As countries around the world continue to grapple with unprecedented challenges, businesses using Oracle NetSuite are seeking new and innovative solutions. The current global crisis has accelerated digital transformations and pushed many companies to rapidly embrace cloud technologies and new modes of conducting business.
Utilizing the power of the cloud has never been more important for international companies with operations in Latin America, where electronic invoicing, or E-invoicing, is largely mandatory. In addition to being an important tax compliance tool for governments, E-invoicing can also contribute to cost savings and opportunities for greater efficiency for businesses.
However, navigating complex E-invoicing requirements in Brazil and other Latin American countries can be incredibly confusing and time-consuming, even for the largest international companies using NetSuite. For this reason, more and more businesses are turning to the LatamReady SuiteApp, the #1 Tax Compliance SuiteApp for Latin America within Oracle NetSuite.
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How E-Invoicing in Latin America Works
More than 60 countries around the world use E-invoicing, including Brazil and most other major countries in Latin America.
A form of electronic billing, E-invoices are digital files — typically in XML format — that businesses must produce and submit to the appropriate tax agency for review in the country where they are doing business. Only after the tax agency has placed a digital stamp of approval does the E-invoice have legal value and can be sent from the supplier to the payer.
In addition to billing, E-invoices may also serve as credit memos, waybills and much more! In Brazil, for example, certain E-invoices also serve as waybills. If a shipment of goods is stopped by authorities within the country, the delivery person can show them the E-document in PDF format. A quick barcode scan of the E-invoice allows the authorities to review data to confirm the driver, shipment and truck are all in order.
No more printing, mailing and filling up file cabinets with paper records! E-invoicing is the modern way to conduct financial transactions in Latin America and one well-suited to uncertain times like these.
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Why E-Invoicing in Brazil Is So Complex
Despite the current economic uncertainty, Brazil remains the largest economy in Latin America and the 9th largest in the world. The dynamic Latin American country began to implement E-invoicing in 2008 and today requires E-invoices for 100% of transactions.
However, although Brazil’s E-invoicing system has been in place for over 10 years and is considered very mature, many international companies struggle to keep up with the country’s complex tax compliance rules and regulations.
Part of the complexity is due to Brazil’s multiple levels of bureaucracy. In addition to a federal tax authority at the national level, each of Brazil’s 26 states and over 5,000 municipalities each have their own state or local tax bureau.
Brazil also requires different types of E-invoices, including:
- Nota Fiscal Eletrônica (NF-e) — E-invoice issued for goods
- Nota Fiscal de Serviós Eletrônica (NFS-e) — E-invoice issued for services
- Conheçimento de Trasporte Eletrônico (CT-e) — E-invoice issued for freight services
Adding to the confusion is the fact that tax laws in Brazil change frequently at the federal, state and local levels. The current global crisis may well lead to even more changes to Brazilian tax laws in the near future.
With multiple types of E-invoices, numerous overlapping tax authorities and constantly changing tax regulations, is it no wonder so many international companies with subsidiaries in Brazil are desperate to find a solution to automatically calculate taxes and generate accurate E-invoices.
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LatamReady: The Ultimate E-Invoicing Solution Within NetSuite in Brasil
During these uncertain times when resources are stretched thin, it is critical for NetSuite users doing business in Latin America to remain tax compliant to avoid penalties, fees and other negative financial outcomes.
LatamReady can help! Established in Miami in 2009 by CEO Carlos Zumaeta, LatamReady has been working hand-in-hand with NetSuite for over a decade to provide innovative solutions to some of the leading global corporations with operations in Latin America.
With the LatamReady SuiteApp, corporations with multi-Latin operations can easily manage complex back-office accounting requirements within NetSuite — including E-invoicing — and achieve full tax compliance in 18+ Latin American countries, including Brazil, Mexico, Colombia, Peru, Chile, Argentina and more!
The LatamReady SuiteApp produces accurately formatted E-invoices — both the XML file and PDF graphic representations — from inside of NetSuite with just a few clicks of a button! The LatamReady SuiteApp’s E-invoicing feature can be customized to meet businesses’ specific needs during this challenging period, with 3 versions supported:
- 1-by-1 — Generate and send one invoice at a time
- Bulk — Generate and send up to 200 invoices at a time
- Unlimited — Generate and send high volumes of E-invoices as needed
Still not convinced? Here are even more reasons below that prove the LatamReady SuiteApp is the ultimate E-invoicing solution within NetSuite in Brasil and across Latin America.
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Partnered with the Best Local E-Invoicing Supplier in Brazil
LatamReady has established a web services connection with OOBJ, a recognized local E-invoicing supplier in Brazil. OOBJ is a pioneer in the development of E-invoicing solutions in Brazil and even serves as the official E-invoice receiving system in several Brazilian states.
By forging a strong partnership with an E-invoicing provider certified by and connected directly to the local tax agency, international companies using the LatamReady SuiteApp never have to worry about whether their E-invoices are accurately composed and comply with new regulatory changes made in response to the current crisis.
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Supporting E-Invoicing for Services AND Inventory Items
As noted earlier, one of the big reasons calculating taxes and managing E-invoicing is so complicated in Brazil is because the government applies different taxes to services and goods.
Many international companies, depending on their industry, need to be able to easily and accurately produce multiple types of E-invoices.
The LatamReady SuiteApp is the ONLY native SuiteApp that supports E-invoicing within NetSuite for both services and inventory items in Brazil.
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Accurately Calculate Taxes in Brazil for Inventory Items
The LatamReady SuiteApp’s E-invoicing feature works hand-in-hand with the app’s outstanding tax calculation capabilities for Inventory Items.
LatamReady has partnered with Brazilian tax intelligence company Systax, a leading local tax engine calculator that automatically updates sales tax rates into NetSuite transactions.
LatamReady’s partnership with Systax has helped produce the most robust and reliable tax compliance solution within NetSuite for the Brazilian market.
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Offering Local Support from Sao Paulo
Earlier this year, LatamReady welcomed a new NetSuite team aboard in Brazil, which will operate locally in Sao Paulo — the epicenter of the Brazilian economy.
With a diverse collection of over 100+ professionals, LatamReady has the largest team of NetSuite experts in all of the Latin American region. The LatamReady team members provide outstanding customer support in fluent English, Spanish and now Portuguese and always honor NetSuite best practices.
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The Advantages of a Built-for-NetSuite SuiteApp in Brazil
In January 2015, the LatamReady SuiteApp became the first and ONLY tax compliance SuiteApp for 18+ Latin American countries to be technically certified by NetSuite via the Built-for-NetSuite program.
“Built-for-NetSuite” is an initiative to ensure that NetSuite Partner solutions meet the “same level of standards for security, data privacy and overall quality as the solutions offered by NetSuite,” according to the company’s website.
Why does that matter during times like these? International companies right now cannot afford to invest in solutions that do not work. With the LatamReady SuiteApp, CEOs can rest assured they are getting an outstanding return on their investment. Each SuiteApp release — two new versions each year — is subject to NetSuite’s rigorous verification process to ensure the app meets the company’s high-quality standards.
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LatamReady Is Invested in the Future of NetSuite in Latin America
With customers from all over the world and users all across the region, LatamReady is invested in the future of NetSuite in Latin America. The LatamReady SuiteApp resides inside of NetSuite and is 100% cloud-based, a business model that is uniquely adapted to overcome and even thrive during the current global crisis. Indeed, LatamReady is well-positioned to continue providing international companies with the solutions they need to achieve growth and sustained success in Brazil and across the region.
Initially supporting legal and tax requirements in just a few Latin American countries, the LatamReady SuiteApp has rapidly expanded its capacity to help international corporations achieve full tax compliance across the region. As of 2020, international companies with operations in Latin America rely on the LatamReady SuiteApp to achieve full tax compliance in 18+ Latin American countries, including:
- NetSuite in Brazil – See SuiteApp Features
- NetSuite in Mexico – See SuiteApp Features
- NetSuite in Colombia – See SuiteApp Features
- NetSuite in Chile – See SuiteApp Features
- NetSuite in Peru – See SuiteApp Features
- NetSuite in Argentina – See SuiteApp Features
- NetSuite in more Latin American countries – See SuiteApp Features
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NetSuite Resources for Uncertain Times
During these uncertain times, there are a lot of questions and a lot of unknowns. At LatamReady, we don’t pretend to have all the answers in regards to the current crisis. However, we can provide valuable support to international corporations using NetSuite during this challenging period.
One of the biggest advantages of working with an experienced and trusted NetSuite partner like us is the wealth of expertise and resources we can share with clients. LatamReady has developed a robust network of resources to help guide international corporations using NetSuite in Brazil and the rest of Latin America, including:
- NetSuite in Brazil Demos: Our detailed demos provide step-by-step guidance regarding E-invoicing and mandatory taxation fields within NetSuite for Brazil and other Latin American countries.
- Online NetSuite Training Courses: LatamDojo, our exclusive E-learning platform, is home to essential online NetSuite training courses in Portuguese, Spanish and English. Your workforce can learn to use LatamReady’s E-invoicing feature from anywhere in the world.
- NetSuite in Brazil Webinars: Watch our NetSuite tax compliance webinars at LatamZone! We have a specialized team for each topic, including E-invoicing. You don’t want to miss what they have to say!
- LatamReady Blog: We frequently update our blog with the latest news and tips regarding mandatory tax compliance regulations in Latin America, so check back often!
- LatamReady YouTube Channel: Get all our latest videos on tax compliance, E-invoicing and Oracle NetSuite in Latin America. Watch from anywhere, including at home!
- LatamReady on LinkedIn: Connect on LinkedIn to stay up to date with the latest developments and special offers.
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Is the LatamReady SuiteApp Right for Your Company?
In today’s uncertain world, flexible cloud-based solutions are more important than ever to the future success of international corporations. CEOs of companies with multi-Latin operations know that they need a solution guaranteed to work when it comes to managing E-invoicing in Brazil and across the Latin American region.
If you lead an international company using NetSuite with operations in Brazil and elsewhere in Latin America, consider the following:
- NetSuite is #1 Cloud ERP in the world. In today’s tumultuous times, quick access to financial information via the cloud is critical
- LatamReady has the largest team of NetSuite experts in the entire Latin American region and provides support and online training in Portuguese, Spanish and English.
- LatamReady has over a decade of experience helping big international companies using NetSuite handle E-invoicing and achieve tax compliance in the region.
- The LatamReady SuiteApp operates 100% in the cloud and is “Built-for-NetSuite,” meaning our tax compliance solution is certified by and works natively inside NetSuite.
- The LatamReady SuiteApp is the ONLY tax compliance solution certified by NetSuite that works in 18+ Latin American countries.
During these tough times, work with the NetSuite partner you can trust in Brazil and across Latin America. Easily manage E-invoicing, tax rate calculation and more within NetSuite via the cloud with the help of the LatamReady SuiteApp.
Contact us here: https://tinyurl.com/qtf4hc7 or call a LatamReady sales reps at +1-786-600-2641 today to get the ultimate tax compliance solution within NetSuite in Latin America.
Contact us here: https://tinyurl.com/qtf4hc7
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