In an increasingly interconnected global market, accurately reporting and tracking the movement of goods within the European Union (EU) is essential for businesses. Digicust, a leading provider of customs automation solutions, offers a groundbreaking feature that automates the creation of INTRASTAT declarations from invoices. This article will explain the technical details of how Digicust streamlines this process.
INTRASTAT is a reporting system used by EU member states to collect statistical data on the trade of goods between EU countries. Companies that exceed certain thresholds for intra-EU trade are required to submit INTRASTAT declarations to the respective national authorities. These declarations provide valuable information on the volume and value of goods moved between EU member states.
Digicust's innovative platform simplifies the creation of INTRASTAT declarations by automating the extraction of relevant data from invoices. Here's how the process works:
- 1.Invoice Retrieval: The first step involves providing the invoices to the Digicust platform. These invoices can be in various formats, such as PDF, XML, or even structured data formats.
- 2.Intelligent Document Processing (IDP): Digicust's intelligent document processing technology, powered by its Dexter IDP module, plays a crucial role. Dexter IDP automatically reads and interprets the information contained in the invoices, accurately identifying the required data points for INTRASTAT reporting.
- 3.Data Extraction: Once the invoices are processed, Digicust extracts essential information such as the value of goods, commodity codes, and country of origin or destination. This extraction relies on advanced natural language processing (NLP) and optical character recognition (OCR) techniques to capture the relevant data accurately.
- 4.Data Validation: After extracting the data, Digicust's system performs validation checks to ensure the accuracy and completeness of the information. It verifies the consistency of commodity codes with the Taric classification system, confirms the adherence to predefined business rules, and identifies any discrepancies that require attention.
- 5.INTRASTAT Declaration Generation: With the extracted and validated data, Digicust automatically generates the INTRASTAT declaration. The platform incorporates the relevant information into the required format specified by the national authorities. This process is highly customizable, allowing businesses to tailor the declaration generation to their specific reporting requirements.
- 6.Submission and Reporting: Once the declaration is generated, Digicust facilitates the submission process to your customs system. The platform ensures seamless integration with government systems, enabling businesses to meet their reporting obligations efficiently.
By automating the creation of INTRASTAT declarations from invoices, Digicust significantly reduces the manual effort, time, and potential errors associated with traditional reporting methods.
Digicust's intelligent automation solutions revolutionize the INTRASTAT declaration process. By leveraging intelligent document processing, data extraction, validation, and customizable declaration generation, Digicust streamlines reporting obligations for businesses operating within the EU. With increased accuracy and efficiency, companies can focus on core business activities while ensuring compliance with INTRASTAT requirements. Digicust continues to be at the forefront of customs automation, empowering businesses to navigate the complexities of international trade seamlessly.