Customization for LATAM Needs
Expanding into Latin America offers vast opportunities for growth, with dynamic markets in Mexico, Chile, Peru, Colombia, and Brazil. However, this expansion also presents unique challenges, particularly in navigating complex tax regulations, electronic invoicing mandates, and diverse compliance standards. Standard NetSuite functionalities do not fully address these region-specific requirements, making NetSuite customization and ERP enhancements essential.
This is where LatamReady becomes your strategic partner.
As official Oracle NetSuite partners, LatamReady specializes in implementing NetSuite ERP across Latin America. They also develop SuiteApps that provide native, tailored solutions. These solutions meet the intricate demands of the region.
In this article, we’ll explore:
- The limitations of standard NetSuite in addressing Latin American business needs
- How LatamReady’s SuiteApp enhances NetSuite functionalities for full compliance and efficiency
- Real-world success stories of businesses thriving with LatamReady’s solutions
- How to engage with LatamReady to tailor NetSuite to your specific requirements
The Limitations of Standard NetSuite in LATAM
NetSuite is a robust, global ERP system. However, Latin America’s unique business environment requires additional customization. This ensures compliance and operational efficiency.
Challenges include:
- Electronic Invoicing Compliance: Countries like Mexico enforce strict CFDI standards mandated by the SAT. Chile and Peru need government validations for each deal. Brazil has its own set of non-negotiable SAT and NF-e requirements.
- Tax Localization: Each country has distinct VAT rates. There are also unique withholding tax rules and special tax regulations. Standard NetSuite does not fully support these.
- Legal Reporting and Audits: Governments demand specific report formats that are not natively generated by NetSuite.
- Multi-country Operations: Managing subsidiaries across countries with varying fiscal calendars, currencies, and languages adds complexity without tailored ERP enhancements.
LatamReady: Your Partner for NetSuite Customization in LATAM
LatamReady offers a comprehensive solution to these challenges. This is achieved through our LatamReady SuiteApp. It is a native application built within NetSuite. This app addresses the specific needs of Latin American operations.
Our SuiteApp provides:
- Automated Electronic Invoicing: It is seamlessly compliant with local regulations. These include SAT in Mexico, SII in Chile, SUNAT in Peru, DIAN in Colombia, and SEFAZ in Brazil.
- Localized Tax Engines: Implements custom logic for various tax types like VAT, ISR, IGV, ICMS, and PIS/COFINS.
- Official Reporting Formats: Provides pre-built reports tailored to meet the statutory requirements of each country.
- Intercompany Transactions: Simplifies cross-border billing and enables consolidated financial reporting within NetSuite.
- Multi-language & Multi-currency Support: Supports operations across Spanish, Portuguese, and English, with capabilities to handle multiple currencies.
Case Study: U.S.-Based Tech Company Expanding to Mexico and Brazil
A U.S.-based technology firm aimed to start operations in Mexico City and later in São Paulo. They encountered challenges with NetSuite’s standard functionalities, which couldn’t generate compliant CFDI invoices for Mexico or NF-e invoices for Brazil. By implementing the LatamReady SuiteApp, the company achieved 100% electronic invoicing compliance in both countries within weeks.
Case Study: Peruvian Retailer with Multi-Country Subsidiaries
A retailer headquartered in Lima expanded its operations to Bogotá. The company required unified reporting and tax compliance across its subsidiaries. With LatamReady’s NetSuite enhancements, they automated monthly tax declarations and electronic invoicing for both countries within a single ERP system.
Why Choose LatamReady?
- Official Oracle NetSuite Partner: LatamReady has over a decade of experience. It is recognized as the leading NetSuite partner in Latin America.
- Comprehensive SuiteApp: Verified as a “Built for NetSuite” application, ensuring seamless integration and adherence to NetSuite’s standards.
- Regional Expertise: Localized solutions for over 18 Latin American countries.
- Dedicated Support: Multilingual team provides ongoing support in Spanish, English, and Portuguese.
Streamlining LATAM Expansion with LatamReady and Netsuite
Expanding into Latin America doesn’t have to be daunting. With the right ERP enhancements, your company can:
- Ensure Full Compliance
- Enhance Operational Efficiency
- Gain Real-Time Visibility
- Eliminate Manual Processes
Let’s Discuss Your Business Needs
Expanding to Mexico, Chile, Peru, Colombia, Brazil, or any other Latin American market requires careful planning. It’s important to partner with experts. They should be familiar with the region’s complexities.
At LatamReady, we empower NetSuite users to succeed in Latin America. We do this through native SuiteApps tailored to each country’s legal and business requirements.
👉 Schedule a 15-minute call with one of our LATAM experts. Let’s explore the right solution for your ERP strategy.
