Oracle NetSuite Cloud ERP in Colombia: Simplify the legal compliance of your Colombian subsidiary

In April 2016, Colombia’s Dirección de Impuestos y Aduanas Nacionales (DIAN), or
National Taxes and Customs Direction, the country’s taxing authority, began a national electronic invoicing pilot program. The program has been in the planning stages for
many years — in February 2016 they released the technical specifications for the
model, detailing things that organizations needed to be cognizant of when
implementing E-invoicing.

The program was initially launched in May 2007 when Colombia passed the foundation
for E-invoicing. By 2013, they had published a decree to begin the program
countrywide. In 2015, they announced the pilot program would begin the following year
with selected companies participating in the testing phase. Before the decree that
companies would have to implement electronic invoicing by law, voluntary adoption in
the open system was low.

Pilot Program

The pilot program was designed to accelerate the adoption of E-invoicing in Colombia,
to improve the policies and procedures of the system, and to listen to participants and
address any concerns they had. Based on similar systems in Brazil, Chile, Ecuador,
Mexico, and Peru, the program ran through October 2016, when DIAN announced it
was a success. During the testing phase, they monitored industries and industry
sectors that faced the highest risk of tax evasion, as well as transaction volume, assets
volume, revenues and IVA refunds. Colombia’s move to electronic invoicing is not
isolated. At least eight other countries in Latin America have a similar mandate.

Transmitted in XML

Colombia’s electronic invoicing system, called SIFEL, digitally regulates electronic
invoices and debit and credit notes. The documents are transmitted in XML format and
are validated in less than two days. The system also creates an automatic reply that
indicates the invoice has been received. To maintain authenticity, the government says
that documents must be signed with an electronic certificate that originates with the
organization sending the document or by a third-party service. Invoices are numbered
with the code known as CUFE that the taxing authority provides.

Some companies have been concerned about how the new program will affect their
internal programs. The government reiterated that, just like other countries such as
Mexico and Chile, they expect organizations will experience multiple benefits including
making business more efficient, bringing down costs, and tightening fiscal control.

#1 Cloud ERP

Many companies are still trying to determine how they are going to adapt to their
internal processes to follow Colombia’s new electronic invoicing regulations. This
includes organizations using Oracle+NetSuite, the number one cloud ERP on the
market. LatamReady has the solution in this regard.

US+Multi-Latin Leader

LatamReady is the leading Oracle+NetSuite US+Multi-Latin solution provider in Latin
America. Their mission is to help multinational companies with operations in multiple
Latin American countries implement Oracle+NetSuite Cloud ERP solutions. Their
LatamReady SuiteApp works inside Oracle+NetSuite, allowing clients to be compliant
with accounting rules in more than 10 Latin American countries. The company offers
full Oracle+NetSuite implementation including LatamReady SuiteApp when installing
the Cloud ERP.

Years of Experience

LatamReady has years of experience working across multiple Latin American
countries with global firms from around the world including United States, UK and
Australia. LatamReady SuiteApp utilizes the NetSuite standard electronic invoicing
SuiteApp technology to connect NetSuite to local E-Invoicing suppliers. In fact,
LatamReady SuiteApp was the first SuiteApp globally that started to use NetSuite’s
electronic invoicing SuiteApp.

LatamReady has extensive experience offering this solution to Latin American
countries. Beginning in 2013, the company began offering E-invoicing solution for both
local NetSuite clients and multinationals operating in Mexico. Nowadays, LatamReady
supports e-Invoicing processes directly from Oracle+NetSuite in +7 countries.

LatamReady: Oracle+NetSuite e-Invoicing experience in Argentina, Chile, Ecuador, Mexico, Peru and now Colombia, Uruguay and Brazil.

LatamReady SuiteApp connects NetSuite to certified local e-Invoicing Suppliers across
Latin America: COMFIAR (Argentina, Colombia, Ecuador and Peru),  Enternet in Chile, RSM in Uruguay, Solución Factible in Mexico and Edicom in Brazil. LatamReady SuiteApp has been a great help in assisting their clients in meeting these requirements quickly and effectively in Argentina, Chile, Ecuador, Mexico and Peru. Colombia and Uruguay are the next steps working as a team with COMFIAR and Oracle+NetSuite.

Why Oracle+NetSuite Cloud-Based ERP and LatamReady?

Around the world, it’s clear that businesses are moving significant portions of their
operations to the cloud. Consider these developments:

  • In 2015, the global market for cloud computing hardware, software, and
    infrastructure services increased 21 percent to $110 billion.
  • Research firm IDC estimates that global spending on public cloud operations can
    double from 2015’s total of $70 billion to more than $141 billion by the year 2019.
    Within that estimate, the firm forecasts that Platform as a Service (PaaS) and
    Infrastructure as a Service (IaaS) companies — such as Microsoft’s Azure and
    Amazon Web Services (AWS) will increase faster than Software as a Service
    (SaaS) offerings.
  • Forbes magazine estimates that spending on IaaS could rise from $38 billion in
    2016 to more than $173 billion in 2026, largely based on the increasing demand for
    remote storage and computing.
  • Global Industry Analysts report that PaaS, which is not as high profile as IaaS and
    SaaS, nonetheless might hit annual spending of $7.5 billion by the year 2020,
    driven mostly by programmers creating more apps that run exclusively in the cloud.
    Another reason for the continued growth is that Gartner estimates that 50 percent
    of PaaS implementations by 2020 will be for installations in the Internet of Things
    (IOT) market.
  • The RightScale State of the Cloud survey revealed that 17 percent of enterprise
    companies deployed more than 1000 virtual machines in the public cloud. This is
    an increase from 2015’s 13 percent result.
  • In the private cloud market for 2016, the RightScale study reported that 31 percent
    of enterprise firms run more than 1000 virtual machines privately, in comparison to
    22 percent the previous year. This robust increase shows private cloud
    implementations are still growing.
  • Although it has been growing for many years, SaaS services such as Skype,
    Salesforce, and Dynamics CRM are in a saturated market, especially compared to
    the enormous trend toward infrastructure platforms such as Azure and AWS.

Oracle Buys NetSuite

Oracle purchased NetSuite in a $9.3 billion acquisition in November 2016 after an
initial offer made in July 2016. The Chief Executive of NetSuite, Zach Nelson, and the
Chief Technology Officer, Evan Goldberg, both formerly worked at Oracle. NetSuite
specializes in ERP software usually used by larger companies to track inventory,
streamlined manufacturing and handle accounting. It was one of the original
companies offering SaaS services in the cloud.

Built for the Cloud

Today, NetSuite is the leading ERP software in the world with over 40,000
organizations using it in more than 160 countries. Since the software was built from
scratch to be a cloud service, the modules are specifically designed to be efficient in
that format. Local IT departments can bring down the cost of implementing new
services while reducing errors and maintenance costs. NetSuite’s financial capabilities
let clients access data in real time, making changes and additions simpler and faster
while resolving problems and creating compliance documentation rapidly.

Top Ranking, which maintains an ongoing ranking called the ERP Software Systems
Index, puts NetSuite at the top of the ERP software list, noting its strength in keeping
core business operations contained in an integrated suite. PC Magazine gave a rating
of “excellent” to NetSuite ERP, citing the program’s ability to provide solutions to
companies in a wide variety of industries.

Coordinated with Local e-Invoicing Vendors

LatamReady gained more ground in the enterprise market with the development of a
combined solution with NetSuite Electronic Invoicing SuiteApp, a powerful application
that helps companies stay in sync with local e-Invoicing vendors such as COMFIAR
(Argentina, Colombia, Ecuador, Peru and Costa Rica), Enternet Chile, Solucion Factible Mexico, RSM Uruguay and Edicom Brazil. Also, as more countries in Latin America require their industries to move to electronic invoicing, LatamReady’s ability to work with local business leaders combined with the efficient invoicing abilities of the software make it an obvious choice for integrating electronic invoices for multinational firms seeking to meet new government regulations.

Contained Inside NetSuite

LatamReady SuiteApp is easy to work with because it works completely inside of the
NetSuite framework, allowing easy electronic invoicing throughout Latin America.
Beginning in 2009, LatamReady SuiteApp became the leading application for Latin
American NetSuite. A big part of the success of the program is the company’s
knowledge of local regulations and experience working with local business owners.
LatamReady uses the NetSuite Standard Electronic Invoicing SuiteApp system to
create connections between local suppliers using E-invoicing and NetSuite. As
additional Latin American countries adopt electronic invoicing guidelines, LatamReady
is ahead of the game — they have already developed specific SuiteApp
customizations that help companies in these countries handle invoicing, legal ledgers
and processes in line with new government regulations right away.

Cloud ERP Solution for Colombia

As government officials, company leaders, vendors, suppliers and local contacts get
used to the system, it will begin to bear fruit and make the entire country more efficient.
LatamReady SuiteApp is the leading solution for Oracle+NetSuite clients making the
transition to a fully legal compliant Cloud ERP in Colombia.

Carlos Zumaeta

LatamReady CEO

Published by LatamReady: Oracle NetSuite Partner

Founded in 2009, we have over a decade of experience implementing Oracle NetSuite in multiple industries and helping international corporations unlock growth with the LatamReady SuiteApp, an integrated Tax Compliance solution within Oracle NetSuite for 18+ countries in Latin America, including Brazil, Mexico, Colombia, Chile, Peru, Argentina and more!

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