Customs Document Generation
|Generate 214, 216, 3461, 7501 and others automatically to support zone admission and zone withdrawal|
|Electronic filing of e214, ePTT, QP/WP and QX/WX|
|Customs filing for government agency requirements prior to zone admission|
|Bill of Material receipt and processing to manage inventory tracking, manufacture and assembly|
|Inventory tracking using FIFO and Lot Control methods|
|Cycle count and inventory reconciliation|
|Avoid paying higher duty rate on component parts|
|Defer the lower duty payment until time of consumption|
|Maintain all required documents for tracking and tracing|
|Generate accurate audit trail from admission to entry to commerce|
Issues and Challenges
Many manufacturers and distributors take advantage of bonded warehousing and the U.S. Foreign-Trade Zone (FTZ) programs to reduce and eliminate duties, lower costs, speed delivery times and improve regulatory compliance.
However, these can be manually intensive and complex programs to administer. In many cases, companies require electronic integration with multiple government agencies, warehouse management systems, and trading partners, including customs brokers and carriers. Most companies have a variety of systems managing their import and export activities which impacts the efficiency of their FTZ operations. And, it is inherently difficult to manage Customs supervised inventory, especially, if companies are dealing with large transaction volumes and multiple FTZs.
How Amber Road Can Help
Amber Road's Foreign-Trade Zone solution integrates fully with existing Amber Road capabilities providing companies a more effective approach for managing their bonded warehousing and foreign-trade zone operations. By enabling companies to take a holistic, integrated approach to their bonded warehousing and FTZ operations, these companies can lower importing costs, enhance inventory control and improve supply chain velocity. Amber Road includes deep functional capabilities across all areas of global trade - import/export management, global logistics, supply chain visibility and trade agreement management. Underpinning all of these solutions is Global Knowledge®, the most comprehensive, intelligent repository of global trade content available anywhere.
Free trade agreements such as NAFTA, CAFTA and others represent an attractive opportunity for exporters to grow their business overseas by making their products more affordable in growing markets. And for importers, FTAs allow them to dramatically lower the duties and taxes they pay.
Today there are more than 500 free or preferential agreements around the world for companies to use.
“With Amber Road, we have higher awareness and consideration of preferential customs tariffs, which enriches our strategic decision making.”
In-House Legal Counsel
Global Trade Minute #3 - Duties versus Tariffs
While often used interchangeably, duties and tariffs are not the same. Take a minute to learn the difference -- it will help you identify cost savings opportunities within your supply chain!