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:
- Do you have the subject matter experts in house to ensure you pass all the requirements – today and in the future?
- How will you monitor and maintain compliance across multiple countries and languages?
- Do you have contingencies in place to make sure you can always ship?
- Are you sure you have valid XML to back up any value added tax deductions you are taking for your tax returns?
- 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.
To learn more challenges these mandate pose and best practices to leverage the opportunities they present, download the Definitive Guide to Ensuring Compliance across Latin America.
The post Top 5 Questions to Determine If Your Company Is Prepared for Latin American Mandates appeared first on Sovos Compliance.
About the Author
Steve Sprague's electronic invoicing and middleware integration expertise stems from nearly twenty years of experience in the industry. As General Manager of Invoiceware by Sovos, Mr. Sprague manages global messaging, product strategy and field enablement which has led to the firm’s double-digit revenue/sales growth in the last three years.More Content by Steve Sprague