What is the need?
Trading in international market involves a vast variety of legal and non-legal documents that are required while the transaction process. These documents are crucial to the business, whether it is import or export; they present different aspects of the trade like quantity, quality, number, transportation, medium, inspection etc. So, it is extremely important for the importers as well as exporters to make sure their all documents are kept safe and they comply with rules & regulations under international trade transactions. A minor mistake or loss of even a single document could cost hefty to the parties involved in trade.
For example: Letter of Credit (LC), which is a written commitment to pay, from the buyer or the importer’s bank to the seller or exporter’s bank. Buyer’s Credit, which is a financial setup in which a bank or an export credit agency in the exporting country, offers a loan to the buyer or to the bank in the importing country in order to pay for the purchase for goods / service from the exporting country.
Similarly,the Bill of Landing, which proves that goods have been shipped on board, and Inspection Certificate, that certifies that goods have been inspected and they meet the desired quality standards.
A standard SAP can handle the minor export and import transactions, but when it comes to documentation, funding, legal documents handling, financial transactions etc, then SAP standard can’t perform these functions. Therefore,in order to fulfill the major and complex documentation and to facilitate the document tracking, Sage customized the SAP solution and developed a unique SAP solution- EXIM.
What is EXIM?
EXIM is Export Import Management. It is designed to meet documentation, reporting and tracking requirements of International trade. Besides, more customization can be done as per the business requirements. The solution is integrated with standard SAP, its logistics modules: Sales and Distribution (SD), Material Management(MM) as well as financial modules: Financial Accounting (FA).
Incorporated with the best business practices, EXIM is one spot solution for efficient management of import and export trade documents. EXIM allows the business to retrieve the detailed reports of all financial documents for analysis and tracking purpose.The system is automated wherein user can do all the required transactions at header and item level.
Features of the software
- User-friendly screens which cater to the majority of the business requirements
- High-level security based upon customizable authorization concept that keeps legal trading documents secure
- Since most of the data comes from standard transaction and thus it makes EXIM a zero error solution
- Import / Export Department can handle all the process without any help of other departments
- EXIM helps storing the minute and important details of the following financial documents-
- Letter of Credit
- Buyers Credit
- Buyers Credit
- User can maintain separate, well-categorized import and export related information like-
- Bill of lading No./ Date
- Bill of Entry No./ Date
- Shipment Date
- Commercial Invoice No./Date
- Vendor invoice No/Date
- Port of shipment
- Port of Dispatch
- Financial transaction can be done at header and item level automatically. For example, posting for-
- Document Opening Charges
- Amendment Charges
- Retirement of document
- Advance Payment
- Foreign Gain and loss
Overall,EXIM helps to automate and streamline different trade processes for enhanced international operations and global trade compliance. The automation eliminates the time-consuming manual tasks and largely improves productivity. EXIM builds up a close knit integration throughout all cross border supply chain regardless of the scale and size of your business.