Cash flow, income statements, general ledger — financial reporting doesn’t have to be taxing. Oracle+NetSuite Cloud ERP & LatamReady provide corporate solutions for more than ten countries in Latin America, optimizing their day-to-day business tasks and streamlining financial planning. Certified by Oracle and NetSuite as part of the Built For NetSuite program, the LatamReady SuiteApp provides businesses with local tax rules that put them one step ahead of their competitors. The result? More organizations in Latin America can benefit from real-time financial analysis and access valuable monetary insights. Here’s how the LatamReady SuiteApp maximizes financial statement management provided natively by Oracle+NetSuite Cloud ERP with localization features for +12 LatAm countries.
What is the LatamReady SuiteApp?
LatamReady, a Miami-based NetSuite implementation partner, has provided tax and localization requirements to Latin American companies since 2009. One single app — the LatamReady SuiteApp — supports businesses in more than 12 Latin American countries and takes the stress out of financial statement management. The program works inside NetSuite — a service that lets businesses manage their financials and customer relations online.
In 2016, Oracle Corporation purchased NetSuite, providing users with even more resources to have control over financial statement management. Oracle+NetSuite Cloud ERP, however, can’t provide businesses in Latin America with a full-service financial management solution. LatamReady bridges the gap between Oracle+NetSuite and Latin American businesses with scalable software that streamlines tax and legal compliance in the region.
Why Should Businesses Use Oracle+NetSuite Cloud ERP?
Oracle+NetSuite is the No. 1 Cloud enterprise resource planning (ERP) product — a fast, flexible business management suite packed with features. This program integrates cloud, mobile and social technologies. More than 40,000 businesses already use Oracle+NetSuite to facilitate financial statement management.
“Comprehensive functionality with industry-specific support for a broad range of industries means NetSuite works the way your business works,” says Oracle+NetSuite on their website. “Built from the ground up for the cloud, NetSuite lowers costs and reduces hassle for IT. One data model spanning back-office financials to customer records to professional services provides complete visibility and simplified integration.”
LatamReady has localized Oracle+NetSuite Cloud ERP for the Latin American Region. Organizations can create a deeper connection with their customers and clients and grow their business in the following local markets:
- El Salvador
- Costa Rica
The Benefits of the Oracle+NetSuite Cloud ERP & LatamReady SuiteApp for Financial Statements
Here are some of the reasons why more organizations in Latin America are using the Oracle+NetSuite & LatamReady SuiteApp to simplify their financial reporting processes:
1. Automating Financial Reports
From expenses to liabilities, cash flow statements to balance sheets, Oracle+NetSuite Cloud ERP automates all kinds of financial tasks, making it easier for companies who want to take control of their finances. No longer will financial managers in Latin America have to record income and outgoings manually — this program does all the hard work for them. Companies in the region that use automated software like the Oracle+NetSuite Cloud ERP often find they save money, reduce labor costs and generate more customers and clients. They also benefit from enhanced analytics and in-depth financial reports.
2. Compliance With Local Legislation
With so many rules and regulations that govern financial reporting, it can be difficult to know where to start. The LatamReady SuiteApp takes the stress out of compliance with a range of efficient reporting tools. In Peru, for example, the Chart of Accounts (COA) is statutory. NetSuite’s Multi-Booking feature, however, lets users adhere to COA rules and automate general ledger processes. The LatamReady SuiteApp also comes with various features that simplify everyday financial tasks. These include electronic legal ledgers that users can download in the CSV format — something that could replace paper-based ledgers in the future.
3. Improving Auditing Processes
The LatamReady SuiteApp improves auditing processes for businesses across Latin America. Tools such as pre-printed e-invoice templates let companies collect money from clients and customers in a speedy timeframe, for example. With so many auditing tools at their fingertips, users can track and manage their financial accounts with less fuss. There’s no paperwork or manual data entry — the LatamReady SuiteApp lets users manage local books, legal documents and statutory records from a simple interface.
4. Accessing Financial Statements in the Cloud
Oracle+NetSuite Cloud ERP keeps financials in the cloud, so businesses can access valuable information wherever they are in the world. This has a number of benefits. Firstly, companies can reduce data loss in the event of an emergency like a fire or flood. Secondly, organizations can save money. Research suggests that it costs just U.S. cents per gigabyte to store information in the cloud. Moreover, companies don’t need to pay for internal power when they keep data in a remote location.
5. Managing Tax Processes
Businesses who operate in several Latin American countries have to navigate complex tax issues throughout the mainland. Tax legislation in Mexico, for example, is different from tax legislation in Argentina. The LatamReady SuiteApp lets users manage taxes in several Latin American countries at the same time. Sales tax, income tax, value-added tax — companies can handle all of these taxes from one platform. No longer do organizations need have to rely on multiple local partners or local solutions. No, the LatamReady SuiteApp provides effective tax management for the entire region.
Why Do More Companies Need the LatamReady SuiteApp in Latin America?
Business is booming in Latin America. The region will bounce back from recession in 2017, and the economy will grow by two percent in 2018, according to the International Monetary Fund. More international companies are investing in the area, too. Startups, scaleups, multinational corporations — all of these organizations are looking to do business in Latin American countries like Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Uruguay.
As local economies flourish, more businesses need reliable, accurate ERP software to track their financials and manage cash flow. This is where the Oracle+NetSuite Cloud ERP & LatamReady SuiteApp combined solution comes in. This program keeps a wealth of information — accounting books, profits and loss, assets, etc. — in one place, making it easier for companies to monitor their financial operations. Users of Oracle+NetSuite Cloud ERP can access unparalleled business intelligence and use this information to make financial predictions and solve complicated problems.
Countless studies have shown the effectiveness of good ERP software like Oracle+NetSuite Cloud ERP. Companies that use these programs can reduce operational costs by 23 percent and administration costs by 22 percent. Moreover, midsized companies using contemporary ERP systems increase on-time deliveries by 24 percent.
Why is ERP Implementation So Important?
Good ERP reduces the need for monthly journal reports and all the laborious tasks associated with manual data entry. Not all ERP software is the same, though. Research suggests that 75 percent of all ERP implementations fail — a sobering statistic for business owners in Latin America who are looking to automate their financial processes. This is why it’s imperative that businesses choose a cloud-based solution which provides them with a return on their investment. Unlike some ERP programs, Oracle+NetSuite Cloud ERP is easy to use — even for companies who have never used software like this before. LatamReady Customers can benefit from implementation support in both English and Spanish and access full customer support. Whether users have a query about their account or just want to troubleshoot a problem, they can expect a speedy response from a customer service rep.
There are several reasons why so many ERP implementations fail. Thirteen percent of ERP executions have incomplete requirements, while 12 percent break down because of problems with the user environment, according to one study. LatamReady provides businesses with expert support during the ERP implementation stage, so managers can seamlessly integrate the LatamReady SuiteApp into their organization. This can long-lasting benefits: managers don’t have to spend lots of money on training staff, and employees are more likely to use the new software.
Choosing the right software vendor ensures a new application seamlessly integrates into the workplace. “If you invest in a software package that is filled with glitches — or crashes on a regular basis — then your staff is going to be at a large disadvantage,” says Forbes magazine. “It is important to take the time to do a thorough review of the pros and cons of any business software that you are considering.”
LatamReady SuiteApp Features related to Financial Statements
Businesses that want to simplify financial statement management can benefit from the following features:
In Latin America, e-invoices make up just five percent of all consumer invoicesand 20 percent of government-issued invoices. Experts predict this number will grow in the next few years, however, as more companies switch to digital technologies to collect payments from customers and customers. The LatamReady SuiteApp offers users the latest NetSuite e-invoicing native technology — something that provides them with an advantage over their competitors.
The benefits of e-invoices are numerous: companies can track payments easily without any paperwork, and collect funds in a shorter amount of time. Although e-invoices are still a relatively new technology, Latin American businesses are more likely to use digital tools to settle bills. E-invoice technology is growing at a faster rate in the region than Africa, Europe, and North America. The LatamReady SuiteApp serves businesses who want to switch to this technology right now.
Business managers need to collect payments from customers and clients quickly. E-payment templates help them achieve this goal. These documents save payment details safely and securely, so businesses can charge contacts in the future without any manual intervention. The LatamReady SuiteApp includes e-payment templates for local LatAm banks. Users will find all the information they need on one screen, and they can choose from various payment methods like bank transfers.
LatamReady provides businesses in Latin America with the opportunity to capitalize on the growing digital payments market. Experts predict that digital payments will total US$92 million in 2017 and grow 17 percent by 2021. As more customers and clients pay for goods and services through digital methods, Latin American businesses are at the forefront of this emerging technology.
Countries in Latin America manage withholding taxes differently. In Mexico, for example, businesses withhold income tax from payments made by individuals for professional services. In Argentina and Brazil, on the other hand, the withholding tax rate is 10 percent and triggered upon payment. Latin American companies need to grasp complex tax rules to file their returns on time and avoid financial penalties.
Multinational companies that operate in more than one Latin American country need to comply with tax legislation without overcomplicating matters. The LatamReady SuiteApp lets them do exactly that — this program manages withholding taxes efficiently with little manual labor. The program various withholding tax management features that complement the native NetSuite Withholding Tax SuiteApp.
Why is Localization So Important?
Cloud-based ERP is a recent phenomenon. However, companies around the world have used conventional ERP products for decades. These programs integrate multiple business processes and automate many of the functions associated with financial statement management. Here in Latin America, more businesses are using ERP than ever before. Experts predict that the region’s ERP market will reach a massive US$2.73 billion by the year 2025.
Still, many small and medium-sized businesses in countries like Argentina, Chile, Mexico, and Peru are lagging behind their counterparts in Africa, Asia, Europe and North America. These companies rely on antiquated legacy systems — software that just can’t compete with a modern ERP product. Many of these applications lack cloud capabilities, meaning businesses could lose valuable information in the event of a natural disaster or data breach. LatamReady recognizes the need for a contemporary, affordable ERP product that centralizes a range of everyday business processes.
Unlike legacy systems or non-cloud-based ERP software, Oracle+NetSuite Cloud ERP protects sensitive business data and supports localization requirements. Developers constantly update the program to reflect the latest legislation and tax-related developments, so businesses are always one step ahead when it comes to compliance. Furthermore, the LatamReady SuiteApp is the first and only local app technically certified by Oracle+NetSuite for several countries in Latin America.
“Cloud-based solutions however only require a steady Internet connection, which many small to medium businesses already have,” says TechAdvisory. “The resources to host the solution are taken care of by the provider, which means that the systems should perform better than most in-house offerings, regardless of the systems you currently have.”
Why is Localization So Important?
Choosing a good cloud-based ERP product is just the first step in improving financial statement management. Localization is key because it lets business owners adapt software to their local market. Customizing ERP is a long and laborious process — development can take weeks, and managers can’t guarantee that roll-out will be a success — so investing in a company that specializes in localized software is a wise choice. LatamReady has tailored Oracle+NetSuite Cloud ERP according to the customs, conventions, and legislation of several local markets.
The LatamReady SuiteApp will transform the way Latin Americans carry out business tasks. Working natively inside of Oracle+NetSuite Cloud ERP, this program optimizes tax and legal compliance and offers customers support in both English and Spanish. As an ERP provider for nearly 20 years, Oracle+NetSuite Cloud ERP provides business owners with an effective way to manage their financial statements. Click here to find out more and speak with a member of the team! Plus, visit LatamReady on their Facebook, Twitter, LinkedIn and Google+ pages.