Do you know the billing process in Latin America may be quite different from a country to another? Electronic invoicing is a whole different aspect when it comes to tax requirements in the LatAm space. LatamReady is the #1 Tax Compliance in Mexico, Brazil, Argentina, Colombia and many other latin countries within NetSuite. You don’t believe us? Well, here’s an example of our solution for huge companies with subsidiaries in Brazil.
What is going on with invoicing in Brazil?
Right now in Brazil, every invoice is able to be used as a Way Bill. Brazil government requires electronic invoicing so every time you issue electronic invoices you will issue two different types of documents: PDF in an XML file. A common pitfall for foreign companies is that PDF can be used as what they have in place in the US. However, LatamReady can generate both documents easily and simply.
What is the difference between both documents that LatamReady can generate?
XML file is a technical representation of the official electronic invoices this is not something that you can read easily. On the other hand PDF is the graphical representation of the XML file. The information presented in this format is a more graphic and human way so that people can understand it more easily.
In what situations are these documents used?
If you send or ordering a product from one place to another, the person who is in charge of the shipment goes with the PDF, travel with the PDF of the invoice that is working as a WayBill travels with the PDA of the invoice that is working as a WayBill and also a Bill of lading.
What If somebody from the government decides to stop you…
For example, if you’re in a truck with your goods and your Way Bill, the government authority may stop you to scan the barcode of the PDF. What can be viewed online is related to the invoice, the track, the type of goods, driver’s personal info, the destination, etc. In this way the local government ensure that everything is correctly presented and that the merchandise arrives correctly to its recipient.
The best way to avoid problems with tax compliance in Latin America…
To have everything on point in Mexico, Brazil, Argentina, Colombia, and many other countries in the LatAm space you need to have the right solution. LatamReady SuiteApp is the ULTIMATE solution within NetSuite for your company to be compliant with tax requirements in Latin America to generate XML, PDF files and more.
Give us a call to talk directly with one of our reps: +1-786-600-2641
For more information please visit: www.latamready.com