Imagine you have served as a customs broker in the past decade. You would have greatly regretted your decision. Why? You were responsible for doing everything by yourself; if there were errors, it was your fault. But fortunately, in this era, it is very beneficial for brokers to manage CDS operations. Customs innovation began when different platforms were introduced in the market that helped the customs broker manage customs compliance management system.
It efficiently triggered all the difficult corner points and developed techniques that were proven to be reliable. In this blog, we will describe iCustoms, the best compliance management systems currently working in the EU. Moreover, we’ll also examine why it benefits the broker and how it is resourceful for managing trade compliance.
Earlier, customs brokers used to face many challenges while clearing the documentation processing for the customs declaration. Here is a list of some of the hurdles they encountered along the way:
|Communication gap||A major difficulty was the communication among the traders, customs officials, and shipment people|
|Incorrect Hs-code||Customs brokers lack the ability to determine the correct commodity code or the description of the products, which resulted in rejections|
|Problem of linguistics||Most of the brokers in the UK speak English or another native language so it was very difficult to understand different languages of importers|
|Incorrect evaluation||Most of the brokers faced rejections due to incorrect or invalid calculations of VAT or duty taxes|
|Missing Documentation||Customs brokers were unable to meet the basic customs compliance requirements due to submission of incorrect or missing documents|
|Meeting the deadlines||A major challenge brokers faced was about meeting the required deadlines specified by the HMRC|
|Re-validation||Human errors are very common so re-validation can also cause issues which may result in rejections from HMRC|
A compliance management system is defined as a complete hub where multiple services are given to its customers related to customs. It is basically software that provides importing, exporting and other relevant services that are essential for customs compliance.
A good complaint system holds great power, and it aids in giving a captivating customs declaration experience to both the trader and the customs broker. Lets learn about what makes a reliable customs management system.
The most major component of a quality compliance system is it’s technique for product classification. For integration purposes, the foremost requirement is the correct identification of the product, including it’s description, to analyze the appropriate commodity code.
As per the AI integrated environment, everything depends on smart technology and innovation. The best compliance software must use AI-based power automation processes to make work smarter and reduce paperwork.
Compliance management is all about ease and comfort for the customs brokers so that they can manage the flow smoothly. The management system should have the ability for automatic re-evaluation to cross-check the documentation prior to submission.
A very important factor that defines a good compliance management software is how efficient it is in terms of time-saving. If the system can manage bulk amounts of customs data in a limited time, then it will help the customs brokers.
Selecting the relevant commodity code with respect to the product description is essential for compliance management. A customs software program must be capable of extracting the correct commodity code when the product file is uploaded to a certain platform.
Above is a detailed disclaimer regarding what customs brokers should look into while searching for better customs compliance management solutions. If we specifically talk about iCustoms, it holds all the properties that make it a good fit for this category.
iCustoms is an AI-based customs platform that supports brokers, traders, and businesses in managing their customs operations. It is a chain that connects both importers and exporters from inside and outside the EU.
One unique feature that separates it from other customs software is it’s document automation feature, IDP Customs. Although iCustoms provides CDS services for both importers and exporters through its customs classification tool. Along with that, it gives brokers and customs traders the ability to make bulk uploads of documents.
And it will fill out the regulatory form for customs clearance. Moreover, it will extract and transform all the required information that is needed in the declaration. Hence, it covers all the points that define a good customs clearance platform.
In a time when innovation has become the norm, iCustoms shines as a model of change for customs brokers. iCustoms is a cutting-edge solution that reinvents customs compliance with its extensive range of features, user-friendly automation, and efficient networking.
Customs is prepared to facilitate the transition of brokers, traders, and enterprises into a forthcoming age that emphasises enhanced efficiency, precision, and empowerment in the realm of customs declaration as the sector undergoes continuous evolution.