Customs declarations and ERP – what you need to know post Brexit
When it comes to customs declarations and ERP, we have the perfect article for you.
We wouldn’t blame you if you had banished Brexit to the back of your mind now the exit date has passed.
However, the influence of Brexit on business is undeniable – particularly if you import or export goods.
That’s why we’ve put together a blog on the most notable effects of Brexit so far, the implications for your ERP system and how one piece of software could reduce your cost and time burden when it comes to customs declarations.
Unsurprisingly, some manufacturers have stockpiled items to help guard against fluctuations in the supply chain.
Unfortunately, this can lead to increased waste, putting greater pressure on businesses that are already feeling the squeeze of COVID-19.
Although the UK works to the same standards as other EU countries, and this will largely continue, there will no doubt be some drift between the two approaches over time.
One of the major problems is that the UK is no longer able to shape policy from the inside, meaning some regulations may not chime with the needs of UK business.
Businesses will therefore need to be braced against the threat of potential changes and flexible enough to adapt.
Despite the potential Brexit has had for disruption, many businesses who import and export have been taken off guard by the increased cost and loss of time associated with customs declarations.
Government figures suggest companies that trade with the EU are now filling in an additional 215 million customs declarations each year.
Thankfully, there are tweaks to your ERP system that can ameliorate some of these challenges.
Configuring your ERP system
Now that the UK has left the EU, it might be prudent for businesses to adapt their data.
For example, a company code that is created with GB as the country qualifier will be a country code within the EU. This will need to be tweaked so the tax determination system is not outdated.
Any information that relates to system forms or documents will also require an update.
Make sure to review terms and conditions, invoices and purchase orders when required and make appropriate changes.
At the same time, the UK and EU are implementing new tariffs on some items: this should be accounted for in your ERP system.
Customs declarations with AEB
The cost of the increased number of customs declarations forms your company is now filling in is surprisingly onerous (both in terms of money and time).
Thankfully software such as AEB allows you to file your own customs declarations, cutting down on the cost implications and getting on with the things that matter most.
All you need is an Economic Operators Registration and Identification (EORI) number and AEB’s web-based customs software for import and export filing.
The software is simple and easy to use, with step-by-step data entry that only requires the customs data you need.
The use of templates aides ease of use and speeds up the process, allowing you to create customs declarations in a manner most appropriate for your business.
You will also get greater visibility, as you no longer need to rely on a third-party to handle your customs declarations, meaning you can review your status in real-time.
AEB also reduces the pressure on your business from auditors, as it automatically records the creation of EADs and proof of exports.
Finally, the software provides security to your most sensitive data that has been based on a high-performance data centre.
Want to learn more about AEB software and how this can be configured within Epicor? Get in touch with a CBO expert today by clicking here.