Taxation in the United States might be complex, but because you were raised with it, the thousands of jurisdictions and special taxes seem to make (at least a sort of) sense. However, once your company starts expanding to Latin America, the level of tax complexity will increase significantly and how to scale operations to keep pace with expansion will become your headquarters’ new hurdle.
Gladly, your company already has the first step of the solution: Oracle NetSuite. As you know, it will allow the company to manage all key business processes in a single ERP (Enterprise Resource Planning) system. The next stride to achieve financial consolidation is many times underestimated by companies; this is, the acquisition of Tax Compliance applications.
Unfortunately, a lot of companies that decide to expand to the latin region believe having NetSuite is enough and they don’t realize the effect certified Tax Compliance applications can have on their business.
Manual Tax Management
Not investing in Certified Tax Compliance applications for NetSuite basically causes your entire tax management to be manual. This means that every subsidiary in Latin America would need to upload each rule, rate, and boundary changes in each city, state and country of location.
In addition to that, in Latin America, countries change, add and remove tax regulations very often so if you don’t have an application that automates this processes your staff will spend inordinate amounts of time researching and updating.
Basically, the company will be spending valuable time, energy, and money on activities that will not generate revenue. Furthermore, the business will be exposed to unnecessary financial risk from the tax authority of each country.
This is how to overcome those complications
If you really want to avoid that, then the only certified application for Latin America, that will automate the tax management process and put an end to your company’s Tax Compliance is the LatamReady SuiteApp.
The LatamReady SuiteApp is the only native application to overcome the complexities across the whole Latin American region in a single solution. It works as exactly and easily as NetSuite, additionally, it is also supported in 14 Latin American countries such as Brazil, Mexico, Argentina and Colombia.
Fascinated? Don’t miss the opportunity to become a top Multi-Latin corporation! Go to https://www.latamready.com/ and learn more.