As you evaluate your Latin America electronic invoicing strategy, keep these key requirements below in mind. And remember mandates will affect the configuration of your ERP system, the ability to ship your product, and it will require constant attention to keep up with the changing mandates.
- E-Invoicing is Mandatory – In countries including Brazil, Chile, Mexico, Ecuador, Uruguay, Colombia and Argentina, there are no options. If you want to do business in these countries, you will comply with the process for all invoices sent to customers or received from business partners.
- Latin America Requires a Real-Time, Fully Integrated Process – This is not just about applying a digital signature to a PDF.
- Logistics Processes are Affected - In other words, you can’t ship your product until you receive the approvals from the government.
- Each Country Defines the Standards – The only valid invoice in mandated countries is the XML, paper and PDF formats don’t matter and won’t help with an audit.
- Constant Change Equals Constant Fire Drills – Expect to have to constantly update your ERP system, the process, the XML files, and the government connections 2 to 3 times per year for each country. Sometimes less, but sometimes more.
- All Business Processes Are Impacted – Account Receivable issues, Account Payable requirements, Logistics mandates, and Payroll is now required in a number of countries.
Learn more about specific mandates: