Multinational corporations operating in Latin American nations frequently wrestle with the complex intricacies of taxes, withholding taxes, electronic invoicing, and a host of other tax obligations, all further complicated by the need to work in multiple languages.
This challenging landscape is effectively navigated using the LatamReady App, a comprehensive tax compliance tool built for NetSuite platform and verified by NetSuite. It has key benefits for multi-latin companies.
Firstly, its ability to manage taxes and withholding taxes, e-invoicing, electronic bank payments, and legal reports across more than 18 countries, such as Colombia, Mexico, Brazil, Argentina, and Chile. Additionally, The LatamReady App is a localization SuiteApp that provides a more streamlined, efficient approach to dealing with these tax compliance obstacles, transforming a typically daunting task into a more straightforward, manageable process.
4 main features
Taxes and Withholding taxes
The LatamReady App supports taxes and withholding taxes in 18+ Latin American countries. It’s updated monthly to incorporate changes to tax regulations, so you don´t have to worry about using outdated solutions.
Also, it is fully compatible with both the Legacy and SuiteTax feature (versions) of NetSuite. One of our SuiteApp features is LatamTax, which supports various combinations of withholding taxes. It offers thorough assistance for monthly and annual tax forms, allowing businesses to achieve local tax reporting compliance with high accuracy and simplicity.
To improve user interaction and manage tax reports more efficiently, LatamReady incorporates an extensive set of Reports/Audit Reports/Searches/Alerts. These non-legal reports serve as a platform to scrutinize and authenticate legal reporting information before it’s dispatched or uploaded to local tax authorities, significantly minimizing the possibility of errors and ensuring adherence to local tax regulations.
Electronic invoicing
Recognizing that the generation and distribution of invoices can vary significantly 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, batch, mass, and triggered.
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.
Electronic bank payments
As businesses expand, managing diverse payments, including supplier payments, wages, reimbursements, sales commissions, and employee expenses, can become increasingly intricate. This is precisely where NetSuite’s Electronic Bank Payments (EBP) feature proves indispensable. Serving as a globally-reaching payment management solution, EBP streamlines the process of making electronic payments while overseeing the associated electronic documents.
Powered by LatamReady, which boasts partnerships with over 40 banks across Latin America, NetSuite’s EBP functionality empowers businesses to handle large-scale bill payments effectively. By leveraging this solution, organizations can eliminate the burdensome paperwork and costs of processing electronic payments and their corresponding electronic documents. This makes it an exceptionally convenient and efficient tool for managing significant volumes of electronic bank payments.
Legal & Tax reports
Experience the power of the LatamReady SuiteApp, which empowers you to effortlessly generate comprehensive legal reports for nearly all Latin American (LatAm) countries, all within the Oracle NetSuite platform. Utilizing a unified data source, this innovative solution seamlessly produces local legal, tax, and global reports for your Corporate Chart of Accounts, all in US Dollars.
4 main benefits
Our customers and users have achieved the following benefits using the LatamReady App and NetSuite.
Simplify Your Closing Procedures
Streamline and save time. Integrating automation into your close accounting procedures can greatly enhance efficiency and save valuable time. This eliminates the tedium of the close process, enabling team members to concentrate on more strategic endeavors. Boost team productivity with comprehensive workflow tracking that prompts tasks and seamlessly connects to relevant data in your Netsuite account.
Enhance Accuracy and Confidence
Centralization is essential for maintaining accuracy and instilling confidence. The LatamReady App consolidates crucial processes within your ERP system, improving security, reducing confusion, and increasing team accountability. By leveraging automated features and accruals, the need for additional spreadsheets is eliminated, ensuring that the close process remains primarily within the realm of NetSuite.
A Comprehensive Solution
With the LatamReady App, you can handle all compliance-related activities within Netsuite, including e-invoice and e-payment transmissions, and generate monthly legal reports. It’s worth noting that the LatamReady App seamlessly integrates with the SuiteTax version of Netsuite, providing comprehensive compatibility.
Tailored Tools for Each Country
Acknowledging the distinct accounting requirements of different countries and organizations, the LatamReady App offers robust customization tools. These tools enable 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.
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.
Multiple languages
The LatamReady team consists of members proficient in various languages, including Spanish, English, and Portuguese. With extensive experience, our team is dedicated to assisting companies through our Localization SuiteApps, providing comprehensive support tailored to their specific needs.
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