Is your company getting global with your current ERP? Pt 2

The Solution

 

The best option in this situation would be to acquire a cloud ERP focused on small to mid-sized businesses that delivers a modern and flexible model to operate globally, yet also grants larger companies the plasticity of the smaller counterparts. An ERP with all these characteristics is difficult to find, given that most still require some form of on-premise presence. Also, most global ERPs currently on the market require the company to find another localization solution anyway, because the original product only has specifications for one country. These additions require updating, and most stressfully, a new contracted system that means you have to consolidate yourself.

 

NetSuite comes through as the top ERP system for it solves the problems previously mentioned as well as provides additional conveniences. First, since its foundation in the 1990s, NetSuite focused on providing a company with global visibility within a single instance. Second, Oracle, the parent company, allowed NetSuite to distend and manage offices in over 30 countries worldwide as well as partner with reliable localization solutions, such as LatamReady, to manage specific localization requirements.

 

In the globe’s largest market countries--Brazil, Mexico, Germany, France, India, China and Japan--there is even a “Local to the Core” approach allowing your company to work through the local product, with regional expertise and guidance. This greatly benefits any company that is headquartered outside of North America.

 

For companies headquartered in countries apart from those mentioned, or that have one or more subsidiaries in other countries, NetSuite offers localizations through partners that are specialized in that region and/or market. LatamReady is the only NetSuite partner offering a solution for the entire Latin American region. This solution allows companies to calculate local taxes, comply with local tax requirements, understand business processes, and produce correctly formatted documents for each country through a single platform.

 

Additionally, NetSuite offers a solution for smaller markets called “OneWorld Ready” that allows companies to support subsidiaries in foreign countries. Local adjustments to GAAP can be calculated manually or through LatamReady, in the Latin American environment, and adjusted as needed.

 

Now, to be fair Microsoft Dynamics 365 also prides itself as a cloud ERP parented by another global enterprise. It offers a foundation for a company to start using an ERP, however is incipient and not yet dependable for expansion, multiple subsidiary operations and local compliance. Microsoft Dynamics also must rely on other, bigger products such as Microsoft Azure and Microsoft Office 365 for its functionality. Other nascent products exist like SPA´s S/4HANA or Acumatica, both with situations that require more than one system to operate abroad.

 

On the positive side, growing mid-sized companies have the benefit of being able to integrate an ERP that best suits their business needs. When choosing an ERP, the following questions should always be asked:

  1. Is the ERP accredited by multiple bodies including the American Institute of CPAs (AICPA), the Institute of Chartered Accountants in England and Wales (ICAEW), and more?

  2. Is the ERP certified in Germany under the Institute of Public Auditors (IDW) Auditing STandards (AuS 880) and Generally Accepted German Accounting Principles (GoBS)? Are they Japanese J-GAAP compliant? And are they compliant in other countries?

  3. Does the ERP provide support for indirect tax engine with respect to automatic calculation of Canadian HST, Mexican IVA, German Mwst, Philippines VAT, Australian GST, China Golden Tax VAT, and more?

  4. Does the ERP provide support for electronic payment processing of the payments or direct debits into each local bank's predefined file format? Local payroll support would also go a long way toward easing the burden of running a global business.

(reference: www.netsuiteblogs.com)

 

Overall, emphasis should be placed on the fact that NetSuite encompases all operations in a single instance. Pre-configurations of tax and company relationships allow NetSuite the facility of a global platform ready to deal with and solve any upcoming complications.

0 Comments

Is your company getting global with your current ERP? Pt 1

 

Nowadays it's difficult to expand your company when their goals are only directed to a single domestic market. Many cases have shown globally conducted businesses expanding rapidly compared to those that only focus on the local markets. Why wouldn't a company seek to grow their company and explore the opportunity in marketing their services globally, when the internet has evolved to the point that the world has turned into a single entity?

 

Can the system you're using take the load to bring about global expansion for your business? Your Multi-Latin business needs andERP that can support what is needed for expansion, not only having the capabilities of managing multiple languages and currencies. Growth for a business always means having to deal with continuous adjustments, updates, requirements...etc. International expansion is identified by having operational offices that create transactions, think about...financial reconciliation, regional revenue recognition compliance and localized financial report generation, foreign exchange management, local product support and service team establishment and management, and more.


Regulatory changes usually cause many companies to deter from global growth, as well as possible risks with compliance and even potential financial penalties or system-based tax audits. It the same case everywhere int he world. Tax requirements continue to change often, governments regularly adjust/update tax rates and laws in an effort to balance their budgets and have control.

Have you thought about the hidden costs in compliance responsibility for your company? A company can face hefty penalties and interest charges if tax management processes and generation of improper financial reports were mismanaged.


What ERP should your multinational multi-latin company use?

 

Selecting an ERP system from SAP or Oracle wouldn't be so much of a bad option at this point, despite their interesting capabilities. However, if your company happens to choose entry-level local ERP solutions such as Intuit QuickBooks, Xero, or some local Sage ERP product would not be a helpful choice. WHY? Local systems can only usually support only a few languages. Think of how it would deal with global capabilities. Instead of growing your company with one of these ERPs, the ERP solution itself will be outgrown.

What is a better choice? Tell us your thoughts.

Look out for Part 2

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Oracle+NetSuite Implementation Challenges in Latin America for US+International corporations

The Challenge of Latin America

Even with the latest enterprise resource planning software at one’s disposal, abiding by and accounting for the various tax laws and regulations throughout Latin America can be a major challenge for multinational companies operating in the region. This presents multinational companies with substantial obstacles even after investing heavily in the global version of NetSuite (NetSuite OneWorld).


Non-compliance isn’t an option for the world’s leading firms, and neither is missing out on the massive sales opportunities in the region. Many companies have chosen to manage compliance internally or even move their compliance process outside their ERP software. This is usually a cost-saving decision, but the decision inevitably reduces speed and can lead to all kinds of issues that often negatively impact the resources available to other business channels. It’s far better to establish a cohesive and long-term solution.

 

Managing chaotic internal processes and making platform changes are, of course, major tasks. ERP implementations can seriously disrupt business if such implementations are not approached with clarity and expertise.


Moving business-to-government compliance inside the ERP

Multinational firms from America to Australia have been making — and continue to make — the sound decision to position their business-to-government compliance within their existing enterprise resource planning software.

 

E-invoicing and tax requirements in Latin America are extremely complex and considered to be some of the most challenging to navigate in the world. The decision to invest in capabilities within an ERP helps untangle this complexity to a measurable extent and is far more future-focused.

 

Professionals tasked with setting up offices or operations from Ecuador to El Salvador, or from Panama to Paraguay, need a sensible and comprehensive solution that is simple to implement while remaining on the cutting edge of compliance and regulation knowledge in this very dynamic region.


The Solution

Over time, one ERP solution provider has truly established itself in the Latin America: NetSuite. On July 28, 2016, Oracle announced that NetSuite was now a member of the Oracle Cloud Family — both as part of the company’s portfolio for Small & Medium Businesses as well as the Two-Tier ERP approach for Big Corporations.

 

With Netsuite-Oracle, companies can transform, engage, and modernize their businesses. NetSuite shatters limitations with a game-changing solution built specifically for different Industries. Through omnichannel commerce, companies can meet their customers everywhere and get ahead of competitors with technologies built specifically for the 21st century.

 

Numerous firms have decided to go with NetSuite, and many of them are now focusing on expanding their Latin American business capabilities.


A respected solution provider and a leader in Miami for Latin America

As has been indicated, implementing NetSuite in US+Latin America is no small task. That said, many firms have chosen to avoid the pitfalls restricting business growth that unavoidably comes from expensive mistakes with either compliance or tax reporting.

 

Dealing with the complex tax and legal systems in US+Latin America can cause a lot of headaches (especially if one is using an outdated ERP).

 

Miami based, LatamReady helps multinational companies manage business-to-government compliance and tax reporting within NetSuite using LatamReady SuiteApp. LatamReady SuiteApp works inside NetSuite allowing customers to be compliant with local accounting rules in more than 10 Latin American countries.


NetSuite is the #1 Cloud ERP option for a multi-Latin ERP implementation

  • NetSuite boasts top cloud performance and experience in Latin America.
  • LatamReady comprises more than seven years implementing and localizing NetSuite for American and Latin American & Caribbean Customers.
  • LatamReady has been a top tier NetSuite Partner since 2009 and has implemented NetSuite to more than 70 organizations.
  • Based in Miami and operating across Latin America and the Caribbean, LatamReady is the only localization solution certified by NetSuite.

Growing capability and experience in the US+Latin America field

Deep NetSuite experience began with a relationship that was established with NetSuite in 2009. Over the last seven years, they have built on this experience and improved the relationship. The capabilities have also been improved and expanded. They now have solid Latin American localizations knowledge at their disposal. The team is bilingual in both English and Spanish and honors NetSuite best practices.

 

In January 2015, LatamReady SuiteApp became the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program. Since then, LatamReady has expanded its capabilities and increasingly helped companies with implementation throughout US+Latin America, while carefully keeping a finger on the pulse of government compliance and tax regulation changes.


Built for NetSuite

Announced in Miami in January 2015, LatamReady SuiteApp has become the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program.


Multi-national

Between February and November 2015, LatamReady SuiteApp expanded its support for the legal and tax requirements of these ten Latin American countries: Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru and Uruguay — although 2016 has shown itself to be a year of changes in Peru. SUNAT launched a new set of legal requirements, but despite this, LatamReady is now supporting monthly electronic ledgers following these recent changes.


Oracle Announces NetSuite Will Join the Cloud Family

On July 28, 2016, Oracle made the announcement that NetSuite had become part of the Oracle Cloud Family as part of Oracle’s portfolio for Small & Medium Business and Two-Tier ERP approach for Big Corporations.


Becoming a trusted name

LatamReady is the number 1 US+multi-Latin compliance and localizations solution for NetSuite. More than 70 businesses in the region already trust LatamReady. These companies have benefited from the simplicity of entering and opening LatAm with One Key.


Latam Benefits:

  • LatamReady SuiteApp works 100% natively inside NetSuite.
  • Tax and Legal compliance have been simplified.
  • LatamReady is constantly updated to address legal compliance.
  • Implementation and Support services performed in both English, Spanish & Portuguese.
  • First and only localization solution technically certified by NetSuite for Latin America as part of the ‘Built For NetSuite’ program.

As an implementation architect or solutions decision-maker, benefits such as these are critical expectations from a solution provider. Companies like Adistec and NCH have successfully implemented and provided most useful feedback.

 

Gustavo Dipilla, COO of Adistec Corporation, shared his company’s implementation story. Adistec is a leading company in the distribution of hardware, software, and value-added services for Latin America and the Caribbean. Headquartered in Miami and already present in 15 countries in Latin America before implementation, they faced the huge challenge of setting up their ERP to maximize their business potential.

 

In the region, it represents brands that includes VMWare, NetApp, Cisco, Fortinet, Symantec, Kaspersky, as well as several others. It decided to implement NetSuite for its subsidiaries in nine countries throughout Latin America, and with impressive speed began witnessing a marked increase in the efficiency the software solution was able to provide.

 

One of Adistec’s biggest challenges was to customize their experience within NetSuite. They successfully achieved personalization of forms, research, reportage, and specialized fields in conjunction with the implementation team. One big win was to the ability to create the logic to control the making of estimates with sale prices calculated in function of import duties and taxes for each country where they had subsidiaries. Even though Adistec knows challenges will crop up again as they enter new countries, they have been suitably encouraged by the success of the implementation thus far. They know they can successfully build new business with an ERP that is in such fine shape. Their chosen platform and the highly supportive team will help them make future implementations a success.

 

NCH Corporation was similarly able to capitalize on the implementation expertise of Pumah. They began their Peru implementation in January 2014 and followed up with Panama in July of the same year. Implementation has simplified order intake, invoicing, finances, production, and inventory management.

 

Given the success achieved with these implementations, US and international companies already doing business or expecting to do business in US+Latin America are expected to trust LatamReady to handle their ERP implementations. Globally, more than 70 firms from the US, the UK, and Australia are already using LatamReady SuiteApp.


Features

LatamReady boasts the following features — essential for making business in Latin America productive and profitable. Each of these features, from e-invoicing templates to the ability to set and control adaptable accounting rules, allows for greater efficiency and accuracy.

  • E-invoicing templates via NetSuite E-Invoicing SuiteApp.
  • Pre-Printed formats.
  • Legal books.
  • Withholding taxes features complementing NetSuite Withholding Tax SuiteApp.
  • e-Payments templates via NetSuite Electronic Payments SuiteApp.
  • Taxes sync with standard NetSuite tax definitions for Latin America.
  • Accounting rules.
  • Transaction types.

LatamReady SuiteApp keeps companies completely up to date with the constant changes in compliance and tax reporting on a country by country basis. This knowledge and expertise mean companies spend fewer resources and less time adjusting their internal processes, managing change, and paying attention to errors and data discrepancies.


How to approach US+Latin America ERP implementation

When companies approach US+Latin America, there are several options for ERP and several options for management of compliance and tax regulations. For example, a company could choose to go with SAP. There are two key differences between SAP+Local LatAm Partners and NetSuite+LatamReady. As you investigate your choice of ERP Latam, consider the following:

  • NetSuite is #1 Cloud ERP. Today, the cloud is key.
  • LatamReady is the #1 NetSuite option for a US+multi-Latin NetSuite implementation. Here, experience is key.
  • LatamReady has already facilitated successful implementation in over 70 companies from a variety of industries and continues to bring this expertise in implementation to US, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru, and Uruguay.

In the final analysis, the future is key — and the time for implementation is now.

 

Carlos Zumaeta

CEO


LatamReady and Oracle+NetSuite Offer Experience and Flexibility for Electronic Invoicing in Latin America to US+International corporations

Given market changes, proximity to, as well as substantial economic ties with its northern neighbor, Latin America continues to be a crucial area for US, UK and international business growth. As both large and small companies continue to expand into the region, the challenges of working with multiple companies, suppliers, and markets in a region with such diverse legal regulations are increasing. In fact, there is an immediate need for businesses to have a seamless electronic invoicing system in place, one that can work with the laws of each country and be completely integrated with a top Enterprise Resource Planning software as NetSuite.


Electronic invoicing is becoming mandatory in Latin America; it is already required in Mexico, Chile, Peru, and Ecuador. Implementation in Colombia has also begun. Latin America presides over some of the most complex electronic invoicing and tax requirements in the world — even local companies find the process arduous; compliance rules are specific to each country. Colombia, for example, requires two different sets of local books (COLGAAP and NIIF), while Chilean law does not necessitate the use of a Statutory Chart of Accounts.

 

LatamReady offers the implementation of NetSuite in conjunction with a seamless, cloud-based localization and electronic invoicing solution for international businesses looking for or working with NetSuite in US + multiple Latin American countries.

 

LatamReady SuiteApp  manages business compliance areas, from local government compliance to tax regulations, in ten Latin American countries. Trusted by over seventy businesses, LatamReady has helped companies to implement NetSuite best practices and localizations inside of NetSuite since 2009.


Why NetSuite and LatamReady — and why now?

Globally, more and more businesses of all sizes are upgrading to the cloud. Cloud computing has made mission-critical business technologies safer, less cumbersome, and more productive than local servers. Recent surveys revealed that 88% of cloud users found that adopting cloud computing had resulted in significant financial savings. 56% of companies surveyed saw an increase in profits.

 

Since 2009, LatamReady has worked with NetSuite to keep international businesses government compliant in Latin America. LatamReady is the one and only certified built for NetSuite SuiteApp for the Region and is the number one NetSuite option for a multi-national Latin American implementation.

 

LatamReady SuiteApp uses NetSuite SuiteApp technology to connect NetSuite to local Latin American e-invoicing suppliers. In fact, LatamReady works 100% natively inside NetSuite, so the interactions between LatamReady SuiteApp and NetSuite ERP are seamless. It also uses one key for ten Latin American countries. Specifically, LatamReady has been programmed for local compliance in US, Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, and Uruguay. Key features for all countries include e-invoicing templates via NetSuite e-Invoicing SuiteApp, pre-printed formats, legal books, withholding taxes features that complement NetSuite Withholding Tax SuiteApp, e-payment templates via NetSuite Electronic Payments SuiteApp, taxes sync with standard NetSuite tax definitions for Latin America, accounting rules and transaction types. Implementation and support services are available in both English and Spanish.

 

Specifically regarding e-Invoicing, here are some of the unique elements that LatamReady offers in key Latin American markets:


Electronic Invoicing for Argentina

Electronic Invoicing is offered via COMFIAR Argentina. NetSuite is connected to COMFIAR Argentina via web services and, using Netsuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Argentina: Invoices (Sub-Types: A, B, and C), Credit Memos, Debit Memos, etc.


Electronic Invoicing for Chile

For Chile, LatamReady SuiteApp offers Electronic Invoicing capabilities via Enternet. NetSuite is connected to Enternet via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Chile: Invoices, “No Afecta” Invoices (IVA cero), Debit Memos, Credit Memos, Waybills, etc.


Electronic Invoicing for Colombia

Electronic Invoicing is offered via COMFIAR Colombia. NetSuite is connected to COMFIAR Colombia via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Colombia.


Electronic Invoicing for Mexico

For Mexico, LatamReady SuiteApp offers Electronic Invoicing capabilities via Solucion Factible. NetSuite is connected to Solution Factible via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Mexico.


Electronic Invoicing for Peru

Electronic Invoicing is offered via COMFIAR Peru. NetSuite is connected to COMFIAR Peru via web services and, using NetSuite e-Invoicing SuiteApp technology, produces, inside of NetSuite, e-Documents required in Peru.

 

There are noteworthy differences between LatamReady for NetSuite and other electronic invoicing solutions for NetSuite in Latin America.

 

First and foremost, LatamReady SuiteApp is able to integrate electronic invoicing, tax, and governmental compliance within NetSuite.

 

Second, it does so through cloud-based computing, which is faster, less cumbersome, and eventually more cost effective. Just as NetSuite is the largest, most commonly used cloud-based ERP, so LatamReady is the number one option for US + Latin American NetSuite implementation.

 

As LatamReady expands to more countries and creates an integrated, seamless, up-to-date compliance program, it stands to become the de facto leader in multinational US+ Latin American localizations and electronic invoicing inside of NetSuite.

 

Carlos Zumaeta

LatamReady CEO


Oracle+NetSuite Implementation and Localizations for US+International corporations doing businesses in Chile

LatamReady, a Oracle+NetSuite Partner since 2009, offers a simple and effective way to implement Oracle+NetSuite in Chile and Latin America, become compliant with Chile’s electronic invoicing and local regulations.


In 2014, Chile began to join other Latin American countries in making electronic invoicing mandatory, a process which allows countries to standardize and automate invoice transactions. By the end of 2014, Chile had required all large revenue companies (with revenues exceeding 4.2 million dollars) to use electronic invoicing, with medium and small enterprises gradually being folded into these requirements, in order to be completely electronic by the end of 2017. Chile has incredibly complex e-invoicing governmental requirements, including separate document types, in addition to yearly and monthly accounting reports. Given that, companies of all sizes will need to be effectively converted to electronic invoicing by the end of 2017, multinationals working in Chile need appropriate e-business software to guarantee compliance with Chile’s intricate regulatory system.

 

Since 2014, LatamReady has been offering LatamReady SuiteApp Chile, including a specific e-invoicing solution for multinationals and local Oracle+NetSuite customers with business in Chile. LatamReady offers a SuiteApp that works natively within Oracle+NetSuite Cloud ERP software allowing customers to be locally compliant in Chile, Argentina, Mexico, Colombia, Peru, Ecuador, Uruguay, Brazil, Colombia, Peru, Bolivia, Costa Rica, Ecuador, El Salvador, Panama and Paraguay. LatamReady fully implement Oracle+NetSuite localizations including Electronic Invoicing solutions for multinationals working several Latin American countries simultaneously. With LatamReady Chile, LatamReady SuiteApp keeps multinational enterprises electronic invoicing compliant with Chile’s Servicio de Impuestos Internos (its tax administration authority).


Why Oracle-NetSuite cloud-based ERP and LatamReady?

Globally, the future of business software is cloud-based systems. Cloud-based computing makes important business documents safer, streamlines document organization, and allows businesses to run software more efficiently than on local servers. Recent surveys of medium and large businesses found that 88% of cloud users found that adopting cloud computing resulted in significant financial savings, and 56% of companies surveyed saw an increase in profits. Oracle+NetSuite is the number one cloud Enterprise Resource Planning software. With more than 30,000 businesses using Oracle+NetSuite across 160 countries, it is ten times larger than its nearest competitor.

 

More importantly, Oracle+NetSuite’s cloud ERP is built from the ground up for cloud-based computing.

 

Oracle+NetSuite sets of modules are built specifically for the cloud, they are able to capitalize on lower costs of implementation and reduced problems for local IT departments. Oracle+NetSuite  cloud financials allows for real-time access to live financial data, which makes additions and addendums easier, quickly resolves delays, and generates compliance documents more quickly. Top 10 ERP.org, the ERP Software Systems index, places  Oracle+NetSuite  in the top 10 of ERP software, noting that its core significance lies in its ability to keep all business operations in an integrated suite. PC Magazine rates NetSuite ERP as “excellent,” remarking that Oracle+NetSuite ’s core configuration meets the needs of a wide variety of kinds of companies.

 

Since last year, Oracle+NetSuite ’s native NetSuite Electronic Invoicing SuiteApp helps companies to stay compatible with their business partners while cutting the costs associated with manual paper invoicing. And, as countries are becoming required to use electronic invoicing, Oracle+NetSuite’s experience with local compatibility and efficient invoicing makes it the best selection for multinational invoicing integration into local government regulation.

 

LatamReady SuiteApp works entirely inside of Oracle+NetSuite  to create cloud-based localization and electronic invoicing solutions for multinationals in Latin America. Since 2009, LatamReady SuiteApp is the #1 Latin American NetSuite extension and has the most experience of any Latin American NetSuite SuiteApp working with local regulation. LatamReady SuiteApp (built for and certified by Oracle-NetSuite ) is the first SuiteApp to be created especially for the Oracle+NetSuite  Electronic Invoicing SuiteApp, and LatamReady SuiteApp uses NetSuite Standard Electronic Invoicing SuiteApp technology to connect Oracle+NetSuite to local e-invoicing suppliers. With each national edition, LatamReady has specified its SuiteApp to meet the invoicing needs of specific countries.

 

LatamReady SuiteApp Chile can lead multinationals through Chile’s intricate regulatory structures. Like most Latin American countries, Chile’s electronic invoicing needs are specific and require a thorough understanding of local legal systems. Currently, Chilean structures use elements of a batch-oriented folio scheme combined with real-time communication elements. The process is comprised of two steps. In the first, a delivery document (the original, establishing document) is generated and registered with the government as the initial transport event. In the second step, the other documents (like invoice or credit/debit notes) will be generated and registered with reference to the original document as a follow-up to activities occurring later in the process.

Key elements of the Chilean electronic invoicing system include:

  • Different types of electronic fiscal documents, which are collectively referred to as “Documentos Tributarios Electrónicos” or DTEs. Each DTE deals with its own specific government issues. The fiscal data required for each document is packaged in a DTE specific XML format, and then signed and registered with the government in real time via web services endpoints exposed by the Chilean tax authority and signed using a public key. At the end of each month, monthly compliance reports must be uploaded to the government web manually or using a web service. These reports summarize the DTE transactions produced during the month and also include any contingency (paper DTEs) as well. Electronic folios can be skipped or voided via the web, but the paper-based contingency processed within the month-end reports do not need to be destroyed.
  • Customers must receive an inbound memo as well (provided as an XML response back to the SII via HTTP). There are government web services endpoints that provide for inbound validation. The buyer has 8 days to provide this response. If the buyer neither rejects nor notifies the supplier about an issue, then the invoice is presumed to have been accepted. If the buyer rejects the inbound invoice, then it is up to the supplier to correct it via credit memo. In the event of a discrepancy between XML and paper DTE, only the XML file will count – if the XML file is invalid, then the entire transaction is invalid, even if the paper DTE was printed correctly.
  • Paper-based DTE documents are allowed as a contingency measure. Contingency DTEs are printed on special paper that is specifically authorized by the government notarized by an SII watermark. Contingency DTEs have a separate range of folio numbers and need not be registered with the government.
  • Cancellations should be avoided. Instead of cancellations, the Chilean system favors separate credit/rebill transactions to reestablish the transaction.
  • Registration functions are provided via web services maintained by the government. Multiple certificates can be used based upon permissions configured in the SII portal for each RUT, though the monthly compliance reports should be submitted using the credentials of the company’s fiscal manager.

LatamReady provides the legal structures and documents needed to remain legally compliant with the SII and Chile’s regulatory system.


Conclusion: Oracle+NetSuite and LatamReady combined solution and expertise  with Chilean Legal requirements is the key to open NetSuite’s cloud-based computing efficiency in Chile and Latin America

LatamReady professional services team members are extensively familiar with Chilean legal requirements, and the LatamReady SuiteApp is designed with the nuances of the system in mind. As such, LatamReady combines the ease and cloud-oriented approach of Oracle+NetSuite  with the LatamReady SuiteApp software’s integration of a nuanced understanding of Chile’ s specific governmental regulations. Most importantly, LatamReady works inside of Oracle+NetSuite, allowing multinationals to continue working within NetSuite and its cloud-based business management software seamlessly.

 

Miami based, LatamReady is Oracle+NetSuite for US+Latin America. Multinationals working in multiple Latin American countries will appreciate LatamReady’s seamless ability to work in most Latin American countries, and multinationals working in Chile will appreciate LatamReady’s clear grasp of necessary electronic invoicing regulations.

 

Being compliant–and electronic invoicing ready–is crucial for businesses in Latin America in the twenty-first century, and LatamReady provides the important elements to be roll out Oracle+NetSuite to Chile.

 

Carlos Zumaeta

LatamReady CEO


Oracle+NetSuite Cloud ERP: Simplify legal the legal compliance of your subsidiary in Colombia

In April 2016, Colombia’s Dirección de Impuestos y Aduanas Nacionales (DIAN), or

National Taxes and Customs Direction, the country’s taxing authority, began a national electronic invoicing pilot program. The program has been in the planning stages for

many years — in February 2016 they released the technical specifications for the

model, detailing things that organizations needed to be cognizant of when

implementing E-invoicing.


The program was initially launched in May 2007 when Colombia passed the foundation

for E-invoicing. By 2013, they had published a decree to begin the program

countrywide. In 2015, they announced the pilot program would begin the following year

with selected companies participating in the testing phase. Before the decree that

companies would have to implement electronic invoicing by law, voluntary adoption in

the open system was low.


Pilot Program

The pilot program was designed to accelerate the adoption of E-invoicing in Colombia,

to improve the policies and procedures of the system, and to listen to participants and

address any concerns they had. Based on similar systems in Brazil, Chile, Ecuador,

Mexico, and Peru, the program ran through October 2016, when DIAN announced it

was a success. During the testing phase, they monitored industries and industry

sectors that faced the highest risk of tax evasion, as well as transaction volume, assets

volume, revenues and IVA refunds. Colombia’s move to electronic invoicing is not

isolated. At least eight other countries in Latin America have a similar mandate.


Transmitted in XML

Colombia’s electronic invoicing system, called SIFEL, digitally regulates electronic

invoices and debit and credit notes. The documents are transmitted in XML format and

are validated in less than two days. The system also creates an automatic reply that

indicates the invoice has been received. To maintain authenticity, the government says

that documents must be signed with an electronic certificate that originates with the

organization sending the document or by a third-party service. Invoices are numbered

with the code known as CUFE that the taxing authority provides.

Some companies have been concerned about how the new program will affect their

internal programs. The government reiterated that, just like other countries such as

Mexico and Chile, they expect organizations will experience multiple benefits including

making business more efficient, bringing down costs, and tightening fiscal control.


#1 Cloud ERP

Many companies are still trying to determine how they are going to adapt to their

internal processes to follow Colombia’s new electronic invoicing regulations. This

includes organizations using Oracle+NetSuite, the number one cloud ERP on the

market. LatamReady has the solution in this regard.


US+Multi-Latin Leader

LatamReady is the leading Oracle+NetSuite US+Multi-Latin solution provider in Latin

America. Their mission is to help multinational companies with operations in multiple

Latin American countries implement Oracle+NetSuite Cloud ERP solutions. Their

LatamReady SuiteApp works inside Oracle+NetSuite, allowing clients to be compliant

with accounting rules in more than 10 Latin American countries. The company offers

full Oracle+NetSuite implementation including LatamReady SuiteApp when installing

the Cloud ERP.


Years of Experience

LatamReady has years of experience working across multiple Latin American

countries with global firms from around the world including United States, UK and

Australia. LatamReady SuiteApp utilizes the NetSuite standard electronic invoicing

SuiteApp technology to connect NetSuite to local E-Invoicing suppliers. In fact,

LatamReady SuiteApp was the first SuiteApp globally that started to use NetSuite’s

electronic invoicing SuiteApp.

 

LatamReady has extensive experience offering this solution to Latin American

countries. Beginning in 2013, the company began offering E-invoicing solution for both

local NetSuite clients and multinationals operating in Mexico. Nowadays, LatamReady

supports e-Invoicing processes directly from Oracle+NetSuite in +7 countries.

 

LatamReady: Oracle+NetSuite e-Invoicing experience in Argentina, Chile, Ecuador, Mexico, Peru and now Colombia, Uruguay and Brazil.

 

LatamReady SuiteApp connects NetSuite to certified local e-Invoicing Suppliers across

Latin America: COMFIAR (Argentina, Colombia, Ecuador and Peru),  Enternet in Chile, RSM in Uruguay, Solución Factible in Mexico and Edicom in Brazil. LatamReady SuiteApp has been a great help in assisting their clients in meeting these requirements quickly and effectively in Argentina, Chile, Ecuador, Mexico and Peru. Colombia and Uruguay are the next steps working as a team with COMFIAR and Oracle+NetSuite.


Why Oracle+NetSuite Cloud-Based ERP and LatamReady?

Around the world, it’s clear that businesses are moving significant portions of their

operations to the cloud. Consider these developments:

In 2015, the global market for cloud computing hardware, software, and

infrastructure services increased 21 percent to $110 billion.

 

Research firm IDC estimates that global spending on public cloud operations can

double from 2015’s total of $70 billion to more than $141 billion by the year 2019.

Within that estimate, the firm forecasts that Platform as a Service (PaaS) and

Infrastructure as a Service (IaaS) companies — such as Microsoft’s Azure and

Amazon Web Services (AWS) will increase faster than Software as a Service

(SaaS) offerings.

 

Forbes magazine estimates that spending on IaaS could rise from $38 billion in

2016 to more than $173 billion in 2026, largely based on the increasing demand for

remote storage and computing.

Global Industry Analysts report that PaaS, which is not as high profile as IaaS and

SaaS, nonetheless might hit annual spending of $7.5 billion by the year 2020,

driven mostly by programmers creating more apps that run exclusively in the cloud.

Another reason for the continued growth is that Gartner estimates that 50 percent

of PaaS implementations by 2020 will be for installations in the Internet of Things

(IOT) market.

 

The RightScale State of the Cloud survey revealed that 17 percent of enterprise

companies deployed more than 1000 virtual machines in the public cloud. This is

an increase from 2015’s 13 percent result.

 

In the private cloud market for 2016, the RightScale study reported that 31 percent

of enterprise firms run more than 1000 virtual machines privately, in comparison to

22 percent the previous year. This robust increase shows private cloud

implementations are still growing.

 

Although it has been growing for many years, SaaS services such as Skype,

Salesforce, and Dynamics CRM are in a saturated market, especially compared to

the enormous trend toward infrastructure platforms such as Azure and AWS.


Oracle Buys NetSuite

Oracle purchased NetSuite in a $9.3 billion acquisition in November 2016 after an

initial offer made in July 2016. The Chief Executive of NetSuite, Zach Nelson, and the

Chief Technology Officer, Evan Goldberg, both formerly worked at Oracle. NetSuite

specializes in ERP software usually used by larger companies to track inventory,

streamlined manufacturing and handle accounting. It was one of the original

companies offering SaaS services in the cloud.


Built for the Cloud

Today, NetSuite is the leading ERP software in the world with over 40,000

organizations using it in more than 160 countries. Since the software was built from

scratch to be a cloud service, the modules are specifically designed to be efficient in

that format. Local IT departments can bring down the cost of implementing new

services while reducing errors and maintenance costs. NetSuite’s financial capabilities

let clients access data in real time, making changes and additions simpler and faster

while resolving problems and creating compliance documentation rapidly.


Top Ranking

Top10ERP.org, which maintains an ongoing ranking called the ERP Software Systems

Index, puts NetSuite at the top of the ERP software list, noting its strength in keeping

core business operations contained in an integrated suite. PC Magazine gave a rating

of “excellent” to NetSuite ERP, citing the program’s ability to provide solutions to

companies in a wide variety of industries.


Coordinated with Local e-Invoicing Vendors

LatamReady gained more ground in the enterprise market with the development of a

combined solution with NetSuite Electronic Invoicing SuiteApp, a powerful application

that helps companies stay in sync with local e-Invoicing vendors such as COMFIAR

(Argentina, Colombia, Ecuador, Peru and Costa Rica), Enternet Chile, Solucion Factible Mexico, RSM Uruguay and Edicom Brazil. Also, as more countries in Latin America require their industries to move to electronic invoicing, LatamReady’s ability to work with local business leaders combined with the efficient invoicing abilities of the software make it an obvious choice for integrating electronic invoices for multinational firms seeking to meet new government regulations.


Contained Inside NetSuite

LatamReady SuiteApp is easy to work with because it works completely inside of the

NetSuite framework, allowing easy electronic invoicing throughout Latin America.

Beginning in 2009, LatamReady SuiteApp became the leading application for Latin

American NetSuite. A big part of the success of the program is the company’s

knowledge of local regulations and experience working with local business owners.

LatamReady uses the NetSuite Standard Electronic Invoicing SuiteApp system to

create connections between local suppliers using E-invoicing and NetSuite. As

additional Latin American countries adopt electronic invoicing guidelines, LatamReady

is ahead of the game — they have already developed specific SuiteApp

customizations that help companies in these countries handle invoicing, legal ledgers

and processes in line with new government regulations right away.


Cloud ERP Solution for Colombia

As government officials, company leaders, vendors, suppliers and local contacts get

used to the system, it will begin to bear fruit and make the entire country more efficient.

LatamReady SuiteApp is the leading solution for Oracle+NetSuite clients making the

transition to a fully legal compliant Cloud ERP in Colombia.

 

Carlos Zumaeta

LatamReady CEO


LatamReady simplifies Oracle+NetSuite Cloud ERP implementation for US+International corporations with operations in Argentina

In 2014, the Administración Federal de Ingresos Públicos (AFIP) mandated electronic invoicing for all companies doing business in Argentina. Although a few extensions were granted to particular industries and corporations, those extensions expired, and all companies were expected to be fully compliant by July 2015. At the time, many Latin American countries were mandating similar electronic invoicing requirements, resulting in many multinational companies scrambling to meet the deadline.


For many obvious reasons, including Argentina’s position as one of Latin America’s strongest economies with accelerating global GDP, non-compliance with AFIP’s complicated and difficult-to-navigate tax regulations was never an option for these corporations. Not only were sales at risk, but the reputations of affected multinational corporations as well. To continue doing business in this high-growth, high-opportunity country, adoption of AFIP mandates often hastened decisions.

 

Wary of non-compliance, a looming deadline, and being unable to properly get a handle on the complex and wide-reaching AFIP mandates, many large-scale multinationals moved their Argentinian reporting off-line. This strategy effectively isolated the ‘mess’ of new regulations and requirements from their existing enterprise resource planning (ERP) system. Believing that this short-sighted strategy safeguarded their broader ERP, saved money, and avoided disruptions that could occur during a sloppy integration (let alone a completely faulty implementation), the avoidance decision ultimately created a dual system.

 

However, this ‘dual system’ solution fails on several fundamental levels. Primarily, it is a temporary, tunnel- vision measure. For reputable companies whose long-term operations include Latin America, and Argentina in particular, ERP integration must happen sooner or later, and delaying the implementation project adds its own element of complication. Also, not only do the resources required to manage this dual system strip efficiency from other businesses and channels, but ignorance could increase costs if left unaddressed for too long. Worse, if this ‘dual system’ is improperly managed, corporations risk non-compliance with the local authorities, or AFIP, in this instance.


Understanding the Scope of AFIP Tax Complexities

Doing business in a Latin American country like Argentina means complying with all pertinent AFIP regulations. Unfortunately for many multinationals, those regulations are complicated and misunderstood as those regulations reach beyond the electronic invoicing requirement. The scope of AFIP’s regulatory complexities underlines how a dual system cannot be a permanent, long-term solution in an ever-evolving economy like Argentina’s.

 

To illustrate those complexities, the AFIP mandates that companies operating in Argentina produce various pre- printed invoice formats (Type A, Type B, Type E), maintaining specific legal ledgers depending on the transaction, producing various withholding tax reports and certificates, maintaining an acceptable inventory card, as well as compliance with a host of other accounting, taxation, and legal requirements. Most ‘out-of-the- box’ ERP solutions cannot satisfy these requirements, which could be another reason why several multinationals opted for a dual system while they came to grips with the intricacies of the AFIP requirements.

 

What many multinational corporations have discovered in this process is that many Latin American service providers exist that hold certification from local tax authorities. These certified providers can help tackle part of the requirements. But the next discovery is that even these specialized service providers can only offer partial AFIP compliance, and integration with an existing ERP is troublesome.

 

And, equally important, bringing these specialized providers together onto a single platform, such as onto an existing ERP, proves costly and challenging (i.e. disruptive, the very thing the affected multinationals wanted to with their dual system strategy in the first place).

 

For example, a company like COMFIAR is certified by Argentinian tax authorities. It supplies over 40 million compliant invoices per year and its reputation names it as the leader in this space across many Latin American countries. For multinationals doing business in Argentina, COMFIAR is considered an essential service. But integrating their electronic invoicing solution into an existing ERP requires added specialization and localization knowledge.

 

Speaking of the ERP space, a global company like Oracle+NetSuite that offers a fully scalable solution with cloud capabilities might offer all the bells and whistles to satisfy domestic reporting, tax, legal and accounting requirements, but without COMFIAR integration, it’s inadequate in Latin American countries like Argentina. While its in-house electronic invoicing works domestically in the United States, Australia, the UK, or elsewhere, it is non-compliant in Argentina.


Oracle+NetSuite’s Robust Flexibility Plus COMFIAR Integration

When Oracle purchased NetSuite in 2016, its primary aim wasn’t to gain market share through NetSuite’s 40,000 customer base (at the time, its next-closest competitor commanded a tenth of that client list). Rather, Oracle aimed to own NetSuite’s leading, cloud-based solution. With a 99% satisfaction rating, NetSuite’s solution was not only solid but built from the ground-up specifically as a cloud-based application, and had a healthy head start over others.

 

So strong was NetSuite’s reputation in the market that Oracle adopted its name into its own, and for a good reason: it established Oracle+NetSuite as the most robust and flexible cloud-based ERP in the world.

 

However, even as a solution that appeals to businesses of all sizes in every corner of the globe, Oracle+NetSuite cannot, by itself, provide a full-service solution for multinational companies operating in Latin America, and Argentina in particular.

 

Likewise, while COMFIAR offers a demonstrated and respected electronic invoicing solution, it lacks the integration needed to take advantage of the reporting power that an ERP like Oracle+NetSuite offers.

 

To properly integrate these two leading systems in a way that satisfies AFIP requirements as well as corporate stakeholders, multinational companies are turning to a built for NetSuite solution deployed by LatamReady.

 

Based in Miami, LatamReady is a software-defined networking (SDN) and Implementation Partner to Oracle-NetSuite and has been developing localizations since 2009.


ERP Implementation Facilitated in Argentina by LatamReady

As the leading Oracle+NetSuite provider in Latin America, LatamReady is more than capable when it comes to understanding the nuances of AFIP requirements and delivering a solution that meets localized tax and legal requirements. Moreover, their LatamReady SuiteApp connects Oracle+NetSuite and COMFIAR to ensure a company’s ERP is fully functional to the satisfaction of all stakeholders and AFIP alike.

 

For multinational corporations already using Oracle-NetSuite’s ERP, they can understand and appreciate the practical features and benefits that a certified Built-For-NetSuite solution offers.

 

Insofar as implementation with Oracle+NetSuite, LatamReady SuiteApp works natively into the ERP, with one key differentiator: the app brings localization support to the software while also making it compliant with AFIP mandates and regulations. That means a cleaner reporting environment and no more dual systems.

 

Since not all corporations use Oracle+NetSuite, LatamReady is ready to fully implement Oracle+NetSuite in Argentina, including integration with local electronic invoicing supplier, COMFIAR.


Oracle+NetSuite: the Number One Cloud ERP Option Among Multinationals

When it comes to multi-Latin ERP implementation, Oracle+NetSuite delivers on several fronts beyond its pioneering SaaS model for ERP. As a scalable solution for all types and sizes of businesses, Oracle+NetSuite can be expanded through SuiteApp products. For example, a former, domestic-only company that expands into Latin America will need to acquire the LatamReady SuiteApp to comply with AFIP requirements.

 

Additional reasons for Oracle+NetSuite’s lead in the market extends to its native electronic invoicing facility called NetSuite Electronic Invoicing SuiteApp technology. When integrated with LatamReady SuiteApp, the first SuiteApp to use NetSuite Electronic Invoicing technology, Oracle+NetSuite communicates seamlessly with local suppliers, like COMFIAR. What’s more is that the SuiteApp operates natively, within the ERP and not as an add-on. These features make Oracle+NetSuite a top choice, by a large margin, for US and International clients working in the Latin America region, and Argentina specifically, and strengthens LatamReady’s position as the top vendor for localization and electronic invoice implementation.


Comprehensive Argentinian Localization

A Certified by NetSuite solution, LatamReady SuiteApp brings a host of standard localization enhancements to ensure AFIP compliance using Oracle+NetSuite. Some of those standard features include:

 

  • CUIT (Tax ID) validation in Customers and Suppliers registers
  • Local transaction types and information required to produce legal ledgers required by AFIP
  • Four legal ledgers:
  • IVA de Compras (TXT formal)
  • IVA de Ventas (TXT format)
  • Libro Diario
  • Libro de Inventario y Balance (Annual)
  • Withholding Taxes management applied to Sales IVA (VAT) and Purchases IVA and “Honorarios” (a Type of Bill used when a supplier is a person and not a company)
  • Withholding Tax Certificates
  • Automatization for Perceptions on Sales
  • Publication of Perceptions and withholding records (ARBA txt file where all CUITs are shown indicating its corresponding current perception and withholding percentage)
  • Electronic Local Invoicing templates via COMFIAR Argentina (NetSuite e-Invoicing module is required). COMFIAR Argentina is the local electronic invoicing supplier connected directly to NetSuite). This feature includes 3 types of e-documents:
  • Invoice (Sub-Types: A, B, and Foreign Customers)
  • Credit memo (Sub-Types: A, B)
  • Debit memo (Sub-Types: A, B)
  • Pre-printed formats, which is required by local Tax Agencies
  • Printed Waybills format is supported (Remito)
  • Inventory “Kárdex” report
  • English or Spanish implementation and localization support

 

Without the LatamReady SuiteApp, Oracle+NetSuite lacks these necessary, fully compliant features on its own. Further, LatamReady SuiteApp implementation provides tax and legal compliance with more than ten Latin America countries and also comes with legal and new features updates.


LatamReady Considerations when Conducting Business in Argentina

Integrating LatamReady SuiteApp raises several relevant considerations:

  • Chart of Accounts. While the use of a Statutory Chart of Accounts (COA) isn’t required by the Argentinian authorities, if the company opts for an Argentinian-specific COA, NetSuite’s Multi-Booking feature must be enabled.
  • Legal Ledgers. Most Latin American countries are transitioning exclusively to electronic versions of legal ledgers. LatamReady ledgers can be downloaded in CSV format.
  • Average Costing. Latin America financial reporting standards require the use of Average Costing for the determination of cost. When Oracle-NetSuite is LatamReady configured, companies are required to transact using Average Costing.

Expertise Backed by Execution

As the first and only Built for NetSuite solution for LatAm, LatamReady has developed localizations for multinationals operating in Latin America since 2009. With the LatamReady SuiteApp installed within Oracle+NetSuite, companies can move away from a dual system strategy, deploy resources appropriately, and ensure compliance with the electronic invoicing mandates.

 

LatamReady has performed localization implementation for multinationals doing business in most other Latin American countries. In fact, government authorities in Chile, Colombia, Ecuador, Mexico, Peru and Uruguay have also mandated similar electronic invoicing requirements like those in place in Argentina since 2015. Given LatamReady’s breadth of experience and its proven track record in helping multinational companies do business in LatAm countries, the LatamReady SuiteApp is not only the leader in localizations but electronic invoice implementation within Oracle+NetSuite.

 

Carlos Zumaeta

LatamReady CEO


LatamReady SuiteApp Brings Oracle+NetSuite to Peru for US+International Corporations

Oracle+NetSuite is a leading provider of ERP software worldwide, and nothing supports this contention more than their footprint in Latin America.  Their dedication to providing compliant, accessible financial software via their LatamReady SuiteApp is how they’re able to deliver the most successful application on the market. LatamReady is supplying full NetSuite implementations to meet the needs of Latin America like no other Cloud ERP solution provider.


In Peru, business practices are morphing to increase efficiency on a global level, allowing them to compete in industries worldwide while also maintaining stringent, transparent record keeping within their country. In doing so, Peruvian legal changes have already been considered by LatamReady. They specifically improved the award-winning Cloud ERP software of Oracle+NetSuite to comply with the shifting needs of Peru’s legal requirements. The LatamReady SuiteApp is suited for all Peru’s regulations, including the following:

  • The Chart of Accounts is statutory in Peru, and LatamReady requires transactions to be performed using local statutory COA and map local COA to corporate COA using NetSuite Multi-Booking feature. This is easy to use, simple to implement and streamlines the complexities of using the correct COA rules and regulations.
  • The practice to exclusively require electronic versions of legal ledgers is becoming more and more popular in Latin America countries.LatamReady legal ledgers are exclusively offered following the electronic version (fields, columns, and order), and can be downloaded in CSV format. In Peru specifically, the LatamReady SuiteApp connects to the COMFIAR for all transactional needs. This will specifically come into play as more and more Latin America countries become exclusively electronic, not just with ledgers, but also invoices and vouchers.

These are only two of the most recent business practice changes within Peru, but Oracle+NetSuite and LatamReady can provide so much more. Their constant development toward the ‘latest and greatest’ will ensure the LatamReady SuiteApp is always ready to handle any national accounting changes. It doesn’t just meet Peru’s compliance conditions; this product also offers a sleek, Cloud-based, ERP solution suited specifically to multi-latin companies.


Meeting the needs of the customers

Peru regulates a business’s COA which can often make an ERP complicated and difficult to use. Those regulations are effortlessly handled with NetSuite’s official electronic ledgers: Daily and Major Ledgers, Purchase and/or Sales Records, Trial Balance, and more. In Peru, ledgers/reports must be declared monthly and electronically to SUNAT following a specific format. Oracle+NetSuite has a reputation of being easy to use, intuitive, and manageable in every financial situation, and their newest application for Latin America is no different. They’ve crafted a product for Peru’s protocols by providing tools that make corporate consolidation easy.  These tools:

  • Follow Peruvian and Industry accounting practices;
  • Eliminate the use of monthly Journal entries;
  • Improve auditing practices, and
  • Allows for multiple accounting ledgers that are completely personalized.

LatamReady is also ready to meet any local validation rules. They validate all document types that are authorized by SUNAT: Invoices, Sales Slips, Fee Receipts, Credit and Debit Notes, etc. NetSuite and LatamReady can also meet the challenge of managing General Sales Tax Withholding (IGV), Income Tax, Percepciones and IGV Detracciones (Suppliers and Customers). They’ve covered the Withholding process of validating document payments of more than S/.700.00, as well as Purchase/Sell Services pertaining to the Detraction.

 

Regarding invoicing, LatamReady has addressed that as well. The LatamReady SuiteApp supports the registration of accounts receivable documents and their respective electronic issuance. While much of Latin America is steadily moving to complete e-invoicing, many Peruvian businesses still print their documents on pre-printed paper that is authorized by SUNAT. There’s no pain in using this ERP solution as LatamReady is also prepared to support this continuing practice. When those corporations are ready to make the change to full electronic invoicing, NetSuite and the LatamReady SuiteApp will be with them every step of the way for an easy transition.  The connection between Oracle+NetSuite and local e-invoicing suppliers is seamlessly designed as the user is always working inside of Oracle+NetSuite.  LatamReady SuiteApp is the first SuiteApp already using the NetSuite Electronic Invoicing module, and this is readily available to their users.

 

Accounts payable departments aren’t being neglected either. The LatamReady SuiteApp will make managing expenses, petty cash, and refunds simple and efficient. Making payments is also easy as electronic payments for massive payouts are available via Banco de Crédito del Peru (BCP). The entire process is insightful and accessible for any enterprise size. Enjoy the capability and functionality of a robust ERP no matter the size of your corporation. Having a complete, easy-to-use ERP solution is a cost-effective way to improve a company’ s performance and growth.

 

All of these previous considerations are being addressed with LatamReady’s ready-to-use SuiteApp in conjunction with Oracle+NetSuite’s incomparable software. And what’s in that incomparable software? Let’s discuss the brass tacks of working with a NetSuite ERP. This is referring to the most exciting part decision- making process of choosing a new ERP: the features.


What LatamReady has to offer NOW

The following features are some of the key facets LatamReady is launched with on purchase. This is the base product, the foundation that will make a financial department sound. It will guarantee a company can meet the demands of their chosen industry, specifically for Peru.

 

  • RUC (Tax ID) validation in Customers and Suppliers registers
  • Local transaction types and information required to produce legal ledgers required by SUNAT (Peruvian Tax Agency). 
  • Five legal ledgers following electronic format (Monthly information is presented in TXT format and downloadable in CSV format):
  • - Registro de Compras
  • - Registro de Ventas
  • - Diario
  • - Mayor
  • - Balance de Comprobación (3.17 Libro de Inventarios y Balance) Libro de Caja y Bancos
  • Pre-printed numbering management for local documents
  • Three pre-printed format documents (Pre-printed format defined byLatamReady):
  • - Invoices (Type: Factura)
  • - Invoices (Type: Boleta)
  • - Credit Memo Debit Memo Waybill

There is much more, but these particular elements are standouts in withOracle+NetSuite/LatamReady SuiteApp partnership. This base would be enough to gain the lead on competitors, but LatamReady can offer even more.  The Advanced features are what truly sets it apart from the other ERPs on the market. They’re:

 

  • Set of 85 Reports/Audit Reports/Searches/Alerts developed by
  • - LatamReadyThis set of reports has been developed to be used to analyze, review and validate the information to be sent to SUNAT
  • Electronic Invoicing: Via COMFIAR
  • Electronic Payments: NetSuite Electronic Payments + LatamReadycombined solution supports the following bank payment files:
  • - BCP
  •  - BBVA Continental
  • Withholding Taxes (Retenciones) and Detracciones
  • IVA Withholding Tax Certificate Printing (if the Company is a Withholding Tax Agent named by SUNAT)
  • Localized Expense Report (Ej. meals, travels, petty cash, etc.) to present expenses in Legal Purchase Ledger (Registro de Compras)
  • Kardex Valorizado: Inventory costing and inventory transactions legal report
  • Fixed Asset legal ledgers: (1) Detalle de Activo Fijo and (2) Detalle de Arrendamiento Financiero
  • Flujo de Efectivo: Cash Flow legal ledger (Direct Method)

 

Any company who is facing the Peruvian challenges to modify their accounting department to meet the new regulations being imposed plus continue to excel in their markets will need a reliable ERP. They would benefit from these features immediately, and it will increase the efficiency of their processes while still maintaining compliance.


How Oracle+NetSuite/LatamReady affects Peru

Oracle+NetSuite is the apex of Cloud ERP solutions available in the market today. There is no competition when it comes to experience and technological know-how.  Combined with LatamReady SuiteApp, they’re implemented across more than 10 Latin America countries, conforming to all regulations and local accounting rules fluidly. LatamReady is the #1 Oracle+NetSuite solution provider in the multi-latin field. As it broadens its reach into Peru, it’s bound to offer the same high level of quality software and ERP security customers have come to expect.

 

Moving along the path to the future, Oracle+NetSuite  also offers the corporations of Peru a secure Cloud provider. They have been at the forefront of this technology and can provide the highest of excellence as an ERP Cloud based solution. NetSuite continuously makes developments in this area and are trendsetters in the industry. In fact, the LatamReady SuiteApp was specifically created for Cloud use, so all the modules were built with that aspect in mind. To use an ERP solution that’s precisely made to utilize the Cloud avoids any bumps or rocky transitions that companies may encounter when trying to implement an ERP that’s been cobbled from an original standalone product and now suddenly has Cloud features. Isn’t it easier to just start with the best?

 

The benefits of Cloud processing are astronomical: usability for storage, accessibility via any internet connection, and disaster recovery services are just three common examples. Companies that adopted cloud services experienced a 20.66% average improvement in time to market, 18.80% average increase in process efficiency, and 15.07% reduction in IT spending. Together, these benefits led to a 19.63% increase in company growth.  To know the finances of a company are securely being stored via the cloud, ready to be accessed at any time using the LatamReady SuiteApp gives a business owner the kind of peace of mind only Oracle+NetSuite can provide.

 

And the only way to achieve that kind of security and growth is by going with a company with the longevity and proficiency of an industry stalwart like Oracle+NetSuite. Their expertise of working across the multi-latin field with companies from the US, UK, Australia, etc. makes them a safeguard solution for an enterprise’s financial needs. And LatamReady is the #1 NetSuite option for a multi-latin NetSuite implementation.

 

Experience is key. They are a leader in ERP solutions since 1998; they have the solid foundation their clients can count on. With the combination of Oracle, another powerhouse in the industry in 2016, they’re poised to lead the market in every shape and form. The LatamReady SuiteApp can supply tax and legal compliance, implement 100% into NetSuite, and provide five-star support in English, Spanish and Portuguese. Oracle+NetSuite’s technological innovations and established groundwork are taking Latin America by storm. And now, thanks to the LatamReady SuiteApp, they’re available in Peru, ready to revolutionize how Peruvians do business.

 

Carlos Zumaeta

LatamReady CEO


LatamReady prepares US+International corporations with operations in Mexico for getting ready to e-Invoicing directly from Oracle+NetSuite

In 2013, the Mexican Congress approved a series of tax code modifications that included the requirement for organizations to file accounting records via electronic media. As of January 2014, the use of electronic invoices became mandatory for organizations generating more than 250 000 pesos annually under the CFDI (Comprobante Fiscal Digital por Internet) – the electronic billing system defined by the Mexican federal code. The accounting records required by this code demand substantial information, further complicated by ongoing resolutions passed by the Tax Administration Service. This poses a particular problem for multinationals in Mexico.


LatamReady, when integrated with Oracle’s NetSuite essentially solves this problem. It provides a seamless, cloud-based platform for electronic invoicing that overcomes the onerous e-invoicing that the government requires.  Legal and tax compliance is greatly simplified, saving companies significant time and effort.


The challenge for multinationals in Latin America

Mexico has become a key region for foreign direct investment (FDI), with USD 26 billion flowing into the country in 2016, and according to the World Investment Report, Mexico is the world’s fifteenth largest FDI recipient.

 

Investment mostly comes from North America and Europe with the bulk of FDI directed towards the finance, automobile, electronics and energy sectors. In addition to these multinationals, 500 of the largest Latin American enterprises also have a presence in Mexico.

 

As multinationals continue to set up operations and expand in Mexico, they are met with challenging legislation that is now characteristic of most Latin American countries. Enterprise Resource Planning (ERP) software becomes an essential requirement to navigate the complex invoicing and tax dictates of the region, where compliance rules differ from country to country and change from time to time.


The gold standard in ERP

Oracle’s NetSuite is the world’s most deployed Cloud ERP solution, used by more than 40 000 companies and organizations across the globe. The LatamReady SuiteApp works 100% natively within NetSuite and is constantly updated to address the changing demands of legal compliance.

 

LatamReady has extensive experience in Latin America, having implemented the LatamReady SuiteApp since 2009. Certified by NetSuite, implementation and support services are provided in English as well as Spanish. It is also the only localized solution technically certified by Oracle-NetSuite for Latin America as part of the “Built For NetSuite” program.

 

A wide variety of industries uses this platform, some of which include: Software/Internet Companies, Wholesale Distribution, Advertising and Digital Marketing Agencies, Media and Publishing, Financial Services, Healthcare, Non-profits, Retail, Manufacturing, IT Services, Professional Services, Consulting, Energy, and Education.

 

In 2013, NetSuite received PC Magazine’s “Editor’s Choice” award because of its: “…exceptional breadth, depth, and usability.” Finances Online gave NetSuite’s cloud ERP software a 99% customer satisfaction rating, particularly highlighting its seamless assimilation with other programs and the smooth integration with finance, sales, and invoicing.


NetSuite is the leader in cloud-based ERP

The trend today is for businesses to upgrade from local servers to cloud computing which is safer, less cumbersome, more productive and provides significant financial benefits regarding cost savings and profits. Recent surveys revealed that 88% of cloud users found that adopting cloud computing had resulted in significant savings, and 56% of companies surveyed saw an increase in profits. In addition to offering industry-specific functionality, NetSuite’s cloud ERP was built from the ground up for cloud-based computing, resulting in lower implementation costs and enhanced ease-of-use.

 

NetSuite Cloud solutions offer real-time access to live financial data, allowing for additions and addenda to be implemented more easily, resolving delays more timeously and generating compliance documents more quickly.


A seamless solution

Because LatamReady is totally native to Netsuite, the interaction between the two is seamless and uses one key for a host of Latin American countries in addition to Mexico, including Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Panama, Paraguay, and Uruguay.

 

The key features available include:

  • e-Invoicing templates via the NetSuite e-Invoicing SuitApp,
  • Withholding tax features with the NetSuite Withholding Tax SuiteApp,
  • e-Payment templates via the Netsuite Electronic Payments SuiteApp, and
  • Taxes that sync with standard NetSuite tax definitions.

Electronic reporting in Mexico

The Mexican Tax Agency (SAT) requires reports to be declared electronically every month according to a specific format that the LatamReady SuiteApp produces. Also, specific fields, validations, and file formats have been added to generate Auxiliar Cuentas y SubCuentas, Balanza de Comprobación, Catálogo de Cuentas, Pólizas Contables y and the DIOT declaration form.

 

The sales tax rule Translado de IVA is a posting rule required by SAT for them to be informed of two sales tax statuses: billed/registered or collected/paid. This particular accounting rule required in sales and purchase transactions is automated monthly with LatamReady SuiteApp generating them directly in NetSuite.

 

Reclasificatión de Cuentas de Ventas is a posting rule mandated by SAT for control of payment terms (cash or credit), taxes applied and type of customer (domestic or foreign). In the LatamReady SuiteApp, this is automated monthly and processed directly in NetSuite.


Mexico SAT rules

Contabilidad Electronica (electronic accounting) applies to the chart of accounts, trial balances and journal entries which need to be linked to government CFDI XML approval codes known as UUID (universally unique identifiers). XML (extensible markup language) is the required format for electronic invoices, and the UUID is an alphanumeric number made up of 36 characters that denote the fiscal folio of the transaction.

 

The government only deals with XML during an audit, so all supplier XML’s must be collected, validated and archived. In addition, all payroll receipts must be validated before tax can be deducted – a requirement that is retroactive from January 2014.

 

All companies are mandated to incorporate a new ‘complemento’ (additional information) for foreign trade CFDI’s. This requirement applies to foreign trade transactions which SAT classifies as final exports. The NetSuite SuiteApp includes a mapping tool to link the customer’s accounts to Mexican legal classification of accounts. The COA (chart of accounts) is not statutory in Mexico and in Latin America, the legally required form of costing is average costing, and the subsidiaries configured in NetSuite are required to transact using this form of costing.

 

Lexicon of compliance terms for e-Invoicing and e-Accounting

 

Below are some common terms used for compliance in Mexico:

 

Amparo: Constitutional defense granted by the government to companies wanting to delay the electronic accounting legislation.

 

Buzón Tributario: The online communication service to share digital documents with the authorities.

 

Comprobante Fiscal Digital por Internet (CFDI): the electronic billing system defined by the federal tax code.

 

Cadena Original: Data that contains information in the CFDI.

 

Carte Porta: Bill of lading

 

COA: Chart of accounts

 

Código de Barra Bidimensional QR: The 2D bar code (formatted under the QR Code described in ISO/IEC18004 standard).

 

DIOT (Declaración Informativa de Operaciones con Terceros): The DIOT includes information about vendor transactions, providing data about the status of sales tax transactions.

 

eContabilidad or Contabilidad Electrónica: The required electronic accounting reports for the chart of accounts, trial balances and journal entries which need to be linked to government CFDI XML-approval UUID codes.

 

FIEL (Firma Electrónica Avanzada): Electronic signature certificate to authenticate the taxpayer.

 

MIRO/MIGO automation: Three-way match that guarantees that the purchase order, goods receipt and supplier invoices match.

 

Nomina Electrónica: Electronic payroll receipts that need to be validated before deducting taxes.

 

PAC (Authorized Certification Provider): A provider capable of producing the Timbre Fiscal.

 

Pedimento: The import number that must be applied to all invoices.

 

RFC (Registro Federal de Contribuyentes): Tax identification number

 

SAT (Servicio de Administracón Tributaria): The Mexican federal tax administration.

 

Sello Digital Certificado: Stamp used to validate the origin of the electronic invoice.

 

Timbre Fiscal: The process of assigning the UUID folio and the digital signature when the electronic invoice is generated.

 


The LatamReady advantage

Beginning in 2009, LatamReady SuitApp became the leading application for NetSuite in Latin America. The company’s knowledge of regulations and experience working with local business owners has played a large part in the success of LatamReady integration.

 

LatamReady has already facilitated successful implementation in over 70 companies from a variety of industries and continues to bring this expertise in implementation to Mexico as well as Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Panama, Paraguay, Peru, and Uruguay.

 

LatamReady SuiteApp for NetSuite allows for the transmission of electronic invoices with the ability to use a pre-built connection to Solucion Factible, a local e-Invoicing Supplier seamless from NetSuite. It enables companies to comply with the requirements related to electronic invoice processing. It increases efficiency and decreases costs associated with existing invoice processing methodologies. It is automated, resulting in faster payments, fewer rejected invoices, automated order-to-cash processes and the commensurate savings that come with converting from a paper-based system.

 

LatamReady works seamlessly inside NetSuite, allowing multinationals in Mexico and most Latin American countries to implement effective ERP in a cloud-based system. LatamReady has years of experience in Latin America, working with multinationals from countries such as the United States, UK and Australia. As more organizations in Latin America require their industries to move to electronic invoicing, LatamReady’s ability to work with local industry leaders together with the efficient invoicing abilities of the software makes it the preferred choice for integrating electronic invoices for multinationals seeking to meet government regulations.

 

NetSuite is #1 in cloud ERP, and LatamReady is the #1 NetSuite option for a US+multi-Latin NetSuite implementation. And with local support in English and Spanish, LatamReady for NetSuite is the LatAm localizations obvious choice.

 

Carlos Zumaeta

 

CEO


NetSuite Business Intelligence Takes Over Latin America

LatamReady is delivering the finest in Enterprise Resource Planning (ERP) software to over 12 Latin American countries with their partnership with Oracle+NetSuite. They provide One Key to Open LatAm via NetSuite combining compliancy for the specific and specialized financial requirements for companies operating in Latin America.  LatamReady SuiteApp helps Latin American organizations with ERP software that supports tax laws and localization requirements so their operations run smoothly and are reliably in order.


With features like cloud functionality (both for users and developer potential) and the acceleration of the advancement to a global stage, every Oracle+NetSuite client knows they made the right choice with their ERP software. LatamReady SuiteApp makes this already versatile software accessible to Latin American clients, prepared to handle the singular standards and practices of their countries of origin.  And now LatamReady and Oracle+NetSuite has improved their product in the realm of reporting.  Welcome to Business Intelligence.

 

When it comes to a company’s finances, reporting is paramount.  Clear, consistent documentation elevates an organization’s reputation in both their industry and their marketplace.  Oracle+NetSuite already has a reputation of providing their clients with efficient and strategic financial business software. Oracle+NetSuite is the #1Cloud ERP option for a US+ Multi-Latin ERP implementation.  Combined with LatamReady and their years of experience working in the multi-Latin field with companies all over the world, they’re an impressive partnership. The LatamReady SuiteApp together with Oracle+NetSuite dominate the US+Multi-Latin ERP space as the most trusted and comprehensive ERP.  Now they’ve taken it a step further by providing the best in financial reporting with a Business Intelligence module.


What is Business Intelligence?

Business Intelligence (BI) refers to data collected by specific technologies and applications designed for the collection, integration, analysis, and presentation of business information.  It is carefully aggregated, detailing trends and developments within a client’s current operating state.  This type of reporting allows corporate executives and other decision-makers to make informed and balanced determinations for their organizations in real-time.  

 

The most common kinds of Business Intelligence systems are:

  • EIS – Executive Information Systems
  • DSS – Decision Support Systems
  • MIS – Management Information Systems
  • GIS – Geographic Information Systems
  • OLAP – Online Analytical Processing and multidimensional analysis
  • CRM – Customer Relationship Management

Business Intelligence tools are becoming forerunners in assisting companies make the important decisions for everyday operations and the future of their organizations.  For companies who are familiar with Business Analytics, BI is different.  Where BA would be a predictor of trends and recommends actions to take, Business Intelligence accurately delivers the user useful, internal data of what was and what is.  There is no “could be” or even “will be”: BI is straight-forward with its assessment of a company’s current financial standings.  Growth for a company relies on using predictive analytics, but maintaining a strong current industry presence will rely on Business Intelligence.  Together they work hand in hand to provide an organization with the most potent data available.

 

Another term that’s easily used alongside Business Intelligence is Competitive intelligence.  Competitive intelligence is defined as the process of gathering and analyzing intelligence about a business’s external environment, such as the market landscape for a particular industry or a business’s competitors.  BI takes the data from within the organization to give insights of what’s being done internally.

 

And in Latin America, this type of reporting is necessary.  There are countries such as Peru that is requiring more transparency within a company’s general ledger and day to day practices.  Mexico, Argentina, and others are preparing for e-invoicing, a sales practice that contributes large amounts of data daily.  The data these countries’ businesses will soon begin to compile will be a well-spring for auditability and discovering industry trends that will launch their companies forward.  BI Tools will be able to provide accessible, user-friendly reporting to make sense of the influx of data, and provide the information timely.


How will That Help our Business?

Business Intelligence tools access and analyze data sets and present analytical findings in reports, summaries, dashboards, graphs, charts and maps to provide users with detailed intelligence about the state of the business.

 

With BI tools a company now has the ability to accurately use the data output they produce in real time.  No longer are they in the dark as they plan for the present; Business Intelligence reporting catapults their organization to be able to use analytics in a new way.  This is a more robust method of interpreting a company’s data.  And when there is inclusive reporting, the ability to do the following becomes clear:

 

  • Measure: decipher how close an organization is to reaching business goals, create a true prediction of performance metrics.
  • Collaborate: Data sharing will connect different areas of the business to quicker achievements and cohesiveness between departments.
  • Knowledge Manage: be alerted immediately when trends show up of both a positive and negative nature.  

 

LatamReady is prepared to usher in their Latin American clients to the new world of Business Intelligence.  With BI’s reporting capabilities, Oracle+NetSuite clients will be able to develop sales reports, key performance indicators, custom reports and more.  LatamReady equips clients in over 10 Latin American countries with compliancy, but BI will take them farther.  With BI these clients will become more competitive, proficient, and leaders in their industries.

 

BI is the new feature of an already excellent product.  Oracle+NetSuite is a global ERP system, but with LatamReady it has been brought to the forefront of Latin America’s marketplace.  They’ve been offering cloud service for even longer.  The reason Oracle and NetSuite came together was because of their shared vision that cloud computing was the future of business.  They were the first in a highly competitive industry to introduce an ERP that could handle this new marketplace of cloud, internet business, and a phenomenal output of data.  

 

That’s truly the future of ERP software and Oracle+NetSuite has the scores to back up their software.  With cloud computing, they’re making their clients leaders in their industries.  LatamReady SuiteApp makes all of this resourceful ERP software easily implemented in Latin America.  They are the top tier of compliancy and accessibility within the Latin America industries.  


So They Started with Cloud; How Does BI come in?

Cloud capabilities allows the use of BI in real time and from anywhere with an internet connection.  To be able to access a company’s data at any time in any place is invaluable.  The transparency alone allows the data to be trustworthy, easy to manage, and provides C-level employees the faculty to make quick decisions when necessary.  BI tools are primarily designed to enhance and improve business processes, and LatamReady SuiteApp and Oracle+NetSuite are bringing them to Latin America.

 

For instance, let’s discuss practical applications of Business Intelligence.  This is not an ephemeral data-driven theory.  There are real, concrete ways that BI is utilized.

 

  • Gain in-depth insight into customers:  By reviewing BI on what current customers are doing, how they’re spending, etc. decisions where to put resources and focus can be made in a timely fashion; no wasted resources.
  • Detecting/Correcting Budgets: BI tools will efficiently use a workforce’s energy, by reducing time spent on data entry, and also providing checks and balances for any discrepancies as budgets are used to reach goals.
  • ECommerce: the business happening globally via the internet is fast and promising.  Companies want to be able to analyze the data as it comes in real time.  To do so BI is ready to provide quick, accessible reports when needed. 

How to Use BI Tools

The actual specifics of using Business Intelligence relies on highly on the software itself.  Luckily Oracle+NetSuite has this covered.  To easily maneuver through an organization’s data warehouse, the BI portal must be:  

  • Usable – This means the user should be able to easily find what he/she needs.
  • Content rich – It should have functionalities such as access to all areas of the business.
  • Clean – It should be easily understandable and not more complex than needs be.
  • Current – It should be updated regularly and compliant to their industries’ needs.
  • Value oriented – the portal should be such that the user feels it is a valuable resource to work on.

And the intuitive nature of Business Intelligence reporting via this portal is what makes it so accessible.  It’s moving out of the realm of IT and into the boardroom.  And Oracle+NetSuite and LatamReady SuiteApp is ready to facilitate that change with easily understandable and usable data in one comprehensive system.


The Future with LatamReady SuiteApp & BI Tools

It’s easy to see that Oracle+NetSuite and LatamReady have another promising module on their hands.  They’re combining their knowhow of Latin American financial practices and providing a brand new way to their clients to process their data.  It can’t be underestimated the ability to analyze data received in real-time.  As we grow into a more global marketplace where transactions are quickly handled machine to machine, data has increased exponentially and the only way to stay competitive is to be able to understand it fully and quickly.  

 

To become industry leaders, corporations must use the most advanced tools available to them.  Business Intelligence is racing through the business world as it creates the viable scenarios for clients to make quick decisions for the good of their company.  To be on the forefront of using those tools, Latin America is going to take every advantage and work with LatamReady SuiteApp and Oracle+NetSuite.  The opportunity is too great to be missed.


CITATIONS:

Scalize, Leandro, and Leandro Scalize Leandro Scalize is a Latin American ICT consultant at Frost & Sullivan. “Big Data and Analytics in Latin America: The Long Road to Gold.” Nearshore Americas, 27 June 2016,www.nearshoreamericas.com/big-data-analytics-latin-america-long-road-gold/.

 

Data Warehouse 4 U. “What is Business Intelligence?” Data Warehouse 4 U, 2008, http://datawarehouse4u.info/What-is-Business-Intelligence.html.

 

KlipFolio. “What is Business Intelligence?” KlipFolio, Unknown,https://www.klipfolio.com/resources/articles/what-is-business-intelligence.

 

Joshi, Avantika. “What is BI Portal?” Quora, 20 April 2016,https://www.quora.com/What-is-BI-portal.

 

Pratt, Mary K. “What is BI? Business intelligence definition and solutions” CIO, 1 September 2017, https://www.cio.com/article/2439504/business-intelligence/business-intelligence-definition-and-solutions.html.

 

Rayner, Nigel; Anderson, Robert P.; Van Decker, John E. “Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises” Gartner, 17 August 2017, https://www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb.

 

NetSuite.com. “Business Intelligence.” Business Intelligence, BI, Business Analytics – NetSuite SuiteAnalytics,www.netsuite.com/portal/products/business-intelligence.shtml.

 

Captio. “Some Practical Examples of the Use of Business Intelligence.” Captio, 19 August 2015, www.netsuite.com/portal/products/business-intelligence.shtml.

 

“5 real life applications of Data Mining and Business Intelligence.” Cloud Data Integration Software | Matillion, 2 June 2015, www.matillion.com/insights/5-real-life-applications-of-data-mining-and-business-intelligence/.

 

Guest, Oracle. “OracleVoice: NetSuite And Oracle: It Started With A Shared Vision Of A Cloud Future.” Forbes, Forbes Magazine, 6 Oct. 2017,www.forbes.com/sites/oracle/2017/10/05/netsuite-and-oracle-it-started-with-a-shared-vision-for-a-cloud-future/#393006423ebc.


How Oracle+NetSuite Cloud ERP & LatamReady Simplify Financial Statement Management for US+Latin American Businesses

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:


  • Argentina
  • Bolivia
  • Brazil
  • Chile
  • Colombia
  • El Salvador
  • Costa Rica
  • Mexico
  • Panama
  • Paraguay
  • Peru
  • Uruguay

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:


E-Invoices

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.


E-Payment Templates

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.


Withholding Taxes

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.


Latin American Taxes Made Easy with Oracle+NetSuite and LatamReady SuiteApp combined solution

Very little is more time-consuming and complicated than monitoring and complying with corporation taxes.  Whole departments within organizations are set aside to understand the intricate tax laws in their regions.  Withholding, corporate, VAT (value added tax) are just a sample of the taxes Latin American companies have to account for.  Many ERPs (Enterprise Resource Planning software) struggle to meet the needs of the Latin American marketplace.  It’s diverse and flexible.  Their taxes could be broken down by province, municipal, country, but they are all a requirement of any company who wishes to expand into the lucrative forum Latin America is becoming.  Oracle+NetSuite, the top performer in the ERP industry, and LatamReady, the name trusted across the US & UK when companies want to work within Latin America, meets those challenges head on.


If an organization is split into multiple countries across Latin America where every country is different when it comes to tax compliance, it’s even more labor-intensive to ensure the taxes are withdrawn correctly and reported accurately.  That’s where Oracle+NetSuite comes into play.  Oracle+NetSuite is the #1 Cloud ERP option for the United States and Latin America.  Combined with LatamReady SuiteApp, it’s a comprehensive software package that’s robust enough to incorporate tax functions in more than 10 Latin American countries while also untangling the multifaceted complexities of withholding taxes in those Latin American countries.  With the addition of the long-trusted LatamReady implementation experience, suddenly: your organization’s ERP can handle any tax law a country puts into place.


What is Withholding Tax?

Withholding tax in the US is traditionally the amount of an employee’s pay withheld by the employer and sent directly to the government as partial payment of income tax.  In Latin America, withholding tax (locally known as Impostos Retidos na Fonte or Retención de Impuestos) is used in a different manner.  It’s defined as “a government requirement by the buyer to deduct a certain amount from the payment made to the supplier.”  Taxes such as VAT (value added tax) are used in various countries to accommodate this, both on the buyer and on the seller.

 

Another specific tax for Latin America is Collection tax (locally known as Substituiçåo/Antecipaçåo Tributaria or  Percepción de Impuestos).  This is the government requirement for the supplier to collect an advance payment of a given tax from the buyer.  VAT is used by the seller here as well.


Tax Law in Latin America

What most companies need when they reside in Latin America is flexibility. Oracle+NetSuite and LatamReady SuiteApp combined solution understands that Latin America is growing in leaps and bounds when it comes to a global market.  Peru, Bolivia, Uruguay, and others have to occasionally shift and modify their tax laws to accommodate their growing global presence.  The resources are there, the consumers are there, and the companies investing in Latin America have to be willing to make way for those transitions. Oracle+NetSuite and LatamReady SuiteApp are. They understand the ins and outs of corporate tax and withholding.  This ERP understands the VAT (value added tax) and how it applies with withholding for goods and services.

 

Just looking at the differences between Argentina, Brazil and Mexico can reveal how complicated maintaining clear tax records in Latin America can get.  For instance:

  1. In Brazil: they have over 80 different taxes.  Out of corporate and VAT taxes, some apply differently—or do not apply at all—depending upon whether a transaction involves a good or a service.
  2. In Argentina: while there may not be as many taxes, withholding and collection taxes can be found at all levels of the government (federal, provincial and municipal levels). And withholding and collection taxes are applied within almost all tax categories.
  3. In Mexico: the withholding boils down to two – income tax withholding regime and the VAT withholding regime; both apply at the federal level.

These are major differences just between three countries.  Oracle+NetSuite and LatamReady are prepared to assist accounting departments in over ten countries.  To maintain all of their different regulations is a huge component of their ERP.  The challenges this ERP addresses are numerous but when reviewing withholding tax law in Latin America the major challenges consist of:

  1. Multiple levels and organizations to report to (municipal, provincial, federal, etc.).
  2. Multiple methodologies to consider such as differing rate, calculations and who is applying the tax (which country, which level of government, etc.).
  3. Frequent modifications due to legislative changes as Latin America takes a stronger stance in the global marketplace.
  4. High penalties are not unheard of when a company fails for compliance.  100 percent of the tax due, in some cases.

LatamReady, as a full NetSuite Implementation Partner, and LatamReady SuiteApp, the #1 NetSuite localization package for LatAm, are aware of the need for trustworthy software that can move fluidly between these ever changing regulations.  That’s why they’ve partnered with Oracle+NetSuite, a leader in the industry for ERPs.  Together they allow their clients to concern themselves with more pressing needs of running a business, leaving the taxes to Oracle+NetSuite and LatamReady SuiteApp


Electronic Invoicing and How Oracle/LatamReady is Making Things Easier

One of the key features Oracle+NetSuite and LatamReady SuiteApp are bringing to the table is electronic invoicing.  This regulation is becoming mandatory in several key Latin America countries and having an ERP that can manage the invoicing and their withholding tax laws is a must.   

 

LatamReady provides a seamless implementation of Oracle+NetSuite’s cloud-based ERP.  This implementation includes electronic invoicing that meets the compliance standards of over 7 countries in Latin America.  LatamReady SuiteApp was created with the sole purpose of meeting the localizations and regulations of Latin American governments, and ensuring their clients can maintain the level of excellence Oracle+NetSuite has always provided. International business is thriving within Latin America, largely due to the standards LatamReady has been able to comply with for their many Oracle+NetSuite clients.

 

Oracle+NetSuite already supplies their clients with the best ERP on the market for a number of features.  LatamReady, #1 US+Multi-Latin NetSuite Implementation Partner, brings that software to Latin America and makes it compliant with the regulations this bustling corporate world requires.  Together they’re making the tax compliance for US & International companies operating in LatAm as easy and painless as possible.


CITATIONS:

LatamReady: One Region, One Key. “LatamReady and Oracle NetSuite Offer Experience and Flexibility for Electronic Invoicing in Latin America to US International corporations.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 13 Sept. 2017, latamready.blog/2017/02/06/netsuite-electronic-invoicing/.

 

NetSuite Electronic Invoicing App, YouTube, 15 July 2016,www.youtube.com/watch?v=pw3022rB8yI&feature=youtu.be.

 

Vertex, Inc., http://www.vertexinc.com/files/understanding-withholding-taxes-latin-america.

 

Maciel, Ana Paula; Levy, Ernesto. Withholding Taxes in Latin America: B2B Domestic Transactions, Vertex, Inc. January 2017.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business Management Software – NetSuite, http://www.netsuite.com/portal/home.shtml?noredirect=T.

 

“Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.” Gartner Reprint, http://www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb.


Let Miami & LatamReady+NetSuite Lead the Way to Business in Latin America

With an established foothold as a top vacation spot, Miami has grown to be more than just a sunny beach getaway. South Florida has become the gateway to business in the Caribbean and Latin America. There are so many opportunities growing out of this one region that many companies across the globe are taking advantage of it. Oracle+NetSuite wants to assist their clients with this promising option so they’ve teamed with LatamReady, a partner that fully understands how business works in US+Latin America.  Together they’re ready to lead their clients into the burgeoning market of Latin America, and to do so, Miami is the key to success.


Oracle+NetSuite is a #1 provider across the globe for Enterprise Resource Planning (ERP) software. LatamReady wants to position them as the #1 solution provider implementing in Latin America.  And they actively are, by providing Oracle+NetSuite with the needed elements to make their ERP software viable in Latin America.  The standards and regulations for the countries that span this area are specialized: their rules on tax law, transparent business practices, and e-invoicing are stringent.  And they vary from country to country.  LatamReady is geared to ensure their clients are consistently up to date on these localized directives.  

 

LatamReady’s services for fully implementing Oracle+NetSuite makes them the most viable choice when doing business in Miami, and by connection: Latin America.  

 

Many organizations want to embed themselves in the Latin America market.  Too many industries to count have seen the advantage of positioning themselves in this part of the world and the companies that work within those industries have noticed.

 

But what makes Miami so appealing?  As the second largest financial hub in the United States it has its own financial foundation to stand on. And while doing business there can be extremely lucrative, it’s also the headquarter of the most international firms with subsidiaries in Latin America.  They start there and then branch out to the Latin America market, often with Oracle+NetSuite and LatamReady SuiteApp’s help.  LatamReady has already implemented their biggest projects of Oracle+NetSuite Cloud ERP in Miami.  It’s an organic step to help their clients move from Miami into the Latin America arena.    


Why do business in Miami?

To begin with Miami is a bustling transportation stop.  It has more scheduled non-stop cargo flights to Latin America and the Caribbean than Orlando, Houston, New Orleans, Atlanta, Tampa, and New York’s Kennedy airports combined.  That kind of affordable travel can’t be underestimated when conducting business.  Even in the current climate of remote contact via conferencing software, that accessibility is something of note.  It’s easy to reach Latin America via Miami, and Miami’s infrastructure is top notch to ensure travel is as smooth as possible:

Business moves fluidly through Miami as a hub for Latin America travel, either for import/export or for professionals to make their destinations.  The Miami International Airport and ports are undeniably vantage points to reaching out to Latin America.  The people of Miami are invaluable as well.


The Who’s Who of Business

Latin America is an eclectic mix of people and cultures.  To do business in the region, the consumers that will be encountered will be speaking English, Spanish, Portuguese, Dutch, French and more.  Luckily, five million Floridians speak another language.  The workforce pool to choose from in Miami is diverse and educated, thanks to the many universities that feed their graduates to the popular destination.  Bilingual professionals of all sorts are located in the area and from every industry: legal, financial, medical, etc.  When the top 4 countries of export from Port Miami by value are Honduras, Costa Rica, Panama, Dominican Republic, it’s important to be able to conduct business fluently.  No organization wants to be hindered by an inability to communicate.

 

Again this is where the LatamReady shines.  The workforce that’s being gathered from the Miami hub will need a software that integrates cleanly with Latin America and how they do business.  Their Oracle+NetSuite ERP will need to have a cultural and linguistic affinity with these countries.  Oracle+NetSuite is globally a powerhouse, but LatamReady brings it home to Latin America organizations and consumers. It meets their particular needs and wants for conducting business efficiently and effectively.   

 

In regards to the kind of employees business can find in Miami, Florida also has a very low rate of union employees.  In 2016 the union membership rates were between 5% to 9%.  Combine that with the low corporate taxes and qualified Latin America trade expertise, and Miami becomes a very intriguing place to set up shop


Who’s working out of Miami?

Some of the key industries emerging from the Miami-Latin American connection are healthcare, aviation, and cellphone/technology fields.  These three industries alone are cutting edge.  They’re key fields that will be explored and developed in the decades to come.  And the companies that have taken root in Miami are leaders in their industries as well.  Here’s some examples of multinational companies who have Latin America headquarters based out of Miami:


  • Apple
  • Cisco
  • Johnson & Johnson
  • Microsoft
  • Porsche
  • Samsung

And so many more.  In fact, Oracle has their Latin America headquarters based in Miami.  Which is a true testament of why their Oracle+NetSuite software is the ERP to use in that region.  They’re familiar with the market, the people, the culture.  Oracle recognized the need to have a partnership with LatamReady to cement their connection to Latin America as well.  Much of that decision comes from the obvious benefits of being stationed in Miami.    


The Advantages of Miami

Whether it’s the:

  • Steady reliable infrastructure for shipping an organization’s goods and services,
  • To the knowledgeable, culturally-sophisticated workforce that can be garnered there,
  • Or the fact that many industry leaders have already found the advantages of working out of the 2nd biggest financial hub in the US.

Miami is where it’s at if a company wants to make a mark in Latin America.  The markets there are booming and many businesses have realized that Miami is their gateway to this untapped opportunity.  And along the way, Oracle+NetSuite combined with LatamReady will ensure their clients are up to date with the most robust, current ERP software.  And to do so, they’ll help their clients utilize Miami as a jumping off point to take the Latin America market by storm.


CITATIONS:

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

“Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.” Gartner Reprint,http://www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb

 

Machin, Hugo. “Why Miami, the US gateway to Latin America, is on the up.” Miami boosted by transport and arts scene – Schroders global – Schroders,www.schroders.com/en/insights/economics/why-miami-the-us-gateway-to-latin-america-is-on-the-up/.

 

“PortMiami.” Wikipedia, Wikimedia Foundation, 30 Oct. 2017, en.wikipedia.org/wiki/PortMiami.

 

Florida: Gateway to Latin America & Caribbean. Enterprise Florida, Sept. 2017,www.enterpriseflorida.com/wp-content/uploads/brief-florida-gateway-latin-america-caribbean.pd.

 

Port Miami Global Highway: 2016 Statistics. Miami-Dade County, 2016,www.miamidade.gov/portmiami/library/brochures/2016-statistics-brochure.pdf.

 

“New Release: Bureau of Labor Statistics.” Bureau of Labor Statistics, US Department of Labor, 26 Jan. 2017, www.bls.gov/news.release/pdf/union2.pdf.


Moving US+Multi-Latin Corporations to the Cloud with LatamReady & Oracle+NetSuite

Throughout history, nothing has revolutionized the business world like the internet.  If you look at it in terms of communication alone, the web has provided global contact with a split-second delivery rate.  That is incredible in terms of shipping or receiving, billing, or even discussions between staff.  With this formidable tool at hand, how are US+Multi-Latin Corporations taking full advantage of all its capabilities? The answer is Cloud Computing.


The newest innovation available is moving a company to the cloud.  Oracle+NetSuite have been conducting business like this for their clients for years.  They recognized the benefits immediately and have been on the cutting edge of cloud technology, always offering their clients the most up to date applications.  Oracle+NetSuite is a #1 Enterprise Resource Planning (ERP) provider, and the solutions it implements have global reach and know-how.  Combined with the LatamReady SuiteApp, this partnership is ready to assist all of their US+Latin America clients with the move to the cloud.


Why Move to the Cloud?

Going back to communication, the cloud provides optimal resources for communicating across the world.  This includes reaching out to subsidiaries in all regions as well as picking a talented workforce regardless of location.  Telecommuting is becoming the norm, as according to the Suite Commute website, in 2008, 33.7 million employees telecommuted.  This allows an organization to hire a staff with varied backgrounds, educational histories, and cultural diversities.  Such an influential workforce understands the nuance of wherever that organization does business.  Having an ERP that’s cloud-based allows for accessibility.  A skilled workforce can now utilize it anywhere there’s an internet connection.  Wherever they telecommute from Oracle+NetSuite and LatamReady is available.

 

And Oracle+NetSuite hasn’t just thought about the cloud capabilities for a finance department.  By moving to the cloud, IT departments now have more freedom and security.  This action allows a corporation to outsource their ERP maintenance needs to a trusted solution provider like Oracle+NetSuite.

 

By utilizing cloud services, the ERP software is also available to take part in a backup and disaster recovery program.  Nothing needs to be stored in house so there’s no fear of a server crashing or virus infections.  All of the most important financial documentation is being housed in Oracle+NetSuite’s capable data banks.  IT can rest easy knowing it’s safe.  The company’s IT team is free to work on other pressing matters.     

 

Also, with the software accessible by the publisher, updates and technical support is seamless.  Everything is administered to the software immediately guaranteeing a finance department is working on the newest, most accurate technology available.  And the added benefit of LatamReady SuiteApp insures that an organization’s ERP is ready to go for any of Latin America’s ever-changing regulations.  In a region where strict compliance is mandatory, a business’s ERP has to be able to quickly and flexibly roll with those changes.  Cloud services make that happen.  Technical and legal updates are applied as they become available.

 

The quality of the work is improved as well.  Collaboration becomes a quick step when both parties, no matter where they are, can access the same software simply through a web browser.  The time spent working separately is halved as now multiple departments and employees can work in tandem regardless of physical location.  Also, while they work Oracle+NetSuite makes sure their software is running at optimal speed and efficiency.  A company is no longer relying on the processing power of their in-house resources or geographical whereabouts.  Instead, Oracle+NetSuite clients are able to employ the dynamic computing power of multiple data centers across the world.  This especially comes in handy with remote employees or workplaces where the infrastructure for technology is weak.  Now those locations will have access to software that is bolstered by a worldwide leader in ERP implementation, Oracle+NetSuite and LatamReady.


What will Cloud Services do for me?

Moving to the cloud has an added cost benefit as the price can be determined and predicted easily.  Staff is no longer allocated to maintaining data, and any expensive IT resources are unnecessary as everything is backed-up via the solution provider.  Many cloud service providers offer a pay-as-you-go pricing structure; basically a “pay for what you need” policy.  Multiple ways cost is determined are:

  • By the amount of time you use it (typical for IaaS)
  • By the number of users or features, or by storage capacity (SaaS)
  • By amount of memory consumed per hour (PaaS)

The days of pricey overhead costs to maintain a company’s software are over.  No longer are expensive pieces of hardware and software necessary to house a company’s important ERP program and all the historical data that comes with it. 

 

Once everything is within the cloud, the software becomes scalable.  Decrease and increase usage, storage capacity, user licenses and more via the cloud.  This will keep costs low when needed to decrease, and it will be quick to add services when needed as an organization continues to grow.  A new user license takes little more than “flipping a switch” (turning the resource on, or keying in an unlocking code).  There’s no disk or file to install.  It’s quick, easy, and affordable. 


How does the future look for the cloud?

Nothing is more persuasive for moving to the cloud than the fact that this is a major investment in a company’s future.  The accessibility of a company’s ERP via the cloud means it will be available to receive the newest of updates.  As technology changes and improves, the software becomes more intuitive, more efficient.  The way to insure an organization will receive those benefits is to have their software cloud-based.  Many companies are transferring on premise databases and even paper files to secure, cloud storage facilities.  Their records and documents will be housed in databanks that are virtually immortal.  

 

This is quite literally where business is going, in Latin America and across the globe. Thousands of organizations rely on cloud communication technology every day.  All size companies as well.  Right Scale conducted its annual State of the Cloud survey and for 2016, 95 percent of their respondents are now using cloud.  That’s up from 93 percent in 2015.  Out of their respondents, only 42 percent represented companies of 1000 employees or more.  Many of the companies surveyed ranged the spectrum of industries and sizes.  And they all use cloud.  Cloud services integrate software across platforms and update easily.  It is the future.

 

So much can be gained from investing cloud services.  Oracle+NetSuite recognizes that and provides the most comprehensive solution for ERP.  By partnering with LatamReady SuiteApp, this cloud-based ERP will take full advantage of moving to the cloud and all of its benefits.  The opportunities are available within Latin America, and cloud computing makes the work easy and harmonious.

 

As we continually move forward with technology and all it’s capable of, US companies across Latin America need a strong, fast ERP solution.  Cloud services can provide that and Oracle+NetSuite, combined with LatamReady professional services and LatamReady SuiteApp features, is making sure that comes to pass.


CITATIONS:

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business

 

Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

Francis, K. A. “How Has the Internet Impacted Businesses?” Chron, Houston News Chronicle, smallbusiness.chron.com/internet-impacted-businesses-321.html.

 

Reva, Daryl. “10 Reasons Companies are Moving Communications to the Cloud in 2017.” Mitel, 10 Aug. 2017, www.mitel.com/blog/10-reasons-move-to-the-cloud.

 

Raynor, Nigel, et al. “Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.” Gartner, 17 Aug. 2ADAD,www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb.

 

“10 Reasons Why Your Business Needs to Move to the Cloud.” The Jerusalem Post | JPost.Com, www.jpost.com/Blogs/Offline-to-Online/10-Reasons-Why-Your-Business-Needs-to-Move-to-the-Cloud-445250.

 

Weins, Kim. “Cloud Computing Trends: 2016 State of the Cloud Survey.” Cloud Management Blog, Right Scale, 9 Feb. 2016, www.rightscale.com/blog/cloud-industry-insights/cloud-computing-trends-2016-state-cloud-survey.


US+Multi-Latin Corporations: Getting the Data When You Need It from Oracle+NetSuite and LatamReady

One of the qualities businesses are looking for in this new economic climate is speed.  Speed of growth, speed of consumerism, speed of data.  With the advent of the internet, everyone expects to have the data they need at their fingertips.  As it turns out though, Enterprise Resource Planning (ERP) software is often still lumbering on under an inability to produce the way clients need.  Too many large, cumbersome software applications lack the efficiency and streamlined nature Oracle+NetSuite has to offer.  It’s sleek and fast, able to handle the most robust financial department which is excellent for Latin America.


When it comes to setting up shop in Latin America, US & UK companies are going to need to know their subsidiaries are being managed by the best software available.  Strategically Oracle+NetSuite anticipated this and partnered with LatamReady SuiteApp to provide Latin America clients with the most versatile ERP software package.  Oracle+NetSuite and LatamReady know their clients need their data fast and they’re ready to handle the onrush.


Why do businesses need data?

This seems like a simple question; data is of course utilized on an everyday basis by companies, large and small, to make decisions.  Data itself is defined as “factual information (such as measurements or statistics) used as a basis for reasoning, discussion, or calculation.”  Those measurements and statistics are boiled down into usable resources to tell a company how it’s doing and what they can expect in the future. 

 

An ERP program like Oracle+NetSuite will be able to assist businesses in analyzing their data in real-time.  That speed enables these businesses to make decisions within seconds that can increase their company’s growth.  That kind of split-second decision-making is necessary in the present economy.  And LatamReady ensures its data is accurate to the localizations and regulations of the Latin America marketplace.

 

Most importantly is how data drives investment opportunities.  Being able to provide precise information is paramount as investors analyze everything before embarking on such an important decision.  Businesses unable to deliver viable data (such as cash flow statements, top-line growth reports, metrics on ROI, etc.) are often not considered when investors are looking for the opportunity to expand.  Profit and loss reports, value of customer database, opportunities to upsell: this kind of cross functional intelligence is something investors need from a mature business, and Oracle+NetSuite can provide it.  As Latin America’s regulations are so specific to each country, LatamReady can supply the required knowledge on compliance and local commercial requirements.  Together they’re covering all the bases when an investor is analyzing at future venture.    


How is NetSuite and LatamReady providing the data?

To begin with, Oracle+NetSuite is one of the top brands of ERP solutions worldwide.  It’s used by clients, of various sizes from various industries globally.  Constantly scoring high in all facets, it’s becoming the #1 ERP solution provider in the world.

 

Its reach into Latin America is so influential because of the LatamReady SuiteApp which enables Oracle+NetSuite to meet all the necessary requirements of working extensively in the region.  Latin America is growing and developing into more of a global powerhouse when it comes to the economic market.  To make way for this change, each country in the region has fine-tuned its regulations and adapted to their force in the worldwide marketplace.  It is an absolute fact that do to business in Latin America, organizations need an ERP that is as flexible as it is advanced.  LatamReady, teamed with Oracle+NetSuite is that solution provider.

 

This particular ERP solution comes with Business Intelligence, a reporting tool known for being systematic and logical with data.  The metrics and reports BI provides are easily understood and comprehensive, perfect for any investor.  It’s used in a variety of software applications as well, making it a universal tool.

 

In the same vein, Oracle+NetSuite offer cloud services as part of their ERP.  As many have suspected, online computing is where businesses are headed.  The many benefits of using the cloud have been documented such as having storage offsite, being able to access applications via a web browser from anywhere at any time, and so much more.  Oracle+NetSuite has been offering this feature from the beginning.


How about some real world examples?

Many Oracle+NetSuite clients have already benefitted from this type of cross-functional data.  FH Canada, an organization that is building self-sustaining communities all around the world, uses Oracle+NetSuite to enable those communities to thrive.  They’ve implemented Oracle+NetSuite in Bangladesh, Uganda, Haiti, Cambodia, Guatemala, Ethiopia and more.  Why did they choose Oracle+NetSuite? Many reasons, but two in particular were:

  1. The interface was easily manageable, negating the need for a dedicated IT department.
  2. The data reports were able to increase donor loyalty, by showing a clear cross-channel view of donor history and activity.

In fact those donor reports went from being able to be generated on a weekly basis to a matter of minutes.  If FH Canada could do that in their communities, imagine what Oracle+NetSuite and LatamReady could do in Latin America?

 

Good360 was in a similar situation of wanting to provide product philanthropy distributing more than $7 billion worth of goods to over 40,000 charitable organizations.  They had over 180 corporate sponsors and were growing.  The scale was enormous and their data did not have the transparency needed to grow internationally and continue doing good works.  By using Oracle+NetSuite, they did not have to hire a dedicated IT staff, and therefore they have more resources to put towards their charitable activities.  Good360 needed the proper metrics and data to gather the intelligence to make themselves more efficient and transparent.  Oracle+NetSuite was able to do that.  With LatamReady SuiteApp, they’ll be able to supply the same reliable, transparent data and intelligence to clients in Latin America.    

 

With the right ERP, a company has the right technology as an essential tool for value creation.  To be able to showcase the finer points of an organization’s data is what makes it so attractive and lucrative.  Investors can’t help but be interested in companies that take the time to have well-organized, up-to-date, cross-functional intelligence.  Oracle+NetSuite and LatamReady are making that the possibility in Latin America.  By calibrating an ERP solution to the specifics of multi-Latin companies, they’re opening up the marketplace and allowing for prime investment opportunities to take place.  Get the data an organization needs, in the format that is most useful for that business to grow with Oracle+NetSuite and LatamReady SuiteApp.  


CITATIONS:

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business

 

Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

“Data.” Merriam-Webster, Merriam-Webster, www.merriam-webster.com/dictionary/data.

 

“Data and Metrics: What Investors Want to Know about Your Business.” NetSuite Blog, www.netsuiteblogs.com/data-and-metrics-what-investors-want-to-know-about-your-business.

 

“Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.” Gartner Reprint,www.gartner.com/doc/reprints?id=1-4AGG8O0&ct=170817&st=sb.

 

LatamReady : One Region, One Key. “Moving US Multi-Latin Corporations to the Cloud with LatamReady.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 21 Nov. 2017, latamready.blog/2017/11/18/moving-to-the-cloud-with-latamready/.

 

“FH Canada Combats Global Poverty with NetSuite.Org.” NetSuite Blog,www.netsuiteblogs.com/fh-canada-combats-global-poverty-with-netsuiteorg.

 

“Good360 Grows Its ‘Good for the Greater Good’ Mission with NetSuite.Org.” NetSuite Blog, www.netsuiteblogs.com/good360-grows-its-good-for-the-greater-good-mission-with-netsuiteorg.


How Oracle + NetSuite and LatamReady Provide Financial Consolidation in Latin America

From the beginning of a barter-and-trade system, cultures have conducted businesses locally.  Simple marketplaces, developing into shopping centers, moving into manufacturing, factories, and assembly lines, the nature of business has grown and spread.  What was once regional and even national has started to disseminate globally.  And with the advent of the internet, businesses are even more widespread than ever before.  Corporations are now competing in as many countries as there are in the world as they take to the field of a global marketplace.  And even more so, corporations are setting up shop in just as many locales.  They’re moving from their headquarters to be closer to their clients and suppliers, on their home turf.


Emerging in this economic landscape is Latin America.  It’s taking the forefront as a specialized region of viable consumers and businesses sitting at the global table.  But maintaining a subsidiary in Latin America takes precise software to maintain local regulations.  While mid-market businesses move in a global reach for business and finance, the localizations of the areas they develop are still a major standard corporations have to invest time in.  Processes and directives must be maintained to operate successfully within this region.  While corporations stretch their global footprint, the localizations of the areas they take root in becomes even more important.

 

Oracle+NetSuite has the global front covered.  They’re a #1 Enterprise Resource Planning (ERP) solution provider throughout the world.  Their goal of a seamless implementation and high technological standards for their software cannot be underestimated.  And now they’ve partnered with LatamReady to enhance the Latin America experience.  While Oracle+NetSuite seeks to provide financial consolidation for their clients’ many worldwide subsidiaries,LatamReady insures their Latin America sites are running with optimal efficiency and maintaining compliancy.  Together they’re helping multinational companies to centralize their ERP system onto global instances in order to get better visibility.  They’re consolidating the finances of these companies to be able to provide data that can be used on a global scale, while still adhering to local requirements regarding e-invoicing, taxes, and more.


Reporting Improvements across the World

The integration Oracle+NetSuite provides is on many levels.  Any ERP a corporation enlists needs to be able to provide accurate data, but Oracle+NetSuite goes beyond by meeting the specific needs of multinational companies as they operate throughout the world.  Oracle+NetSuite provides:

  • Multi-currency management and currency revaluation
  • Internal and external reporting
  • Intercompany eliminations
  • Real-time visibility with cloud services

These kinds of features is what allows Oracle+NetSuite to acquire the reputation of being a consistent leader in the ERP industry.  


Multi-Currency

Globally, we still maintain a variety of currencies and change rates.  These variances have a huge effect on the bottom line reporting corporations seek.  Financial departments spend a huge amount of time and money regulating this information into cohesive, usable data.  Oracle+NetSuite is doing the work for these clients.  Within Latin America alone there is everything from pesos to euros to the Surinamese dollar.  To be able to maintain accurate data utilizing that changing currency is paramount to a business’s reporting.  Oracle+NetSuite is saving their clients’ time and money with automated currency exchange calculations.   


Internal & External Reporting +  Legal Reporting

The robust reporting within Oracle+NetSuite is incomparable.  And absolutely necessary.  Latin America is known to have strict compliance standards.  Many of the countries are enacting rigid e-invoicing regulations as well as significant tax standards.  To maintain compliance, LatamReady SuiteApp guarantees its clients are able to meet those regulations.  And by doing so, this particular ERP provides accurate, detailed reports for both internal and external parties, such as the municipal organizations that monitor business activities.  To be noncompliant in Latin America risks heavy fines and penalties, so many multinational corporations with subsidiaries in the region rely on their ERP software to keep them on track.  So whether a company is presenting to local/federal officials or their board of directors, the reporting is precise and comprehensive.


Intercompany Eliminations

When managing multiple companies, especially within different nations, consolidation is key to maintaining the financial data.  Intercompany elimination refers to the process for removal of transactions between companies included in a group in the preparation of consolidated accounts. Having the ability to do this within an ERP improves efficiency and encourages the establishment of controls in a corporate environment.  These are particularly important during a merger to cleanup and set precedents for financial reporting going forward.


Real-Time Visibility with Cloud Services

There are many benefits for moving to the cloud that have been discussed before, but the real time visibility is essential to financial consolidation.  The ability to reduce errors with minimal effort while accessing the software from anywhere all over the world allows corporations to quickly conduct business between multiple companies or even multiple charts of accounts.  Cloud accessibility by Oracle+NetSuite and LatamReady insures clients are receiving up to date local information with tax updates and currency conversion.  Speed is also improved by the cloud’s operating instances.

 

Financial consolidation is a function of multinational companies as they move about the globe, reaching out to new consumers and markets.  Oracle+NetSuite is delivering excellence to their clients by providing accelerated consolidation process, a clear view from the consolidated level to the subsidiary, and currency management at every level.  LatamReady SuiteApp takes the benefits of that technology and brings it to the local level, meeting the needs of Latin America’s regulations.  Together they’re providing their clients with the most inclusive ERP experience.


CITATIONS:

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

“One Region, One Key.” LatamReady, www.latamready.com/.

 

WorldSynergy1. YouTube, YouTube, 15 May 2017, www.youtube.com/watch?v=qE41qIBKVlE.

 

NetSuite.com. “Financial Planning.” Financial Planning, Financial Planning Software, Budgeting and Forecasting Software – NetSuite,www.netsuite.com/portal/products/erp/financial-management/financial-planning.shtml.

 

“Intercompany Eliminations.” Financial Analysis,www.readyratios.com/reference/accounting/intercompany_eliminations.html.

 

LatamReady : One Region, One Key. “Moving US Multi-Latin Corporations to the Cloud with LatamReady NetSuite.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 2 Dec. 2017, latamready.blog/2017/11/18/moving-to-the-cloud-with-latamready/.

 

NetSuite.com. “Scaling to Grow: Financial Consolidation in the Cloud.” NetSuite.com, www.netsuite.com/portal/resource/articles/erp/financial-consolidation.shtml.


Miami + Latin America connected with LatamReady & Oracle+NetSuite Cloud ERP

If companies are looking for the burgeoning hub of IT commerce and innovation, they’d be hard-pressed to find a better location than Miami.  Seen primarily as the gateway to Latin America, the Miami-Dade county of Florida is becoming a hotspot of economic activity.  Miami is growing in leaps and bounds with corporations setting up their Latin-America headquarters to take advantage of Miami’s easy access to the region and the IT benefits of the city.


What Makes Miami an IT Leader

Since the 1920s  people have flooded in looking for new opportunities and sunny beaches.  And they weren’t alone.  Immigration has played a huge part in Miami’s success and growth.  As of 2005, over one-half of the Miami-Dade residents were foreign born.  This melting pot of a city is constantly giving birth to fresh ideas and modernism.  Their citizens brought different viewpoints and cultures into one arena.  Whether it’s in Miami’s art culture, flashy tourism hotspots, or rapidly emerging IT resources, Miami is the place to be.

 

Oracle+NetSuite, together with LatamReady are taking advantage of Miami’s key location to provide the tech firms of tomorrow the software they need to work in the Latin America region.  Using the LatamReady SuiteApp within the Oracle+NetSuite ERP application allows companies looking to create a footprint in Miami’s tech gateway with seamless implementation.  They’re ready to handle the various changes in Latin America’s financial regulations landscape, and the workforce these corporations hire in Miami understand the nuances of their new consumers.  The best and brightest travel their way to Miami and corporations are beginning to take notice.

 

Aside from the technological advantages Miami has to offer, they’re improving their infrastructure and transportation to accommodate the travel needed for working within Latin America.  Often known as a stop for shipping (both passengers and cargo), Miami-Dade county is now taking on a huge air-travel industry with the Miami International Airport becoming a nerve center for inexpensive LatAm travel.  It has more scheduled non-stop cargo flights to Latin America and the Caribbean than Orlando, Houston, New Orleans, Atlanta, Tampa, and New York’s Kennedy airports combined.  That kind of traffic is incredible in terms of working efficiently within the Latin America region.  


The Who´s Who Moving In

The clients that are expanding into LatAm are setting up shop in Miami, keying into the IT industry and the quick regional connection it provides.  Some of the elite clients to create a headquarters in Miami-Dade county are:

  • Leaders in media like HBO, ESPN, Nickelodeon, and Disney Media
  • Shipping magnates such as UPS & Fedex
  • Luxury brands like Audi, Porsche, and Christian Dior

 

And huge technology firms like Microsoft, HP, Samsung and more have established their Latin America headquarters in the thick of the newest tech hub.  They’re not the only ones.  Organizations across the world are investing in Miami as it leads them to the Latin America market.  One of Miami-Dade County’s strategic advantages is the NAP of the Americas, one of the world’s few Tier-1 network access points and a high-speed connection for data, voice and video traffic throughout the Americas and Europe.  The technology firms that are taking root in Miami are leading the fast-moving IT industry in fields such as simulation technology, mobile applications, tourism IT, and more.  Their active participation in shaping the IT world is bringing global attention to snazzy South Beach.

 

And Oracle is at the forefront.  With their own Latin America headquarters based out of Miami, they’re the flagbearer toward utilizing Miami as the gateway to the LatAm region.  They recognized early that Miami was going to be a strong leader in IT.  Much like eMerge.  eMerge hosts a tech conference every year, and the eMerge Americas technology conference always holds their symposium in Miami.  Their very first year saw 6,000 attendees and represented over 200 businesses.  The event is scheduled as an annual event, assisting in strengthening Miami’s role as the “tech hub of the Americas.”  And with each year, the eMerge conference has grown more prominent.  It’s now pulling industry giants like Steve Wozniak, Deepak Chopra, and Ray Kurzweil.As of 2017, eMerge had over 13,000 tech-minded professionals attend their annual conference.  It’s becoming evident that Miami is a cornerstone in the IT industry.

 

Miami is a natural strategic location, both for the merits it provides and the connections it brings from latin America in terms of technology (such as the LatamReady SuiteApp for Oracle+NetSuite) and the versatile and talented workforce. As the international gateway for Latin American immigrants, Miami provides the technology and infrastructure for international voice, video and data traffic. In addition to this, Miami shines with a diverse pool of multicultural, multilingual professionals, making it an ideal choice for Latin American regional headquarters. These reasons, and many more, are why top industry leaders are located there.  It is also why LatamReady has become the #1 solution provider for implementation and localization in the US+Multi-Latin ERP space.  Their know-how and familiarity with Miami’s technological advantages makes it the key resource to have when maintaining financial software.  

 

LatamReady SuiteApp was built with Miami and Latin America in mind. LatamReady’s years of experience makes it the most opportune partner for Oracle+NetSuite, and together they’re expanding the Latin America market.  The rest of the world is taking notice and following their lead, right to Miami.


CITATIONS:

“History of Miami.” Wikipedia, Wikimedia Foundation, 23 Dec. 2017,en.wikipedia.org/wiki/History_of_Miami.

 

“An Overview of the Socio-Economic Condition of Miami-Dade County .” Miami-Dade County, May 2007, www.miamidade.gov.

 

LatamReady : One Region, One Key. “Moving US Multi-Latin Corporations to the Cloud with LatamReady.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 21 Nov. 2017, latamready.blog/2017/11/18/moving-to-the-cloud-with-latamready/.

 

NetSuite.com. “NETSUITE IS #1 IN CLOUD ERP.” Business Software, Business

 

Management Software – NetSuite, www.netsuite.com/portal/home.shtml?noredirect=T.

 

SuiteApp.com, suiteapp.com/LatamReady-Latinamerica-Localizations-SuiteApp.

 

Machin, Hugo. “Why Miami, the US gateway to Latin America, is on the up.” Miami boosted by transport and arts scene – Schroders global – Schroders,www.schroders.com/en/insights/economics/why-miami-the-us-gateway-to-latin-america-is-on-the-up/.

 

“Latin American Regional Headquarters.” Latin American Regional Headquarters | Miami-Dade County’s Official Economic Development Partnership,www.beaconcouncil.com/meet-miami-dade-county/latin-america-regional-headquarters.

 

Alex Rahe, General Manager for the Americas, Skyscanner, and –  David Levin, President, Four Winds Interactive. “Information Technology.” Information Technology | Miami-Dade County’s Official Economic Development Partnership,www.beaconcouncil.com/target-industries/information-technology.

 

ndahlberg@miamiherald.com, Nancy Dahlberg. “Politics and tech do mix, when it’s eMerge Americas.” Miamiherald,www.miamiherald.com/news/business/article155781629.html.

 

LatamReady : One Region, One Key. “Let Miami & LatamReady NetSuite Lead the Way to Business in Latin America.” LatamReady: #1 US Multi-Latin NetSuite Implementation Partner, 2 Dec. 2017, latamready.blog/2017/11/16/let-miami-latamready-suiteapp-lead-the-way-to-business-in-latin-america/.


Oracle+NetSuite Implementation Challenges in Latin America for US+International corporations

The Challenge of Latin America

Even with the latest enterprise resource planning software at one’s disposal, abiding by and accounting for the various tax laws and regulations throughout Latin America can be a major challenge for multinational companies operating in the region. This presents multinational companies with substantial obstacles even after investing heavily in the global version of NetSuite (NetSuite OneWorld).

 

Non-compliance isn’t an option for the world’s leading firms, and neither is missing out on the massive sales opportunities in the region. Many companies have chosen to manage compliance internally or even move their compliance process outside their ERP software. This is usually a cost-saving decision, but the decision inevitably reduces speed and can lead to all kinds of issues that often negatively impact the resources available to other business channels. It’s far better to establish a cohesive and long-term solution.

 

Managing chaotic internal processes and making platform changes are, of course, major tasks. ERP implementations can seriously disrupt business if such implementations are not approached with clarity and expertise.


Moving business-to-government compliance inside the ERP

Multinational firms from America to Australia have been making — and continue to make — the sound decision to position their business-to-government compliance within their existing enterprise resource planning software.

 

E-invoicing and tax requirements in Latin America are extremely complex and considered to be some of the most challenging to navigate in the world. The decision to invest in capabilities within an ERP helps untangle this complexity to a measurable extent and is far more future-focused.

 

Professionals tasked with setting up offices or operations from Ecuador to El Salvador, or from Panama to Paraguay, need a sensible and comprehensive solution that is simple to implement while remaining on the cutting edge of compliance and regulation knowledge in this very dynamic region.


The Solution

Over time, one ERP solution provider has truly established itself in the Latin America: NetSuite. On July 28, 2016, Oracle announced that NetSuite was now a member of the Oracle Cloud Family — both as part of the company’s portfolio for Small & Medium Businesses as well as the Two-Tier ERP approach for Big Corporations.

 

With Netsuite-Oracle, companies can transform, engage, and modernize their businesses. NetSuite shatters limitations with a game-changing solution built specifically for different Industries. Through omnichannel commerce, companies can meet their customers everywhere and get ahead of competitors with technologies built specifically for the 21st century.

 

Numerous firms have decided to go with NetSuite, and many of them are now focusing on expanding their Latin American business capabilities.


A respected solution provider and a leader in Miami for Latin America

As has been indicated, implementing Netsuite in US+Latin America is no small task. That said, many firms have chosen to avoid the pitfalls restricting business growth that unavoidably comes from expensive mistakes with either compliance or tax reporting.

 

Dealing with the complex tax and legal systems in US+Latin America can cause a lot of headaches (especially if one is using an outdated ERP).

 

Miami based, LatamReady helps multinational companies manage business-to-government compliance and tax reporting within NetSuite using LatamReady SuiteApp. LatamReady SuiteApp works inside NetSuite allowing customers to be compliant with local accounting rules in more than 10 Latin American countries.


NetSuite is the #1 Cloud ERP option for a multi-Latin ERP implementation

  • NetSuite boasts top cloud performance and experience in Latin America.
  • LatamReady comprises more than seven years implementing and localizing NetSuite for American and Latin American & Caribbean Customers.
  • LatamReady has been a top tier NetSuite Partner since 2009 and has implemented NetSuite to more than 70 organizations.
  • Based in Miami and operating across Latin America and the Caribbean, LatamReady is the only localization solution certified by NetSuite.

Growing capability and experience in the US+Latin America field

Deep NetSuite experience began with a relationship that was established with NetSuite in 2009. Over the last seven years, they have built on this experience and improved the relationship. The capabilities have also been improved and expanded. They now have solid Latin American localizations knowledge at their disposal. The team is bilingual in both English and Spanish and honors NetSuite best practices.

 

In January 2015, LatamReady SuiteApp became the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program. Since then, LatamReady has expanded its capabilities and increasingly helped companies with implementation throughout US+Latin America, while carefully keeping a finger on the pulse of government compliance and tax regulation changes.


Built for NetSuite

Announced in Miami in January 2015, LatamReady SuiteApp has become the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program.


Multi-national

Between February and November 2015, LatamReady SuiteApp expanded its support for the legal and tax requirements of these ten Latin American countries: Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru and Uruguay — although 2016 has shown itself to be a year of changes in Peru. SUNAT launched a new set of legal requirements, but despite this, LatamReady is now supporting monthly electronic ledgers following these recent changes.


Oracle Announces NetSuite Will Join the Cloud Family

On July 28, 2016, Oracle made the announcement that NetSuite had become part of the Oracle Cloud Family as part of Oracle’s portfolio for Small & Medium Business and Two-Tier ERP approach for Big Corporations.


Becoming a trusted name

LatamReady is the number 1 US+multi-Latin compliance and localizations solution for NetSuite. More than 70 businesses in the region already trust LatamReady. These companies have benefited from the simplicity of entering and opening LatAm with One Key.


Latam Benefits:

  • LatamReady SuiteApp works 100% natively inside NetSuite.
  • Tax and Legal compliance have been simplified.
  • LatamReady is constantly updated to address legal compliance.
  • Implementation and Support services performed in both English, Spanish & Portuguese.
  • First and only localization solution technically certified by NetSuite for Latin America as part of the ‘Built For NetSuite’ program.

As an implementation architect or solutions decision-maker, benefits such as these are critical expectations from a solution provider. Companies like Adistec and NCH have successfully implemented and provided most useful feedback.

 

Gustavo Dipilla, COO of Adistec Corporation, shared his company’s implementation story. Adistec is a leading company in the distribution of hardware, software, and value-added services for Latin America and the Caribbean. Headquartered in Miami and already present in 15 countries in Latin America before implementation, they faced the huge challenge of setting up their ERP to maximize their business potential.

 

In the region, it represents brands that includes VMWare, NetApp, Cisco, Fortinet, Symantec, Kaspersky, as well as several others. It decided to implement NetSuite for its subsidiaries in nine countries throughout Latin America, and with impressive speed began witnessing a marked increase in the efficiency the software solution was able to provide.

 

One of Adistec’s biggest challenges was to customize their experience within NetSuite. They successfully achieved personalization of forms, research, reportage, and specialized fields in conjunction with the implementation team. One big win was to the ability to create the logic to control the making of estimates with sale prices calculated in function of import duties and taxes for each country where they had subsidiaries. Even though Adistec knows challenges will crop up again as they enter new countries, they have been suitably encouraged by the success of the implementation thus far. They know they can successfully build new business with an ERP that is in such fine shape. Their chosen platform and the highly supportive team will help them make future implementations a success.

 

NCH Corporation was similarly able to capitalize on the implementation expertise of Pumah. They began their Peru implementation in January 2014 and followed up with Panama in July of the same year. Implementation has simplified order intake, invoicing, finances, production, and inventory management.

 

Given the success achieved with these implementations, US and international companies already doing business or expecting to do business in US+Latin America are expected to trust LatamReady to handle their ERP implementations. Globally, more than 70 firms from the US, the UK, and Australia are already using LatamReady SuiteApp.


Features

LatamReady boasts the following features — essential for making business in Latin America productive and profitable. Each of these features, from e-invoicing templates to the ability to set and control adaptable accounting rules, allows for greater efficiency and accuracy.

  • E-invoicing templates via NetSuite E-Invoicing SuiteApp.
  • Pre-Printed formats.
  • Legal books.
  • Withholding taxes features complementing NetSuite Withholding Tax SuiteApp.
  • e-Payments templates via NetSuite Electronic Payments SuiteApp.
  • Taxes sync with standard NetSuite tax definitions for Latin America.
  • Accounting rules.
  • Transaction types.

LatamReady SuiteApp keeps companies completely up to date with the constant changes in compliance and tax reporting on a country by country basis. This knowledge and expertise mean companies spend fewer resources and less time adjusting their internal processes, managing change, and paying attention to errors and data discrepancies.


How to approach US+Latin America ERP implementation

When companies approach US+Latin America, there are several options for ERP and several options for management of compliance and tax regulations. For example, a company could choose to go with SAP. There are two key differences between SAP+Local LatAm Partners and NetSuite+LatamReady. As you investigate your choice of ERP Latam, consider the following:

  • NetSuite is #1 Cloud ERP. Today, the cloud is key.
  • LatamReady is the #1 NetSuite option for a US+multi-Latin NetSuite implementation. Here, experience is key.
  • LatamReady has already facilitated successful implementation in over 70 companies from a variety of industries and continues to bring this expertise in implementation to US, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru, and Uruguay.

In the final analysis, the future is key — and the time for implementation is now.


Adistec´s Successful Localizations in Latin American

Adistec Corp. has streamlined its business operations in Latin America, thanks to a successful localization drive with the help of Oracle+NetSuite and LatamReady. Adistec is a  Miami-based IT solutions company that specializes in hardware, software and added-value services, Adistec is one of the most-recognized value-added resellers (VARs) in various Latin American countries.

 

The secret behind their success? Oracle+NetSuite — the flexible enterprise resource planning (ERP) product that bursts to the brim with business management features. This platform offers ten times more resources than its nearest rival and integrates cloud, social and mobile technologies to facilitate business growth. More than 40,000 companies worldwide use Oracle+Netsuite to expedite financial statement management, e-invoicing, and general ledger.

 

LatamReady, a software-defined networking and implementation partner based in Miami, helped Adistec streamline finance, tax and localization requirements in Latin America with its LatamReady SuiteApp, which works inside NetSuite. The company has worked with businesses in the region since 2009 and supported Adistec, who wanted to establish a client base in multiple Latin America countries.


Overcoming Business Challenges in Latin America

Before Adistec partnered with Oracle+NetSuite and LatamReady, the company faced significant challenges in Latin America. They struggled to consolidate transactions and ensure information was consistent. “We used to operate with local software packages and countless spreadsheets to manage estimates, sales, purchases, and accounting,” said a company spokesperson. “Having found a specialized partner as dedicated as LatamReady allowed us to complete the development and implementation of localizations at a record-breaking speed.”

 

Adistec chose to implement Oracle+NetSuite ERP because of its cloud capabilities, which allows the company to standardize operations and enhance the transactions of its subsidiaries in Latin America with just an internet connection. Without multiple pieces of complex software, Adistec can maximize operational efficiency and simplify day-to-day business tasks. As a result of Oracle+NetSuite Latin America implementation and LatamReady support, the company now meets the needs of its clients in the following countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Mexico, Panama, Paraguay, and Peru.

 

“To date, there are more than 180 people working with Oracle+NetSuite throughout Latin America every day,” says a company spokesperson. “We attend to the needs of distribution, logistics, marketing and financing for solutions and services of software, hardware, education, professional and cloud services.”


Taking Control of Business Operations

Although they considered several software solutions, Adistec settled on Oracle cloud and NetSuite LatAm because it allowed them to take control of their operations in multiple countries from their Miami headquarters. Now, all their employees at their main base and Latin American offices have access to the same-real-time information, such as sales, costs, purchases, inventories, collections, payments, forecasts, balances and more.

 

“In 18 months, we managed to issue the first financial statements of our subsidiaries [in Latin America] and then produce the consolidated results of the entire organization,” says a company spokesperson.

 

Of course, all of this was possible because of the partnership between Adistec and LatamReady. A team of around ten people established the core objectives of the project, which involved incorporating Oracle and NetSuite ERP into Adistec’s business model. LatamReady was able to customize the software to include sales prices, import duties and taxes in each Latin American country where Adistec has subsidiaries. Adistec also benefited from personalized forms, reports, specialized fields and search functions within the software.

 

“Our professional growth continues, and we know we’ll face great challenges in each country where we plan to open a business,” says an Adistec spokesperson. “But we are convinced that we have a solid platform and a great team that can meet these challenges. We’ve recently opened new subsidiaries in Brazil and Bolivia, where we will implement Oracle+NetSuite, too.” The company will also specialize in financial consolidation through multi-booking functionality.

 

Adistec, established in 2002, represents a wide range of brands including Cisco, Fortinet, Kaspersky, NetApp, Symantec, WMWare and more.


How LatamReady Has Transformed Financial Management in Latin America

LatamReady has localized Oracle+NetSuite for Latin America, allowing its clients to automate financial reports, comply with local legislation, manage tax processes, access financial information in the cloud and improve auditing methods. Consequently, local businesses in the region can maximize productivity and create better connections with their clients.

 

LatamReady specializes in multi-Latin localizations in the following markets:


  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Colombia
  • Peru
  • Bolivia
  • Costa Rica
  • Ecuador
  • El Salvador
  • Panama
  • Paraguay
  • Uruguay

Oracle+NetSuite Latin America, with support from LatamReady, has transformed the way Adistec operates in Latin America. The company has improved many of its operations and simplified tasks. As an ERP provider for nearly two decades, LatamReady provides businesses like Adistec with a fast, effective financial management and tax compliance solution.


Challenges implementing NetSuite in US+Latin America

Implementing NetSuite in US+Latin America: Challenges & Solutions

THE CHALLENGE OF LATIN AMERICA

Even with the latest enterprise resource planning software at one’s disposal, abiding by and accounting for the various tax laws and regulations throughout Latin America can be a major challenge for multinational companies operating in the region. This presents multinational companies with substantial obstacles even after investing heavily in the global version of NetSuite (NetSuite OneWorld).

Non-compliance isn’t an option for the world’s leading firms, and neither is missing out on the massive sales opportunities in the region. Many companies have chosen to manage compliance internally or even move their compliance process outside their ERP software. This is usually a cost-saving decision, but the decision inevitably reduces speed and can lead to all kinds of issues that often negatively impact the resources available to other business channels. It’s far better to establish a cohesive and long-term solution.

Managing chaotic internal processes and making platform changes are, of course, major tasks. ERP implementations can seriously disrupt business if such implementations are not approached with clarity and expertise.

MOVING BUSINESS-TO-GOVERNMENT COMPLIANCE INSIDE THE ERP

Multinational firms from America to Australia have been making — and continue to make — the sound decision to position their business-to-government compliance within their existing enterprise resource planning software.

E-invoicing and tax requirements in Latin America are extremely complex and considered to be some of the most challenging to navigate in the world. The decision to invest in capabilities within an ERP helps untangle this complexity to a measurable extent and is far more future-focused.

Professionals tasked with setting up offices or operations from Ecuador to El Salvador, or from Panama to Paraguay, need a sensible and comprehensive solution that is simple to implement while remaining on the cutting edge of compliance and regulation knowledge in this very dynamic region.

THE SOLUTION

Over time, one ERP solution provider has truly established itself in the Latin America: NetSuite. On July 28, 2016, Oracle announced that NetSuite was now a member of the Oracle Cloud Family — both as part of the company’s portfolio for Small & Medium Businesses as well as the Two-Tier ERP approach for Big Corporations.

With NetSuite-Oracle, companies can transform, engage, and modernize their businesses. NetSuite shatters limitations with a game-changing solution built specifically for different Industries. Through omnichannel commerce, companies can meet their customers everywhere and get ahead of competitors with technologies built specifically for the 21st century.

Numerous firms have decided to go with NetSuite, and many of them are now focusing on expanding their Latin American business capabilities.

#1 SOLUTION PROVIDER AND A LEADER IN US+LATIN AMERICA

As has been indicated, implementing NetSuite in Latin America is no small task. That said, many firms have chosen to avoid the pitfalls restricting business growth that unavoidably comes from expensive mistakes with either compliance or tax reporting.

Dealing with the complex tax and legal systems in Latin America can cause a lot of headaches (especially if one is using an outdated ERP).

LatamReady helps multinational companies manage business-to-government compliance and tax reporting within NetSuite using LatamReady SuiteApp. LatamReady SuiteApp works inside NetSuite allowing customers to be compliant with local accounting rules in more than 10 Latin American countries.

NETSUITE IS THE #1 CLOUD ERP OPTION FOR A US+MULTI-LATIN ERP IMPLEMENTATION

  • NetSuite boasts top cloud performance and experience in Latin America.
  • LatamReady comprises more than seven years implementing and localizing NetSuite for American and Latin American & Caribbean Customers.
  • LatamReady has been a top tier NetSuite Partner since 2009 and has implemented NetSuite to more than 70 organizations.
  • Based in Miami and operating across Latin America and the Caribbean, LatamReady is the only localization solution certified by NetSuite.

GROWING CAPABILITY AND EXPERIENCE IN US+LATIN AMERICA

Deep NetSuite experience began with a relationship that was established with NetSuite in 2009. Over the last seven years, they have built on this experience and improved the relationship. The capabilities have also been improved and expanded. They now have solid Latin American localizations knowledge at their disposal. The team is bilingual in both English and Spanish and honors NetSuite best practices.

In January 2015, LatamReady SuiteApp became the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program. Since then, LatamReady has expanded its capabilities and increasingly helped companies with implementation throughout Latin America, while carefully keeping a finger on the pulse of government compliance and tax regulation changes.

Built for NetSuite

Announced in Miami in January 2015, LatamReady SuiteApp has become the first and only Localizations SuiteApp technically certified by NetSuite via the Built For NetSuite program.

Multi-national

Between February and November 2015, LatamReady SuiteApp expanded its support for the legal and tax requirements of these ten Latin American countries: Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru and Uruguay — although 2016 has shown itself to be a year of changes in Peru. SUNAT launched a new set of legal requirements, but despite this, LatamReady is now supporting monthly electronic ledgers following these recent changes.

Oracle Announces NetSuite Will Join the Cloud Family

On July 28, 2016, Oracle made the announcement that NetSuite had become part of the Oracle Cloud Family as part of Oracle’s portfolio for Small & Medium Business and Two-Tier ERP approach for Big Corporations.

Becoming a trusted name

LatamReady is the number 1 multi-Latin compliance and localizations solution for NetSuite. More than 70 businesses in the region already trust LatamReady. These companies have benefited from the simplicity of entering and opening LatAm with One Key.

LATAM BENEFITS:

  • LatamReady SuiteApp works 100% natively inside NetSuite. 
  • Tax and Legal compliance have been simplified.
  • LatamReady is constantly updated to address legal compliance. 
  • Implementation and Support services performed in both English & Spanish.
  • First and only localization solution technically certified by NetSuite for Latin America as part of the ‘Built For NetSuite’ program.

As an implementation architect or solutions decision-maker, benefits such as these are critical expectations from a solution provider. Companies like Adistec and NCH have successfully implemented and provided most useful feedback.

Gustavo Dipilla, COO of Adistec Corporation, shared his company’s implementation story. Adistec is a leading company in the distribution of hardware, software, and value-added services for Latin America and the Caribbean. Headquartered in Miami and already present in 15 countries in Latin America before implementation, they faced the huge challenge of setting up their ERP to maximize their business potential.

In the region, it represents brands that include VMWare, NetApp, Cisco, Fortinet, Symantec, Kaspersky, as well as several others. It decided to implement NetSuite for its subsidiaries in nine countries throughout Latin America, and with impressive speed began witnessing a marked increase in the efficiency the software solution was able to provide.

One of Adistec’s biggest challenges was to customize their experience within NetSuite. They successfully achieved personalization of forms, research, reportage, and specialized fields in conjunction with the implementation team. One big win was to the ability to create the logic to control the making of estimates with sale prices calculated in function of import duties and taxes for each country where they had subsidiaries. Even though Adistec knows challenges will crop up again as they enter new countries, they have been suitably encouraged by the success of the implementation thus far. They know they can successfully build new business with an ERP that is in such fine shape. Their chosen platform and the highly supportive team will help them make future implementations a success.

NCH Corporation was similarly able to capitalize on the implementation expertise of Pumah. They began their Peru implementation in January 2014 and followed up with Panama in July of the same year. Implementation has simplified order intake, invoicing, finances, production, and inventory management.

Given the success achieved with these implementations, US and international companies already doing business or expecting to do business in Latin America are expected to trust LatamReady to handle their ERP implementations. Globally, more than 70 firms from the US, the UK, and Australia are already using LatamReady SuiteApp.

FEATURES

LatamReady boasts the following features — essential for making business in Latin America productive and profitable. Each of these features, from e-invoicing templates to the ability to set and control adaptable accounting rules, allows for greater efficiency and accuracy.

  • E-invoicing templates via NetSuite E-Invoicing SuiteApp. 
  • Pre-Printed formats.
  • Legal books.
  • Withholding taxes features complementing NetSuite Withholding Tax SuiteApp. 
  • e-Payments templates via NetSuite Electronic Payments SuiteApp.
  • Taxes sync with standard NetSuite tax definitions for Latin America. 
  • Accounting rules.
  • Transaction types.

LatamReady SuiteApp keeps companies completely up to date with the constant changes in compliance and tax reporting on a country by country basis. This knowledge and expertise mean companies spend fewer resources and less time adjusting their internal processes, managing change, and paying attention to errors and data discrepancies.

HOW TO APPROACH a US+Latin America ERP IMPLEMENTATION

When companies approach Latin America, there are several options for ERP and several options for management of compliance and tax regulations. For example, a company could choose to go with SAP. There are two key differences between SAP+Local LatAm Partners and NetSuite+LatamReady. As you investigate your choice of ERP Latam, consider the following:

  • NetSuite is #1 Cloud ERP. Today, the cloud is key.
  • LatamReady is the #1 NetSuite option for a multi-Latin NetSuite implementation. Here, experience is key.
  • LatamReady has already facilitated successful implementation in over 70 companies from a variety of industries and continues to bring this expertise in implementation to US, Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Panama, Paraguay, Peru, and Uruguay.

Carlos Zumaeta
CEO