Latin America is a region with multiple ways to approach Localizations. However, the best is the Oracle NetSuite SuiteTax standard Localization implemented by LatamReady, the #1 Partner in Latin America.
Since 2009, we have been helping companies to grow and optimize their businesses using Oracle NetSuite Localizations. We implement the NetSuite SuiteTax standard Localization for Brazil, Mexico, and Colombia. Also, we complement and extend the power of the standard Localization with our LatamReady SuiteApp, native for NetSuite, which has features for massive e-invoicing, currency exchange, the generation of country-specific legal reports as well as additional local banks for e-payments to vendors among other features.
And that’s not all. The LatamReady SuiteApp is our legacy-compatible SuiteApp for the rest of Latin America.
Main Features of the LatamReady App
1. Taxes and Withholding Taxes
The LatamReady App is always up to date with all monthly and annual tax reporting forms and tax requirements, making it easy for companies to comply with local tax reporting requirements. The LatamReady SuiteApp is updated every month on the 25th to include new features that simplify tax compliance in Latin America. If there is any previous change, it will be updated earlier.
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)
2. Legal Reports
The LatamReady SuiteApp fully supports NetSuite’s multi-booking feature and legal reports.
3. Oracle NetSuite & Electronic Invoicing with LatamReady
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.
Managing varied payments such as supplier payments, wages, reimbursements, sales commissions, and employee expenses can become notably complex as a business grows. 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 of processing electronic payments and corresponding electronic documents, rendering it a convenient and efficient solution for handling large-scale bank payments.
- Tax Compliance and Efficiency: Leverage automation for unparalleled efficiency in tax compliance. With NetSuite’s integrated workflow tracking, every task becomes straightforward.
- Confidence in NetSuite’s Accuracy: No more juggling multiple spreadsheets. With the LatamReady SuiteApp, all processes are centralized in NetSuite, ensuring accuracy and enhancing tax compliance.
- Comprehensive Features within NetSuite: The LatamReady App, tailored for various countries, showcases the versatility of NetSuite. Ensure tax compliance, generate monthly legal reports, and enjoy a plethora of other features, all within this platform.
- Adaptable Solutions for Every Country: With unique accounting needs for every country, NetSuite, combined with the LatamReady App, offers unmatched customization.
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