In a recent survey of over 1,700 global trade professionals conducted by Thomson Reuters and KPMG International, 91 percent of respondents cited product classification as a challenge.
ONESOURCE Global Trade Classifier is fully integrated with ERP software applications or Excel and automates companies’ classification workflow using their internal product databases. It provides a batch classification process and access to global trade information for research, compliance, tracking regulatory changes, creating audit trails, post-entry review and planning.
ONESOURCE Global Trade Classifier is available as an individual application or integrated with the ONESOURCE Global Trade suite of solutions. Key features include:
- Batch classification and audit that helps companies reduce time spent classifying products.
- Alerts that inform users about regulatory changes impacting future import/export transactions.
- Classification workflow that enables users to monitor classification tasks and compare them with KPIs — with automated assignment, management and tracking of classification activities.
- Global, accessible product databases that allow companies to create and share product info across their organizations.
- Audit trail that users can easily access, download, print and share for internal use or supporting documentation during customs audits.
- Online availability for ease of access to the application.
ONESOURCE Global Trade Classifier is part of the Thomson Reuters ONESOURCE platform, the industry’s leading corporate tax technology. The ONESOURCE suite enables global tax compliance and accounting decision-making. In 180 countries, ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle, including corporate income tax, indirect tax, property tax, trust tax, tax information reporting, transfer pricing, data management, and internal processes.
Thomson Reuters provides intelligent solutions and answers to the complex issues and challenges of global trade today. For professionals who need global trade research and guidance as well as a compliance solution, Thomson Reuters offers ONESOURCE Global Trade Classifier on Thomson Reuters Checkpoint. By combining the power of Classifier with Checkpoint Trade research solutions, which include the 2016 SIIA CODIE award winner Global HS, global trade professionals can quickly, efficiently and accurately manage their entire product classification workflow.
Source: Thomson Reuters Press Release