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Helping multinationals navigate Latin America’s complex e-invoicing seas

Bnamericas Published: Monday, June 15, 2020
Helping multinationals navigate Latin America’s complex e-invoicing seas

Various Latin American countries – including Brazil, Mexico, Argentina and Chile – have e-invoicing frameworks in place.

Shifting to digital provides operational and strategic benefits for both companies and governments, for example, by streamlining processes and reducing costs. Each country, however, has its own e-invoicing rules and regulations in place, which means multinationals operating in various jurisdictions in the region face multiple compliance checklists. 

To help companies navigate these waters, Mario Fernández, former CEO of Chile-headquartered business networking platform Gosocket, co-founded Global Tax Box. The Latin America-focused company’s solution not only helps accountants working at multinationals validate that e-invoices comply with local rules but also acts as an intelligent digital document repository and incorporates technology that generates business intelligence which managers can then leverage.

To find out more, BNamericas spoke with Chilean businessman Jorge Seguel, founder and CEO of Grupo INXAP, a SAP partner. Seguel has invested in US-headquartered Global Tax Box, acquiring a 20% stake.

BNamericas: How does it work?

Seguel: Global Tax Box is an intelligent repository of electronic tax documents. It takes advantage of the maturity of electronic invoicing in Latin America, mainly helping multinational companies consolidate this information and standardize it, in order to generate business intelligence that, in turn, allows them to make better decisions. The founder's [Fernández's] 19 years of experience in electronic invoicing regulations supports the necessary credibility and knowledge to advise large companies in extracting as much intelligence as possible from these valuable electronic documents, which differ by country.

BNamericas: Which markets are you targeting?

Seguel:  The solution is focused on multinational companies that operate commercially in Latin American countries that have already implemented electronic invoicing: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Paraguay, Peru and Uruguay.

BNamericas: Why was the company set up, what gap did you see?

Seguel: The main opportunity I see is that companies actually need this service, which complements, naturally, implementation of electronic invoicing in the different countries of the region. Immediate monetization, easy implementation and great added value for companies.

BNamericas: What competition do you face?

Seguel: There is practically no competition in this space, since most providers of electronic invoicing solutions are local and the few that have a regional presence are too focused on solving problems associated with this complex process.

BNamericas: What are your initial goals? 

Seguel: The initial goals of the company are to a) attract its first clients in 2020, b) develop a complete suite of BI reports from these first clients and c) achieve break-even in 2021.

BNamericas: In Latin America today, is there much activity in the area of investment in business technology-focused startups? 

Seguel: Obviously there is not much dynamism in Latin America investment during this crisis period, but I think that when it ends, investment will be restored very quickly, and the emphasis will be on firms that provide services that are closely aligned with the digital transformation goals of companies.

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