With the digitalization and therefore the acceleration of the flow of information all around the world, businesses are working faster, reports need to be done quicker, meaning that tax and accounting files can’t be spared in those changes. Well, unless you are a small business owning 5 employees in the middle of Utah, every big multi-latin corporation worthy of this name needs different computerized processes when it comes to tax reporting, especially tax compliance. However, these new developments can also be threatening when owning subsidiaries in Latin America. But what are these different processes and how is NetSuite handling the situation? Help yourself with a snack and keep on reading! We promise you, hot tea is coming up!
SFTP…come on, is this still a thing?
Of course, it is! But first of all, for our new LatAm-tax-compliance fellas, if this acronym doesn’t make any sense to you, let me explain! SFTP, which stands for SSH File Transfer Protocol, or Secure File Transfer Protocol, is a separate protocol packaged with SSH that works in a similar way over a secure connection. In other terms, SFTP is a facial network protocol that is secure and works within internet connection, in which you can log in with a user password via a specific internet portal belonging to the local service provider through whom you wish to transfer massive information and files. This protocol is seen as secure and easy to use by many developers so to answer your question, yes, it is still a thing!
SFTP vs. Batch processing: Let the fight begin!
Batch processing is a general term used for frequently used programs that are executed with minimum human interaction. Batch process jobs can run without any end-user interaction or can be scheduled to start up on their own as resources permit.
We are stopping you right now! There is actually no fight to be between batch processing and SFTP, as these processes complement each other! Yes, you heard it, guys!
SFTP within NetSuite… tell me more!
We are currently offering SFTP when it comes to NetSuite electronic invoicing SuiteApp. Actually, at LatamReady, we are also using Netsuite electronic invoicing SuiteApp when electronic documents or invoices need to be issued one by one. Moreover, we complement that solution with batch processing. These two processes are available only inside of NetSuite, and, you already know, at LatamReady, we are always using NetSuite technical tools that are available for us to work with. In the case of batch developing, we are taking the same template while we still have a specific development for SFTP.
I need to get my hands on this right now!
Our LatamReady SuiteApp is the ultimate solution to all your tax compliance problems as it includes not only e-invoicing but also e-payments, legal ledgers, and many other features for more than 14 other countries in Latin America within NetSuite. Feel free to call one of our sales rep at +1-786-600-2641 to know more! You can also find our pricing list on www.latamready.com, after that you’ll be fully on point with LatAm tax compliance using NetSuite, that’s for sure!