Latin America is a region with multiple ways to approach Localizations. Among all solution providers, the best is the Oracle NetSuite SuiteTax standard Localization implemented by LatamReady, the #1 Partner in Latin America.
Since 2009, we have been helping companies to grow and optimize their businesses using Oracle NetSuite Localizations. We implement the NetSuite SuiteTax standard Localization for Colombia, Brazil, and Mexico. Also, we complement and extend the power of the standard Localization with our LatamReady SuiteApp, native for NetSuite, which has features for massive e-invoicing, currency exchange, the generation of country-specific legal reports as well as additional local banks for e-payments to vendors, among other features.
And that’s not all. The LatamReady SuiteApp is our legacy-compatible SuiteApp for the rest of Latin America.
Understanding SuiteTax
SuiteTax is a powerful tax engine NetSuite offers to facilitate tax compliance in various countries. It supports tax and withholding tax calculation and offers efficient localization features tailored to each country’s tax regulations.
LatamReady SuiteApp
Tax Determination & Tax Information Reporting Features for Colombia
The LatamReady App is always up to date with all monthly and annual tax reporting forms, making it easy for companies to comply with local tax reporting requirements in Colombia.
Plus! A set of Reports/Audit Reports/Searches/Alerts developed by LatamReady.
The LatamReady App includes a set of non-legal reports that our local users can utilize to review and validate legal reporting information as a previous task before sending/uploading the information to the local tax authority.
Tax Rules & Tax Calculation Features for Colombia
Tax Calculation
LatamTax, LatamReady’s Tax Engine developed inside of Oracle NetSuite and designed exclusively for Latin America, takes care of the complexity of local withholding taxes in sales and purchases. LatamReady also has the following features:
- Withholding Reclassification (For Sales and Purchases)
- Withholding Support by totals or lines (as applicable to the company)
Tax Agencies
We work in an integrated way with the tax agencies of each country we serve; in Colombia, we work with DIAN.
Withholding Tax Certificates Formats
LatamTax produces the required format for Withholding Tax Certificates that are required by Suppliers
Local Tax ID Validation
No more local Tax IDs incorrectly registered! LatamReady includes the local validation algorithm required to verify that!
Send E-Invoices Directly from Inside NetSuite
LatamReady provides an all-encompassing solution for electronic documentation in Colombia via NetSuite.
The features of the LatamReady App include:
Individual Processing: A dual-step method aligned with NetSuite’s standards for e-invoicing. The initial phase involves creation, followed by manual generation and dispatching of each invoice individually.
- Bulk Generation: Accommodates up to 200 documents.
- Large-Scale Processing: Suitable for tens of thousands of documents.
- Ecommerce Specialized: Tailored for online businesses.
With the LatamReady App, not only can companies manage E-invoices, Credit & Debit memos, Waybills, and more with ease, but they can also produce flawless electronic documents with just a button’s press. Whether local or overseas, the LatamReady Localization feature ensures seamless electronic document issuance.
Additionally, LatamReady App users benefit from the enhanced billing feature, which automates configurations for NON-electronic documents.
Conclusion
Oracle NetSuite’s SuiteTax standard localization and the LatamReady SuiteApp offer a robust solution for addressing tax compliance in Latin American regions like Mexico, Colombia, and Brazil. The SuiteApp enhances the SuiteTax capabilities and simplifies intricate tax regulations, manages electronic documents, and optimizes accounts payable and financial reporting. With LatamReady SuiteApp, navigating the complexities of Latin American tax deduction requirements becomes a streamlined experience.
Why LatamReady?
We are Latin America’s #1 Oracle NetSuite partner for implementation and localizations. Through the best ERP worldwide, will help you adapt to changes and grow your business. Our technical support is one of the best of the region: 95% of our reviews in NetSuite are 5-star reviews.
Why should you choose us? Find out here. You can contact us clicking here.
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