Hi, again Brazil workmates! Let me start by asking you some very important questions. What exactly do you know about Services and Inventory Items? Do you even know what an inventory Item is? If you are a company with subsidiaries in Brazil and you’re still dealing with the many tax and legal requirements you probably don’t have the right solutions and you may not be asking the right question.
Stop struggling with operations that increase your workload, it’s not necessary to face them directly. The LatamReady SuiteApp is the solution within NetSuite for all of the problems that you may face so you can have the best tax compliance.
A simple way to understand the core of Services and Inventory Items
Let’s begin by talking about what an inventory item is. An inventory item is a separate product that can be specified in stock. If your company sells stock items, you need to have a specific inventory and also know the specific taxation for the product.
Brazil’s items are divided into three types of articles and each article is subject to different types of taxes that depend not only on the type of product but also on which state you are doing business within Brazil.
The first one is ‘Services’. A service is a type of transaction in which there are not necessarily physical goods being exchanged between the seller and the buyer. They can be different types of jobs or implementations. These services have different types of taxes that depend on the type of service offered.
The second one is ‘Inventorable Items’. These are products that purchased for resale and tracked in stock and on the balance sheet. Inventory items appear in the customer process such as sales quotes, sales orders or customer credit notes and in the supplier process like purchase orders, purchase invoices or supplier credit notes. In this case, taxation is applied by the way of the product.
And last but not least there are ‘Non-inventory Items’. Unlike Inventorable Items, they don’t hold a cost value in the system and are not included in any manufacture or cost of goods calculations. Purchases of Non-inventory Items are logged like Material Expenses and are treated as a non-material expense and not included in your cost of goods sold calculations.
What does LatamReady have for Brazil?
LatamReady has been solving problems for foreign companies that decide to open subsidiaries in Brazil for many years. We resolve all the complications that appear when dealing with legal requirements and looking for the correct solutions for ‘Services and Inventory Items’ and bring the search for excellent tax compliance to a long-awaited end.
We offer our unique LatamReady suite tool with first-class quality, giving you the perfect solutions to solve your tax needs free from problems in terms of Services, Inventory, and Non-inventory Items and much more.
Be an EXPERT with the experts
LatamReady is the EXPERT you need, the only contact necessary. You don’t need the help of multiple solution providers with tax compliance tools within NetSuite, all you need is one company to do the job. The one company that can handle all your subsidiaries in Latin America and help you grow beyond in order for you to succeed.
LatamReady can help you in Brazil, Mexico, Argentina, Colombia, Chile, Peru and 18+ countries in Latin America. See your company flourish using NetSuite with the help of LatamReady SuiteApp.
Forget the issues and difficulties you’re experiencing in Latin America. Let’s get your company growing now!
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LEARN MORE!|‘The Terminator’ for Inventory items in Brazil
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