Managing international trade is a hugely complicated business for any importer and exporter. No matter the size of the business, it is vital for firms to be aware of the range of customs regimes and processes they will have to comply with, while also being able to take advantage of free trade agreements or other preferential arrangements.

At the same time, the need to ensure firms are not in violation of export controls, sanctions lists or other trade restrictions is paramount, as the penalties for failure in this area can be high.

Handling this manually can quickly become an impossible task, so it pays to have the assistance of comprehensive customs management software. However, there are a lot of choices available for companies, so it is important for businesses to evaluate the options carefully in order to ensure they are getting the right solution. Here are some essential features to focus on.

Automation capabilities

Being able to automate day-to-day activities is an essential aspect of any good customs management solution. Processes such as solicitation of supplier declarations, electronic import and export clearances filing, product classification and calculation of customs duties, to name just a few, can be highly tedious and time-consuming when conducted manually.

Therefore, tools that can take these steps out of the hands of employees can free up individuals' time for more productive activities, while still providing peace of mind that all essential documents are being filed. What's more, this can eliminate the risk of errors in data entry or misclassifications that can lead to delays in customs clearance.

Scalability

A key challenge for many firms today is the sheer amount of data they are required to collect and handle. As firms grow and add new countries of operation, this problem will only get bigger. To address this, solutions that are capable of scaling up easily to manage large data sets and handle information from a multitude of sources will be hugely important.

This may be especially vital when ensuring compliance with requirements such as denied party lists, as these databases are constantly being updated, which will demand growing firms looking to make new business deals to be extremely vigilant and conduct detailed investigations on potential partners.

Global reach

A system that has direct integration with electronic customs filing solutions around the world is also hugely useful in streamlining processes and documentation. Look for systems that have been approved by customs authorities in every major economy around the world, such as the EU, US, China, Japan and the UK, as well as smaller markets. A single system that can communicate with multiple platforms and deliver a consistent experience for users will make managing multiple customs requirements as easy as possible. 

Auditability

The ability to keep full, easily-searchable records of every transaction and shipment should also be a priority for any importer and exporter, especially in an increasingly digital environment. Having a complete trail will be important should an audit be required or to prove compliance with regulations.

Clear reporting

Advanced data analytics capabilities are another must for importers and exporters. This can provide critical insight into patterns, emerging trends, opportunities and potential problems in your supply chain.

Being able to see all this information within a single, easy-to-understand dashboard can greatly help with decision-making when it comes to streamlining supply chains or minimizing costs. For example, it can show at a glance what duties relief a business may be entitled to when operating in various countries or territories, allowing enterprises to refine their strategy to take advantage of the most favorable customs regimes.