthly basis.
- Generating a small or substantial number of invoices monthly.
- Producing tens of thousands of invoices in a single day each month.
- Issuing invoices on a one-to-one basis.
Subsequently, these invoices are dispatched to scores of customers. By linking NetSuite to the client’s sales platform, the process of sending electronic invoices within NetSuite becomes seamless.
NetSuite, equipped with its integral SuiteApp, LatamReady, becomes pivotal at this juncture. Designed to accommodate varying electronic invoice issuance patterns suited to different business types and countries within Latin America (LatAm), this system offers comprehensive support. The versions that the LatamReady SuiteApp supports include:
- ONE BY ONE: A bi-step method that adheres to the NetSuite standard of issuing electronic invoices. The initial step is creation, followed by manual generation and dispatch of each invoice individually.
- BATCH: A bi-step method in accordance with the NetSuite standard for batch issuance of electronic invoices. This method can group up to 200 documents per batch.
- MASS: This offers the opportunity to generate all invoices in a singular action, performed by an end user. This action allows the processing of an unlimited group of documents.
- TRIGGERED: An electronic invoice is automatically created (one by one) activated from the customer’s ERP software.
To facilitate this, LatamReady collaborates with dominant players in the field of electronic invoicing, which serve as the outsourced local billing ‘engine’. The high point for our clients is that this entire procedure is managed within NetSuite. As part of their Mexico localization strategy, LatamReady bears the responsibility of backing the solution, inclusive of the locally outsourced partner.
Legal Reports
You can use the LatamReady SuiteApp to generate the legal reports for nearly all LatAm countries within Oracle NetSuite. Using a single source of information, it generates local legal reports, tax reporting, and global reporting for the Corporate Chart of Accounts in US Dollars.
E-payments
As a company expands, handling various payments such as those made to suppliers, wages, refunds, sales commissions, and employee expenses can become notably challenging. This is where NetSuite’s Electronic Bank Payments (EBP), a payment management solution with global reach, comes into play. It facilitates not just electronic payments but also manages electronic documents associated with these transactions.
With the support of LatamReady, which collaborates with over 40 banks throughout Latin America, the NetSuite EBP feature empowers companies to efficiently administer large-scale bill payments. Additionally, it eradicates the paperwork and costs tied to processing electronic payments and associated electronic documents, making it a convenient and effective solution for managing electronic bank payments on a large scale.
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.
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