Best in Class Concepts for 2015

With the New Year quickly approaching, the timing is right to create a compliance plan for 2015.  The coming year is the ideal time to move forward with new trade compliance ideas. Below are five concepts that will help you ensure a best in class compliance program. These five areas of focus will give any company an advantage towards the main goal of increased compliance, decreased cost, and timely clearances. 

Self-Assessment
There is no finer way to start off the New Year than with a compliance assessment.  During an assessment, a company’s procedures and transactions will be closely examined through a program designed to resemble a customs audit. A self-assessment will include a detailed look at the import or export process to make sure that reasonable care is exhibited in both the written process and the execution.  The purpose of an assessment is to identify compliance gaps and risks and provide a list of recommendations and action items that will close the gaps and mitigate the risks. 

Broker Management
It is important for importers to actively engage and manage their brokers. An importer can only truly exhibit reasonable care if they are managing, auditing, and measuring broker performance. The relationship between an importer and broker should include: SOPs, parts lists, audits, and metrics. A robust broker management program will lead to improved broker performance, increased compliance, and decreased costs.

Classification
Correct classification of parts is the foundation from which a compliance program should be built.  Because incorrect classification of parts puts a company at risk, a review of existing HTS classifications by an expert can be the first big step towards a more compliant year. HTS classification reviews can be handled via examination of an existing parts list or by analysis of entry documentation. It’s a good idea to have an outside expert review HTS classifications as it shows a commitment to the audit process and is a prime example of reasonable care.

Duty Reduction Study
Is your company taking advantage of any and all potential special programs or duty deferral options? There are many ways a company can save on customs duties. Free trade agreements, duty drawback, US Goods Returned, FTZ, and TIB are just a few of the many ways an importer can save dollars by avoiding customs duty.  An examination of your import data, as well as your manufacturing and purchasing practices, may reveal opportunities for savings.  These programs create increased risk, but if the imports are handled properly, the savings will make it worthwhile. 

Customs Management Platform
Allyn has developed a best in class import management system that makes it easy for importers to have an efficient, cost effective process while maintaining an increased focus on compliance issues. Allyn’s CIMS system has the following modules in place to help importers stay at the top of their industry:  Broker Management, 100% Entry Audit, NAFTA, Imaging and Recordkeeping, Reporting, and Parts Maintenance. The CIMS platform allows for a client to increase the efficiency of their daily compliance operations, while maintaining a best in class audit trail. 

If you would like additional information please contact Allyn International at 239-489-9900 or sales@allynintl.com.

Incorporated in the State of Florida in 1992, Allyn International is a boutique provider of logistics, corporate tax, and global trade services.  Our in-house Customs team has 6 licensed customs brokers on staff.