Some people confuse “localization” with “internationalization,” but there is a clear difference between those two concepts.
A localization is the process of adapting a product, content or operation to a specific location or a target market; in our case Microsoft Dynamics 365 Finance and Operations Enterprise Resource Planner (ERP)
Internationalization is to prepare a product, content or operation for the localization procedures.
A localization process is critical for any company that wishes to expand into new countries and meet statutory requirements. A company’s largest localization challenge is lack of information or resources regarding a country’s regulations, requirements and laws.
I am going to show you three of what I consider important features about Dynamics 365 Finance and Operations localization solutions.
1. Automate compliance
To ensure success abroad, Dynamics 365 Finance and Operations localization solutions are equipped with country-specific reporting standards and mandatory requirements that facilitate operating within a said country. These solutions gather information, provide country-specific required fields, and generate the necessary documents (accounting books, tax reports, etc.) to comply with each country’s compulsory requirements while freeing up your team to focus on value-added activities.
2. Improve communication
The differences between financial jargon in each country are always a challenge for multi-national companies. For that reason, Dynamics 365 Finance and Operations localization solutions provide a platform able to change language setups and create accurate translations of technical and legal definitions depending on each country standards. This diminishes communication challenges and drawbacks businesses may encounter.
3. Scalability
Dynamics 365 Finance & Operations localization solutions adapt to the company’s financial procedures. Their flexibility enables continuous grow at the company’s pace and is adaptable to any new laws and statutory requirements from each country.
These are only a few facts that ensure any enterprise’s success at an international level.
At Pangea Group our Latin American (LATAM) localization solutions provide clients a proven application and team to help meet their compliance requirements. Designed to work within Microsoft Dynamics 365 Finance and Operations to approach and overcome the challenges we mentioned above and more.
To learn more about our LATAM localization solutions contact us.