A Comprehensive Guide on Export Software in Trade

The growth of the business can only improve when it is properly handled and managed by the professionals. Software solutions are the best and the most effective ways for enhancing the growth of the business. In the earlier days, the information of the business is stored on a piece of paper, no matter how important is the document is. But, in this digital world, the software tools helps in executing all the business operations of various industries in a planned and systematic way. Mainly, in the field of export-import; there are various factors that are responsible for perfect compliance. With the help of software applications, you can screen the items in the perfect way rather than the manual screening.

Export Screening- The Best Factor to Find the Competent Exporters

Export screening is one of the major steps while exporting goods across the international borders. Not that all the exporters or the business partners whom you are sending the items are sanctioned or legal. In the earlier days, checking of the export partners, business owners, end-users, customers and the freight forwarders are screened with the help of manual means. This process was quite common in the earlier days, but it involves lots of time and money both. Technical expertise is very important when you are dealing with the manual checking. 

This gives rise to the involvement of software. It is seen that with the help of the manual checking, you cannot screen the bulk amount of lists. This takes lots of time and money. But, when you are taking help of the software applications, they are capable of both individual and bulk screening. There are more than 200 lists that are available under the category of screened and denied lists. The web-based solutions help in screening trade partners, end-users, partners, customers and freight forwarders individually or in bulk. The results are effective and accurate.

 

Difference between Web-Based and Manual Screening-

In the case of the manual screening, it takes a lot of time to give the exact result. Individual screening with the help of the manual means is possible, but not with the bulk screening. If there is any type of fault within the process in the middle of the transaction, then it will not be possible to check manually. But, it is possible with the help of software applications. The web-based solutions are easy to manage and operate. They give the exact results. They are versatile and efficient.

Thus, from the above text, it is clear that software is much better in performing the denied party screening. There are companies like Intredex that offer web-based solutions for the exporters.

A Complete Insight on Company Screening During Export-Import

The United States Government agencies along with the international organizations and other country governments publish lists of business entities and persons that are either denied or otherwise sanctioned. The companies that are falling under the denied or restricted party lists are unable to carry out the business with the U.S. based entities or U.S. nationals and they are prohibited from enjoying privileges of exporting. In the process of screening, if an individual, company or a group conducts a transaction - without previously issued government authorization or license- with the an entity or person whose name  is listed in one of the denied or sanctioned party lists, individual or company can be penalized and be subject to hefty fines. 

Depending On the Screened Lists and Match Is Found, Situations Are-
1.    A definite export prohibition
2.    Certain export license requirement for the export with restricted business parties
3.    The presence of “red flag” during the process of transaction within the sanctioned parties

Due to the improvement of science and technology, there are various complications in this process. It is better to export to sanctioned party lists rather than exporting the goods to third parties that are restricted. In the earlier times, manual checking of the trade parties is carried on to screen whether the export parties is coming under the denied or sanctioned party lists. Restricted party screening is a complex process involves checking each of the entities, end-users, intermediates and so on. The manual screening takes lots of time and expertise. To minimize the involvement of labor and time, the screening is now possible with the help web-based solutions.

There Are Various Benefits of Using Software-

1.    The online tools take very less to screen the trade parties, intermediates, end-users and customers. They give the exact results within short period of time. There is no question of delay and malfunctioning of the software.

2.    They are capable of bulk and individual screening. If you want to screen one single business entity, you can use the software. The bulk screening is used for checking more than 100 entities one at a time.

3.    You can perform customized screening at times depending upon your requirements. This helps the businesses to perform the screening as they want. This helps in reducing time. Tailor-made checking involves false positives with 100% match, help in checking the sensitivity functions. You can choose the process that is suitable for you.

Apart from screening, the process of Export classification is very important. Each of the goods and export products that are falling under the USML lists should have an ECCN number denoting the category of the product. The software is also useful in categorizing the items and giving the ECCN number to them.