Expanding globally is a necessary but difficult task, the challenges that come with growing are managing electronic invoicing, legal ledgers and taxes or withholding taxes; but they also include the need for greater transparency in order to gain an accurate understanding of operations across all branches or subsidiaries within your business empire.
When you go global, it's important to get accurate data quickly, which is invaluable for decision-making purposes, especially when it comes down to time investment in training employees on what has or hasn't changed since last quarter.
These challenges can be achieved by relying on the super-structure such as the NetSuite Cloud ERP plus top notch technology Apps like LatamReady.
1. Time management and efficiency
Often you can underestimate how much work needs to get done, which can result in falling behind. That’s why using the right technology can reduce the workload and increase your company’s efficiency. The implementation of the Cloud ERP can ease the improvement of some processes for employees along the way.
2. Move fast
Move fast in unstable geographies. A perfect example is Latin American operations: besides the region’s economic and political instability lately, businesses with the right structure and processes technology have prevailed.
You have to account for these unstable geographies when you’re setting your rates, because the exchange rate can change by 5% in one day.
It’s important to know that last year's plan is totally different now: if you take too long, your budget will simply disappear.
The key: move fast!
3. “A quicker horse”
This approach involves talking less about how they were doing things and focusing on giving them what the client needed for success: something new and faster, like; allowing you to be the first one to reach the destination your business is aiming for.
4. The ERP way, but even better
If you are operating a business in different countries, you should consider that taxes will be imposed at all your different locations, this could mean up to 3 million possibilities depending on where those subsidiaries are.
The Oracle NetSuite Cloud ERP gives the company the possibility to enhance its features and to improve some processes for employees along the way. The LatamReady App operates 100% within the Oracle NetSuite Cloud ERP –“Built-for-NetSuite”– meaning that your tax compliance solution will work natively inside NetSuite.
The LatamReady’s solution, is designed specifically for the challenges faced by multi-national companies who want their global expansion plan executed with greater transparency.
5. The LatamReady solution
Imagine having full Tax Compliance in the whole Latin American region with only one solution. Too good to be true?
The LatamReady App is an innovative Built-for-NetSuite solution that extends the power of Oracle NetSuite for your corporation to achieve full tax compliance in 18+ countriesin the Latin American region, including Brazil, Mexico, Colombia, Chile, Peru, Argentina and more!