Invoicing and Accounts Receivable Kristy Thompson [email protected] 913-384-0880.
5 THINGS YOU SHOULD - Port Manatee · Receivable, Invoicing,& Collections •Auditing •Cash...
Transcript of 5 THINGS YOU SHOULD - Port Manatee · Receivable, Invoicing,& Collections •Auditing •Cash...
INVESTING IN COSTA RICA5 THINGS YOU SHOULD KNOW
May 2015. All Rights Reserved. The facts of this report are believed to be correct at the time of publication. Please note that the contents delivered are based on
information gathered in good faith from both public and proprietary sources. As such, CINDE’s Department of Research can accept no liability whatsoever for loss or
damage arising as a result of the use of this report, either in its published or online format.
250 high-tech companies, 21% of Fortune 100 companies have established SUCCESSFUL operations… and are STILL GROWING
1.
World-renowned companies EXPANDING in Costa Rica
MNCs are carrying out, more than 75 processes in over 10 DIFFERENT LANGUAGES… worldwide
2.
Finance & Accounting
• Accounts Payable/Billing & Billing Adjustments
• Accounts Receivable, Invoicing,& Collections
• Auditing
• Cash Application
• Cost Accounting
• Financial Reports
• Fixed Assets
• General Ledger
• Order-to-Cash
• Purchase-to-Pay
• Record-to-Report
• Revenue Cycle
• Tax Filing and Analysis
• Treasury
Back Office
• Business Presentation Design
• Data Mining
• Forecasting
• Portfolio Analysis, Investment Research
• Training
Engineering & Design
• Application Engineering
• Design of Gas Propelled Engines
• Orthopedic Reconstruction & Design
• Process Management
• R&D+i
Human Resources
• Ex-pat Relocation & Training
• Payroll
• Regional Recruitment
• Talent Management
• Travel & Entertainment
Contact Centers
• Collections
• Consecutive Interpretation
• Customer Service/Care
• IT Support (Tier 1-4)
• Telemarketing/ Sales
Costa Rica offers a wide arrayof complex services
Digital Technology & Animation
•3D Animation
•Creative Conceptualization
•Interactive Advertisement & Web Development
•Marketing Strategy
•Motion Design
Supply ChainManagement
•Global Procurement
•Procurement-to-Pay
•Bidding
•Purchasing
•Transportation planning and execution
•Suppliers
•Inventory allocation and management
•Planning
•Forecasting/Seasonality
•Materials management and planning
•Customer order tracking (credit hold, order processing, claims)
Regional Centers
•Distribution of raw material
•Inventory Management
•Logistics Services
•Sales and Marketing Strategies
Software Development
•Back-End Programming
•Business Intelligence
•Embedded Software
•ERP Programming
•Front-End web development
•Legacy System Support
•Online advertising
•Quality Assurance & Testing
•Software Design & Engineering
Reengineering of processes
•Business Analysis
•Compliance & Fraud Control
•Legal Process Outsourcing
•Research and Data Analysis
•Business Presentation Design
•Data Mining
•Forecasting
•Portfolio Analysis, Investment Research
•Training
Costa Rica offers a wide arrayof complex services
Costa RicaEnd-to-end centers offering
services 24x7x365 in
English, Spanish,
Portuguese, French,
German, Italian, Malay,
Japanese, Dutch, Polish,
Czech, Finnish, Mandarin
North
America
South
America
Africa
AsiaEurope
Global centers of excellence serving the world in more than 10 different languages
The right scalability, that allows companies to grow with the right talent3.
Source: Data for companies attracted by CINDE, 2014
A g
row
th o
f 40%
sin
ce 2
005
2005
$35K
2013
$50K
Average output per employee
Shared Services unwanted turnover rate: 9.6%
Notes: a/: Includes technical high school and university graduates in Business,
Economics, F&A, Engineering, IT, and Logistics majors per yearb/: Represents the net hiring by companies attracted by CINDE.
Source: CINDE, DELOITTE, CONARE, University Registry Department, INA, 2014
18,867
21,07022,792
5,302 5,0994,317
2011 2012 2013
Services Sector: Supply a/ and demand b/
of talented people
Supply Demand
Increased productivity with low attrition rates:Services Sector
Supply (average 2011 -2013)
Source: CINDE, CONARE, University Registry Department, INA, 2014
UNIVERSITIES17,700 diplomas granted in Business, Economics,
F&A, Engineering, IT, logistics majors per year
NATIONAL
TRAINING
INSTITUTE
19,600 trained people by INA in trade and service
programs per year (Business, Languages, IT)
Technical
3,200 graduates in
Accounting, Business, IT
programs per year
HIGH
SCHOOL
Academic
19,000 graduates
per year
Knowledge, expertise and productivity paving the way for excellence and innovation
MNCs leveraging the best educational system in Latin America, reinforced by a strong pipeline of expertise
4.
Best educational system in Latin America
(WEF, 2014-15)
The Right ConditionsQualified Human Resources
Second in Latin America and 16th worldwide
in talent retention
(WEF, 2014-15)
Highest English Proficiency in Latin America
First in both TOIEC and TOEFL tests
(ETS, 2013)
Best MBA in the region - INCAE: #2 Business
School in Latin America
(America Economia, 2014)
Impressive 466% increase in university
graduates between 1993 and 2013
(CONARE, 2014)
In Costa Rica the accounting processes follow the IFRS -
The Public Accountants College and the Costa Rican
Chamber of Industries offers IFRS actualization programs
Tertiary enrollment has undergone a twofold increase in 7
year - Between 2005-2012 the enrollment rate increased
21.1 percentage points
(WEF, 2014-2015)
Government investment of US$450 million in human
capital initiatives
(IADB, WB)
High number of people certified in SAP, PMI, Six-Sigma,
Oracle, Cisco Certifications
26 new majors and technical programs in Service-
related fields since 2005
(CINDE, 2014)
Open, receptive and collaborative academia
Some of the programs currently in place: Services Sector
Local Technical
Telecomm Technical Program -INA
Technical English Program for Service Centers - INA
Bilingual Service Center Executive - MEP
Digital Design and Development -MEP
Train the trainers program imparted by companies
Training Local University
PhD programs: Engineering, TEC+UCR / Computer Science UCR
Mechatronics Engineering - TEC
Computer Engineering - TEC
Master’s program in Electronics -TEC
Initiatives
Master’s program in Database Specialization - U. Cenfotec
Web Interaction and Design - U. Cenfotec - Veritas
Cloud Computing and Virtualization - U. Cenfotec
Infosys: Training in Cloud Computing and Networking
Bilingual Corporate Accounting - MEP
Bilingual Software Development - MEP
Bilingual IT Support - MEP
Logistics and Supply Chain - MEP
Articulation Project in IT: MEP-TEC
Bilingual Networking -MEP
Portuguese (Pilot project) - INA
Mandarin (Pilot project) - INA
Master´s program in Logisticsand Supply Chain - TEC
Information Technology Administration - TEC
SS & BO Chapter University: Copal Amba - Procter and Gamble
Project Management -TEC
Open, receptive and collaborative academia
• Main areas covered by academic programs: Services Sector
Joint collaboration with multinational companies, the government and academia to improve the
business climate and competitiveness of the country.
• Accounting
• Finance
• Marketing
• Human Resources
• Specialized English for Service Centers
• Business Administration
• IT (Networking, Soft. Develop., Tech. Support)
Technical and University levels
• Computer and Informatics
• Bioinformatics
• Industrial Engineering
• Electric
• Electronics
Post Graduate - Specialization programs
• Web Interaction and Design
• Digital Design, Development, Animation
• Quality
• Logistics
• Telecomm
• Mechatronics
• Project Management
• EHS
• Logistics and Supply Chain
• Database Technologies
• Business Administration
• Electronics
• Graphic Design
• Analytical Thinking
• Telematics
• Statistics
• Human Resources
• Marketing
• Economics
• Telematics and Networks
Stability, innovation and a proven international competitiveness provide the right climate for success5.
The right conditions: Tax Incentives
First 8 year period, up to
100%INCOME
TAX EXEMPTION
Following 4 year period
50%INCOME
TAX EXEMPTION
Service Projects & Manufacturing Projects*
*NOTE: Manufacturing companies with an investment that exceeds US$10 million and 100 employees, established under the Free Trade Zone Regime. For smaller manufacturing
operations, companies will pay a preferential 6% income tax rate for 8 years and 15% for another 4-year period (statutory income tax 30%).
In all cases, multiple additional 8-year renewals periods may be granted if
significant reinvestment is made.
The right conditions: Tax Incentives
Investment in depreciable fixed assets (land is not included). Company must comply with an investment plan to be accomplished between 1 and 8 years; which could be
reached at any time during the 8 year period. Upon completion, PROCOMER will verify the $10MM investment in fixed assets according to its value in books for the current
fiscal year. Additionally, once the company has complied with the investment plan, the company must maintain the fixed assets which were part of the plan. Substitution of
the fixed assets is permitted only if the new depreciable assets have the same value in books as the fixed asset to be replaced when the investment plan was completed.
100% Tax Exemption
No Expiration Period 10 Year Period*
• Custom duties on imports/exports
• Withholding tax on royalties, fees,
dividends
• Interest income
• Sales tax on local purchases of
goods/service
• Stamp duty
• Property Taxes
• Property Transfer Taxes
• Municipal patent license
(Operating License)
All Investment Sectors*
Costa Rica is first in
Innovation and
Business
Sophistication in Latin
America (GCR 2014-2015, WEF)
Government
cooperation:
Schemes with Infosys,
Amba Research
(Achieve More), IBM
Tax incentives offered by
the Free Trade Zone
Regime translate in an
average cost-savings of
US$2,000 per employee
per year
(CINDE, 2014)
Immigration Procedures
Streamlined immigration
applications and visa
granting, and no limitation
on number of foreigners
working in companies
Safest country in Latin
America (LATAM
Chronicle, 2014).
Second most politically stable
country in Latin America (World
Bank, 2013)
Solid Utilities
Infrastructure:
100% redundancy
through three fiber optic
submarine cables
Strategic location: close
proximity to the USA, with
720 weekly flights
worldwide
Employer – Employee
environment
1st in Latin America in
Cooperation in labor-
employer relations
(GCR 2014-2015, WEF)
THE RIGHT CONDITIONSExcellent Business climate
Great Potential
1st High-Tech exporter of industrial products in Latin
America, 4th worldwide
CINDE based on data from the World Development
Indicators 2014, World Bank
1st Country for future FDI in Central America and the
Caribbean
Financial Times: FDI Intelligence, 2013
1st Outsourcing City of Latin America (San Jose)
Top 100 Outsourcing Destinations 2015, Tholons
The top choice among Latin America countries for
establishing a Global Business Services Center
The Hackett Group, 2013
San Jose is among the top 2 Metropolitan areas to
invest in Latin America
Global Best to Invest Report, Site Selection Magazine 2013.
Top seven City for future FDI in Latin America (San
Jose)
Financial Times: FDI Intelligence, 2013
Costa Rica is among the top 10 Global Best to Invest
countries
Site Selection Magazine 2013.
Thank you!
FUENTE: CINDE & PROMER