Expanding to Latin America? Overcome the Challenges of Financial Consolidation with Oracle NetSuite Cloud ERP

Is your corporation expanding to Latin America? From Mexico to Brazil and beyond, many growing companies are pursuing new opportunities and achieving rapid growth in the Latin American region. 

However, expanding internationally often brings unique challenges related to financial consolidation. Navigating the complex set of foreign currencies, languages, accounting standards, tax compliance requirements and more can be difficult — or impossible — if your company is still relying on basic accounting software or even a legacy ERP system. 

That is why more and more multinational corporations are turning to a cloud-based ERP system like Oracle NetSuite Cloud ERP to achieve financial consolidation and streamline key business processes. 

If your company has plans to expand from the US to Brazil, Mexico, Colombia, Chile, Argentina, Peru, Costa Rica, Panama or Ecuador, keep reading to understand the importance of financial consolidation in the Cloud and how to achieve it with Oracle NetSuite in Latin America.

Financial Consolidation: Strategies to Avoid

First, let’s review what many corporations try to do to achieve financial consolidation and why these traditional routes are doomed to fail in the long-term. 

For large companies that already have a legacy, on-premise ERP system, their initial strategy is often to install new servers, update software and install back-up systems at their new international locations. While this method may work in the short-term, on-premise ERP systems require significant IT costs to implement and maintain and lack the easy accessibility of a cloud-based system. 

Other corporations try to get by with their basic accounting software and spreadsheets, even when expanding to Latin America. This strategy requires financial analysts to manually collect data and convert them to a standard global format before sending reports up to headquarters. This time-consuming process can be especially risky and complex when the reports involve operations that are subject to different currencies, legal requirements and tax structures. 

The Advantages of the Cloud 

Compared to a typical on-premise ERP system, a cloud-based ERP like Oracle NetSuite offers a scalable model for sophisticated financial consolidation for a fraction of the cost and with a significantly reduced timeline. Users can view critical financial data and generate accurate reports from anywhere in the world on a single platform online. 

In addition, by automating key accounting processes, Oracle NetSuite Cloud ERP minimizes the risk of error and delay that often plague manual approaches to multiple charts of accounts. 

Utilizing a cloud solution for financial consolidation can enhance efficiency in a range of areas, such as:

  • Accelerate financial close times by 20% on average, according to Nucleus Research
  • Meet local and global tax requirements across the Latin American region. 
  • Easily manage currency conversion through automatic rate updates. 
  • Reduce errors and save time by automating critical accounting processes.
  • Improve visibility into financial operations at all levels, from headquarters to the smallest international subsidiary. 

Beyond Financials: A Comprehensive Cloud Solution 

Of course, financial consolidation will not be the only challenge corporations must confront when opening subsidiaries in Latin America. Along with accounting and financial data, Oracle NetSuite can also integrate all your key business processes and information into a single unified platform on the Cloud, including:

  • Sales Management and Performance
  • CRM
  • E-Commerce
  • Inventory Management
  • Distribution
  • Business intelligence
  • And more

The ability to consolidate, access and control financial and other key business data from multiple subsidiaries across many countries creates a powerful advantage for multi-national corporations.

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NetSuite in Latin America: Full Implementation Now Available 

Implementing a new cloud ERP is an important business decision, so you want to do it with experts who know how to adapt the system to reflect your industry and your unique business needs. 

For corporations expanding into Latin America, the clear leaders in NetSuite implementation are OneSystem, a division of LatamReady. Since its founding in 2009, OneSystem has grown to become the largest and most experienced NetSuite team in Latin America. Today, our company has more than 100 employees and has worked with more than 150 international companies. 

Full NetSuite implementation is now available through OneSystem in Brazil, Mexico, Colombia, Chile, Argentina, Peru, Costa Rica, Panama and Ecuador and more Latin American countries. 

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LatamDojo: NetSuite Online training in Spanish

The traditional way of training for new NetSuite users is also being transformed by cloud-based technology. Companies no longer need to hire consultants to travel to different countries to oversee NetSuite training at each subsidiary. Instead, more and more companies are applying their training online.

OneSystem is perfectly equipped to provide companies with the support and training services that NetSuite users need. All OneSystem customers have access to LatamDojo, which is our exclusive E-learning platform. LatamDojo contains essential NetSuite online training courses in Portuguese, Spanish and English.

As a cloud-based E-learning platform, employees can access LatamDojo from anywhere they have an Internet connection, even at home, and learn to master NetSuite in their native language.

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NetSuite Resources from LatamReady

As the number one partner of NetSuite in Latin America, we have developed an impressive network of NetSuite resources, including webinars, demos and more. In addition to LatamDojo, some of our most popular NetSuite platforms and features include:

  • NetSuite demos – Detailed demos from our experts provide a step-by-step guide on how to harness the power of NetSuite.
  • OneSystem Blog: contains the latest news and tips about NetSuite in Latin America. It is updated frequently, so check back frequently.
  • LatamReady on YouTube: Subscribe to never miss a new video about Oracle NetSuite in the Latin American region. Watch from anywhere, even on your phone!
  • OneSystem on LinkedIn: connect with us on LinkedIn to stay updated on the latest developments and special offers.

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Contact Us Today!

Are you ready to achieve rapid growth and scale revenue in Brazil, Mexico, Colombia, Chile, Argentina, Peru, Costa Rica, Panama and Ecuador? Oracle NetSuite Cloud ERP is the ultimate tool corporations need to achieve financial consolidation and unlock growth in Latin America. 

The full implementation of NetSuite is now available in 18+ Latin American countries through OneSystem, a division of LatamReady. Contact OneSystem online: https://tinyurl.com/y3gajwck or schedule a call with a OneSystem sales representative below!

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