Tapping into offshore markets comes with considerable red tape. Obtaining licenses, clearing customs, paying tariffs, and arranging logistics from afar are daunting. Complying with the most up-to-date domestic and international regulations can feel like playing a game with constantly changing rules. How can your company export with confidence?
Today’s global businesses need a repertoire of cutting-edge tools to succeed in the ever-shifting global trade climate. Various export compliance tools do the legwork for you by screening potential clients, managing licensing, and checking if your products meet country-specific overseas regulations, along with other automated processes to boost efficiency and security.
Here are just a few export compliance softwares that can help your company break into new markets with EASE:
Denied/Restricted Party Screening Tools
Denied/Restricted Party Screening tools allow you to check individuals, companies, and even entire countries against the latest denied party/sanctions lists. Before you do business, screening a potential client, especially regarding sanctions and export control, will help ensure you partner with upstanding individuals or companies.
A good screening software has comprehensive watchlists, which are updated daily and pulled from government and non-government sources. It also has intuitive dashboards that help you conduct real-time screening with customizable parameters and even schedule automatic batch screenings for optimum efficiency.
The screening software also helps with recordkeeping as it documents a detailed audit trail for each transaction, so if any questions arise in the future, you can prove that you did your due diligence to look into the client in question before engaging in trade.
Product Classification Tools
A requisite of a viable export strategy is proper product classification. Without accurate product classification, companies expose themselves to potential legal ramifications.
“A key in determining whether an export license is needed from the Department of Commerce is finding out if the item you intend to export has a specific Export Control Classification Number (ECCN),” explains the U.S. Department of Commerce.
Product Classification software gives corporations the tools they need to determine the accurate ECCN number using a global classification database with options for user-configured automated classification. It also helps companies submit and manage requests regarding classification and facilitate smoother audits.
Global Trade Controls
The trading of controlled goods is subject to regulation. These export control regulations can vary drastically from country to country. Corporations must be informed of these regulations, comply, and furnish proof of their compliance.
Global Trade Controls software speeds up the export process without compromising compliance by quickly helping companies determine if a product requires licensing in any offshore market. This tool provides details on product and country-specific license and reporting requirements and checks for denied/restricted parties in the transaction. Meanwhile, the software creates an audit trail for each query, creating a record of a company’s efforts at compliance.
License Management Tools
Legally exporting products comes with obtaining an array of necessary authorizations, from export licenses and agreements to exemptions and exceptions.
License Management software allows corporations to compare the value and duration of authorization with documentation of shipments to ensure the limits have not been exceeded. This time-saving software also helps generate reports, store critical data for future audits, and track the status of all authorizations in one place.
Export Operations Tools
Beyond simply complying, global traders must furnish proof of compliance through detailed documentation.
Export Operations software is a suite of global trade tools that optimizes each step of the export cycle. This platform features tools for order creation, shipping, export control/compliance screening, validation checks, customs clearance, document creation, and dissemination. Throughout the process, companies can monitor the real-time status of any given order. The software also helps companies reduce inefficiencies – like repetitive manual data entry – by utilizing templates and standard shipping documents.
Technical Data Export Tools
It’s not uncommon for corporations to unwittingly break export control laws regarding sharing technical data. There are limits on the scope and nature of technical data that corporations can share without obtaining proper licensing.
TDSM (Tech Data & Services Management) software helps companies comply with these often-overlooked laws, log which data has been transmitted, and establish standards for sharing tech data.
Free Trade Agreement Tools
Corporations can benefit significantly by taking advantage of Free Trade Agreement software , which allows you to take advantage of contractual agreements between countries concerning their trade relationships, by paying zero to minimal duties/fees and taxes on goods being imported from participating countries. The FTA software allows for search based on tariff codes/participating countries for FTA applicability, helps qualify for particular FTA’s based on rules of origin, and allows for comprehensive vendor solicitations.
Why Invest in Export Compliance Tools
Start-ups and enterprise-level global traders alike can benefit from the above stack of export compliance softwares. Leveraging these tools not only helps mitigate risks and avoid penalties, but also powers business decisions with real-time information. OCR Global EASE can help your company boost efficiency, stay compliant, and save precious resources.
Request a product demo of our export software to get started.