With the LatamReady Localization App, a tool built for Oracle NetSuite Cloud ERP and verified by NetSuite, American businesses operating in Peru and Latin America can overcome tax compliance challenges.
The LatamReady Localization App for Peru supports Legacy and is compatible with the SuiteTax version of NetSuite and the Oracle Localization SuiteApp.
4 main advantages of the LatamReady App for your closing process
The LatamReady App has 4 features to simplify and automate close financial processes in 18+ Latin American countries: it supports taxes and withholding taxes, e-invoicing, e-payments, and legal ledgers.
Simplify Your Closing Procedures
Save time and streamline your close accounting procedures by integrating automation. This powerful solution enhances efficiency and frees up valuable time by eliminating the tedious tasks associated with the closing process. Team members can focus on more strategic endeavors while comprehensive workflow tracking prompts and connects tasks seamlessly to relevant data in your Netsuite account.
Boost Accuracy and Confidence with Centralization
Ensure accuracy and instill confidence by centralizing crucial processes within your ERP system. The LatamReady App consolidates critical tasks, improving security, reducing confusion, and increasing team accountability. With automated features and accruals, the need for additional spreadsheets is eliminated, keeping the close process primarily within the realm of NetSuite.
A Comprehensive Solution for Compliance
Handle all compliance-related activities within Netsuite using the LatamReady App. From e-invoice and e-payment transmissions to generating monthly legal reports, this solution has you covered. Notably, the LatamReady App seamlessly integrates with the SuiteTax version of Netsuite, ensuring comprehensive compatibility.
Tailored Tools for Country-specific Requirements
Recognizing the diverse accounting requirements of different countries and organizations, the LatamReady App offers robust customization tools. These tools empower you to streamline the closing process for subsidiaries, accounts, and segments, whether individually or on a consolidated basis, to meet specific needs. Netsuite’s NetClose is highly adaptable, allowing for customization that aligns with the ever-evolving demands of your business.
The LatamReady App for NetSuite Localization Peru automates core business processes.
Operating in Latin American countries presents multinational corporations with a complex tax compliance landscape. But companies that implemented NetSuite can cope with these challenges using the LatamReady App for NetSuite ERP.
This comprehensive solution encompasses tax compliance in more than 18 countries, including Peru Localization. By leveraging the LatamReady App, organizations can effectively tackle these tax compliance hurdles and streamline their electronic invoicing processes.
Taxes and Withholding Taxes
As organizations expand their operations globally, they encounter significant challenges in handling tax calculations, tax regulations and ensuring compliance with local tax reporting requirements. These challenges arise from variations in tax computations compared to the United States and the frequent changes in tax laws within the region.
To tackle these complexities, LatamReady offers the LatamReady SuiteApp solution, a verified and fully integrated SuiteTax feature specifically designed to cater to multiple countries in Latin America. This comprehensive solution, known as LatamTax, maximizes NetSuite’s capabilities to address diverse withholding tax scenarios based on factors such as product, amount, or supplier type, which is crucial for Peru localization.
To further enhance tax compliance, LatamReady has formed strategic partnerships, including one with Systax (a Vertex Company) in Peru, a leading provider of tax determination services. This collaboration ensures accurate tax determination for inventory items, facilitating precise calculations. Additionally, LatamReady maintains strong connections with various tax agencies, enabling automated recording of tax rates. This proactive approach ensures businesses stay up-to-date with Peru and other Latin American countries’ ever-evolving tax requirements and accounting regulations during the NetSuite implementation process.
By leveraging the LatamReady SuiteApp solution, companies can effectively manage the complexities of taxes, streamline their operational and financial data, and navigate local business processes in Peru and Latin America with greater ease and compliance. This comprehensive approach empowers organizations to expand their global operations while efficiently handling tax management and regulatory compliance intricacies.
Electronic invoicing
In the realm of financial management, we understand that businesses have diverse approaches to generating and distributing electronic invoices. This can involve different methods, frequencies, and volumes of invoice issuance. To address these variations, the integration of NetSuite with client sales platforms simplifies the process of sending electronic invoices seamlessly within the NetSuite environment.
This is where LatamReady’s SuiteApp becomes indispensable. Designed to adapt to different business types and countries in Latin America (LatAm), SuiteApp offers comprehensive support for electronic invoice issuance. It encompasses various models to accommodate different patterns:
- ONE BY ONE
- BATCH
- MASS.
- TRIGGERED.
To ensure a seamless experience, LatamReady collaborates with leading entities in the electronic invoicing sector, serving as the outsourced local billing engine. The significant advantage for our clients is that the entire process is managed within the NetSuite environment. LatamReady supports this solution, including the locally outsourced partner, as part of our Peru localization strategy.
By leveraging the integrated capabilities of NetSuite and the LatamReady SuiteApp, businesses can navigate the complexities of electronic invoice issuance, streamline their financial management processes, and adhere to Peru’s localization requirements seamlessly within their existing NetSuite infrastructure.
Generating Legal Reports
Within the Oracle NetSuite platform, the LatamReady SuiteApp offers the ability to create legal reports for nearly all countries in Latin America. Utilizing a centralized data source, this solution produces local legal, tax, and global reports aligned with the Corporate Chart of Accounts in US Dollars.
Efficient E-Payments Management
As businesses expand, managing various types of payments, including supplier payments, wages, reimbursements, sales commissions, and employee expenses, can become increasingly complex. To address this challenge, NetSuite’s Electronic Bank Payments (EBP) feature has become a crucial tool for global payment management. It simplifies the electronic payments process and ensures efficient handling of associated electronic documents.
In collaboration with over 40 banks across Latin America, LatamReady enhances the capabilities of NetSuite’s EBP functionality. This strategic partnership empowers businesses to manage large-scale bill payments effectively, simplifying paperwork and reducing costs associated with processing electronic payments and related documents. With this integrated approach, organizations can effortlessly comply with local regulations and streamline their core financial processes.
Why LatamReady?
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.
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