For Captains, the issue of budget management is an enduring nightmare. The general consensus among Captains is that existing methods of managing budgets are outdated and inefficient, meaning that the accounting process takes more time and effort than it should.
Yacht Budget Management
With such a high flow of money to keep track of, bookkeeping for a luxury superyacht is a challenging task. From fuel costs to crew wages, provisioning expenses to the costs of berths, the range of outgoings is varied and broad ranging. Even with a company overseeing the management of the vessel, it is still vital for the Captain to accurately keep a track of finances. Currently, high-ranking yacht crew tend to use Microsoft Excel, or other rudimentary methods, to log the accounts. But this can be inaccurate, inefficient, and unsecure. The need for an app like Voly is apparent and somewhat desperate.
The Voly App
Voly is a newly developed app that simplifies the budget management process, reducing the work on a yacht for Captains and heads of departments. A revolutionary app that simplifies the management of a yacht's accounts, Voly works on an inter-department basis: the head of each department can log expenditure to create a centralised report for a yacht's cash flow. A fully integrated currency card can be prepaid and records transactions to the Voly app. What's more, all information that is recorded through the app is encrypted for security purposes. Rob Moore, the CEO of Voly, explains a bit more about the new accountancy app: "What we've developed is a piece of accountancy software that is easy to use for the crew, and anybody else; they don't need to be an accountant to use it. "
The innovative tool benefits from a three-part structure, which covers the full cycle of cost management:
The use of the prepaid card.
The app itself, which can be used by crew to organise expenses.
The back end, which offers real-time reporting to a yacht's Owner, Captain or Management Company.
Tested by Captains and Ready to Go!
Various yacht Captains were involved in the development of the Voly software, and so it is honed with a practical usability. "The budgets are especially easy to record and manage because I can see what I have budgeted in the past compared to what I have actually spent. Budget reports are colour-coded for under and over spends and are easily modified to my yacht's expenditure categories. Once set, I can lock the budget too, " said yacht Captain Mike Rouse.
The yachting industry is one that stands at the forefront of technology. Voly represents the latest and most advanced method of yacht accountancy technology, and so its popularity is sure to rise within the industry. The versatile tool can be used across a range of industries, however; yacht owners can utilise the tool to better organise their assets elsewhere, like aviation and property.
Watch the company's video to find out more about the app:
Credit: Voly Limited