Global customs management software: Why a worldwide solution matters
Effective trade and customs management software is essential for any firm looking to trade internationally. This helps streamline a range of essential processes, from accurately classifying goods to connecting directly with digital reporting solutions.
However, when looking for the best solution, it's important to choose one that has true worldwide scope. A single global customs management software platform that can cover every country and territory where a firm does business will be essential in maintaining compliance, as well as identifying opportunities for savings.
Compliance with changing customs requirements
It's critical that firms remain up to date with evolving customs requirements around the world. New tariffs, quotas and other duties often make it difficult for firms to keep up. However, the penalties for failing to meet requirements can be high. This may range from shipping delays as goods are held up at ports of entry until full, correct documentation can be supplied, to financial penalties for misrepresenting goods, exceeding quotas or breaching export control rules.
Automated tools assign the right classification codes across multiple countries, make rules of origin calculations and submit declarations digitally. This helps ensure filings are accurate and businesses are immediately aware of any changes in regulations that may impact their operations.
Improved efficiency and cost reduction
Greater use of automation reduces the workload facing employees, while having a standardized customs management process that can be used across all territories, regardless of their unique filing requirements, also makes life much easier.
A single source of information can also be hugely valuable for improving data analytics. This can be used in a number of ways, from identifying inefficiencies in current supply chains to looking for more preferential customs regimes firms may be able to take advantage of. In turn, this can be used to optimize operations and reduce costs.
Solutions for every country
Every country and territory has its own requirements for reporting imports and exports and paying necessary duties. In many cases, these have moved from paper-based processes to digital customs solutions. Trying to connect with each of these individually can prove highly time-consuming and complex.
Therefore, global customs management tools that have direct integration with as many of these systems as possible makes life much simpler. This frees up time for employees and ensures that submissions are made in a timely manner and without any errors.
MIC-CUST offers solutions for more than 55 countries from a single, easy-to-use dashboard. This includes a wide range of special customs regimes and free trade zones. Other features include the ability to generate import customs declarations in one country based on the export data of another country, which is highly useful for companies shipping between locations around the world.
What should comprehensive customs management software include?
Effective customs management software should be able to handle every aspect of a firm's operations. As well as country-specific solutions for territories around the world, businesses should ensure their chosen platform has the following:
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