Electronic Invoicing in Latin America: A Challenge for American Companies
The consolidated economic relationship between the United States and Latin America has always been favored by geographical proximity and the economic influence exerted between both areas. Naturally, their business relationships are very connected and must adapt from one country to the next. An important peculiarity of the Latin American market is that it is the international area in which the implementation of electronic invoicing has grown the most in recent years.
The electronic invoice has a series of legal and technical requirements that differ from one country to another. However, this fact does not have to be an obstacle for the economic operations of American multinational companies with a presence in Latin America. There are technological solutions such as EDICOM’s Global e-Invoicing Platform, which is capable of adapting to the information systems of North American companies and the requirements in each of these countries so that international invoicing projects can be completed successfully and so that they are completed in accordance with the legal and fiscal requirements in Mexico, Brazil, Chile, Costa Rica or Colombia.
The rise of electronic invoicing in Latin America
Latin America is the most advanced region in terms of the implementation of electronic invoicing. There, this system has become a tool to improve fiscal control and mitigate high tax evasion rates. At the beginning of the 21st century, it was used by some LATAM countries. Nowadays, electronic invoicing is part of the normal procedure in the commercial relations of more and more countries such as Mexico, Brazil, Chile and Guatemala where it is used in practically 100% of economic transactions.