Oracle+NetSuite is a forerunner in Enterprise Resource Planning (ERP) software. It’s a leader and the gold standard in its industry. But how does it maintain accuracy and effectiveness in Latin America? As this region grows and becomes more prominent in the global marketplace, corporations require an ERP that can handle the changing financial regulations. Many countries occupy Latin America, each with its own criterion of acceptable business management. How does Oracle+NetSuite cultivate its software to those specific needs? With LatamReady and LatamReady SuiteApp.
LatamReady works in conjunction with Oracle+NetSuite specifically to engage its clients in US+Latin America. Their SuiteApp was built as the definitive resource for Latin America business. LatamReady SuiteApp has One Key access to Oracle+NetSuite where it can be compliant in over 10+ Latin America countries, meeting all of their localization requirements. Not only can LatamReady SuiteApp meet all the necessary requirements to avoid fines, penalties and operational disruptions, but it will also be able to improve operational efficiencies, streamline processes and improve cash flow through a strategic approach. The complication of working in a region that spans multiple governing ordinances and organizations is readily handled by award-winning Oracle+NetSuite software using the LatamReady SuiteApp.
What does LatamReady has to offer?
Clients of the #1 network solution provider should expect some features available through Oracle+NetSuite and LatamReady: new features released in a timely manner, legal updates to cover changes in legislation, a global rollout that covers all of an organization’s subsidiaries across the world. What gears this ERP toward Latin America-use is more specific. If you’re a US or UK company looking to invest in this growing region, implementations can be done in English for the decision-makers, while support can be provided in Spanish for the staff in the field. Local legal stipulations are accounted for within the ERP so no third party is needed when auditing. And there’s more:
- E-Invoicing: one of the most important features, e-invoicing is becoming mandatory across Latin America in countries like Mexico, Chile, Argentina and Colombia.
- Statutory Chart of Accounts: Countries like Peru require a COA to be reviewed by the government regulators, and LatamReady and Oracle+NetSuite provide that.
- Withholding Taxes: Each country is a little different in how much is withheld for both the consumer and vendor. Corporations need an ERP to account for those differences.
With all these features, it’s easy to see how LatamReady SuiteApp caters Oracle+NetSuite to the Latin America region. Meeting their compliance standards is paramount to do business in Latin America.
Why is Compliance so Important in Latin America?
As Latin America grows in presence on the global stage of business, the countries comprising this area have implemented regulations for concise, transparent practices. Corruption can be found all over the world, but companies that are taking action to maintain strict compliance reduce the perceivable vulnerability. In fact, in a recent study by Global Compliance News, 90% of respondents say they believe their companies´ industries are exposed to at least some level of corruption risk compared to only 85% in 2015. As foreign entities make more and more entries into the Latin America market, Latin America takes the necessary steps to adhering to strict regulations.
And non-compliance is not an option. Companies can face millions of dollars in fines and penalties, as well as operational shutdown. The regulating bodies controlling business compliance are extremely stringent. They began by regulating accounts payable, accounts receivable, and finance. Currently those regulations are spreading throughout shipping/receiving (the e-invoicing for example), supply chain planning, and even human resources. In terms of e-invoicing, Oracle+NetSuite and LatamReady are connected to the various regulatory organizations that monitor invoicing via web services, like COMFIAR Argentina, Colombia, Ecuador and Peru. Thanks to Cloud services, that kind of accessibility is available at any time in any place with an internet connection.
There are factors to take into consideration like transaction-level reporting and the continuous audits, but corporations are also taking into account the cross-border initiatives. Two particular plans, the Common Reporting Standard (CRS) and the Base Erosion and Profit Shifting Action Plan (BEPS), are creating industry-wide practices of sharing company data across the globe. Multiple countries, both outside and inside Latin America, take part by sharing taxpayer information.
These kinds of programs and the national compliance standards make the need for accurate, efficient ERP software so significant. Latin America has proven itself to be taking compliance very seriously. They recognize that they’re the new frontier for businesses from Europe, the United States, and more. As these corporations reach out to Latin America, Oracle+NetSuite and LatamReady intend for their clients’ financial departments to be ready to handle everything that they come across.
What are some of the challenges of maintaining compliance?
The IT department has very specific requirements that are sometimes complicated to comply with by the company. They require dedicated resources and a talented workforce to meet all standards involved. Oftentimes, if a company is using an ERP that is unable to handle frequent regulatory changes, one must rely on the IT department to use third party programs that can assist their accounting staff. Maneuvering between programs is time-consuming, and that fear of changes in the current regulations with no update available for a company’s ERP is stressful.
And if a compliance regulation is not met, there can be interruptions in the business which would be even more costly than the penalty fees that can be incurred. As many of the compliance rules fall within the purview of shipping/receiving, shipments can be disrupted and money lost while business are made compliant. These are the fears a business must deal with when relying on an unfit ERP. Oracle+NetSuite have been a leader in this industry for decades, offering both financial solutions and cloud accessibility for their clients. Oracle was founded in 1977 and NetSuite in 1998. With that kind of longevity, they’ve proven themselves a reliable ERP provider, the benchmark in business management technology. Combined with LatamReady SuiteApp, they’re providing a safe, robust ERP that can be flexible to Latin America’s changing landscape and compliance needs.
The shifts and changes in the Latin America marketplace are encouraging organizations to take notice. As they do, they’re going to want to tread lightly and use the most instrumental resources at hand. Oracle+NetSuite and LatamReady are able to facilitate a seamless ERP for companies looking to take advantage of this opportunity.
Compliance within Latin America is specific; LatamReady SuiteApp is prepared.
CITATIONS:
NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T
SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp
LatamReady : One Region, One Key. “LatamReady prepares US International corporations with operations in Mexico for getting ready to e-Invoicing directly from Oracle NetSuite.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 13 Sept. 2017, latamready.blog/2017/08/30/netsuite-mexico/
Zumaeta, Carlos. “LatamReady SuiteApp Brings Oracle NetSuite to Peru for US International Corporations.” LatamReady Blog, 10 July 2017, latamready.blog/2017/07/10/netsuite-peru/
“Latin American Taxes Made Easy with Oracle NetSuite and LatamReady SuiteApp combined solution.” LatamReady Blog, 11 Nov. 2017, latamready.blog/2017/11/11/latin-american-taxes-made-easy-with-oraclenetsuite-and-latamready-suiteapp-combined-solution/
Behr, Nicholai, and Thomas Gruetzner. “Compliance Benchmark 2017: Quantifying the Fundamentals.” Global Compliance News, 18 June 2017, globalcompliancenews.com/compliance-benchmark-2017-20170618/
“InvoiceWare by Sovos.” Box, app.box.com/s/qkga9nd33npw8vbrgb4rpxg7bewv57g9
Sprague, Steve. “Updated: The Definitive Guide to Latin American Compliance.” InvoiceWare, 14 Sept. 2017, http://www.invoicewareint.com/blog/updated-the-definitive-guide-to-latin-american-compliance
“The State of Regulatory Compliance: Latin America Charts the Course.” SAP Insider, 27 June 2017
“NetSuite Inc.” Wikipedia, Wikimedia Foundation, 7 Sept. 2017, en.wikipedia.org/wiki/NetSuite_Inc