This is a key element in stock management for importing and exporting companies. It allows for accurate tracking of movements of raw materials and finished products and ensures compliance with customs requirements regarding declarations and payment of duties and taxes.

For customs directors, it is an essential tool to ensure that the company’s stocks are efficiently managed and in compliance with the relevant customs regulations.

What is stock accounting?

It is a method of tracking the movements of raw materials and finished products within a company. It involves recording all incoming and outgoing transactions of these raw materials and finished products, as well as the remaining stock at the end of each accounting period. This method helps control the movement of goods, facilitate stock management, and prevent shortages.

What is the importance for customs compliance ?

It is also important for customs compliance. It ensures that customs declarations are properly filled out and that duties and taxes are correctly paid. Customs authorities require companies to maintain accurate stock accounting, especially regarding stock movements between different production sites and warehouses.

It can also help companies avoid fines and customs penalties in case of errors or omissions in customs declarations.

By maintaining accurate stock accounting and adhering to customs procedures, companies can minimize the risks of non-compliance and problems with customs authorities.