Latin American compliance is a challenge for all businesses, especially those operating in multiple countries who are attempting to manage these processes with internal staff and on premise software solutions. From significant IT investments, internal support needs, and the cost of potential business disruptions and fines, the inability to achieve or maintain compliance can cost companies hundreds of thousands of dollars, even millions, each year.
Do you know if your company is prepared for Latin American mandates? Here are the top questions determine if your company is prepared:
(1) Do you have the subject matter experts in house to ensure you pass all the requirements – today and in the future? (2) How will you monitor and maintain compliance across multiple countries and languages? (3) Do you have contingencies in place to make sure you can always ship? (4) Are you sure you have valid XML to back up any value added tax deductions you are taking for your tax returns? (5) Have you kept a history of your invoices?
As legislation continues to expand in both area and scope, companies operating in Latin America need to take a hard look at the compliance landscape from a regional perspective. You must understand the entire process when selecting a solution. Otherwise, you may find yourself with operational issues, IT support issues and at risk for audit penalties.