With a multifunctional solution to handling accounting, expenditure, currency exchange and worklists, the Voly Group is set to bring refit management into the 21st century.
We all know that some of the biggest issues with refit projects are time and budget, but financial management company Voly Group – which incorporates interactive worklist management platform Pinpoint Works – can enable owners and project managers to keep track of both. Created in 2016, Voly Yachting offers a market-leading financial management platform and has transformed the way superyachts handle expenditures. In a refit context, the system allows for financial visibility of the project in real-time, handling all accounting requirements including cash, cards, invoices, payments, FOREX and financial reporting. The ability to report costs instantly makes it easier to keep budgets on track and ensure there is total transparency around the cost of works being undertaken.
“Voly was created with the aim of saving our clients time and money, while improving efficiency and creating greater visibility,” explains Voly Group CEO and founder Ian Flanagan. “These factors are crucial when handling refit projects, which tend to be complex with multiple suppliers and considerable costs involved.”
As well as simplifying the accounting process, the Group’s Multi-Currency Financial Management & FX Payment Platform can save customers hundreds of thousands of euros in currency fees. The entire refit budget for a yacht can be uploaded to Voly, and suppliers can be paid directly from the platform, with 26 currencies to choose from at low-market rates. On top of this, the treasury desk will also undertake a hands-on currency risk-management review as well as real-time FX updates to ensure you buy currency at the right time to protect the bottom line.
“At this time of year when many boats are going into refit, we know that we can save clients’ money on foreign exchange fees,” explains Henry Featherstone, Voly’s head of treasury. Featherstone cites a recent €15 million (£12.9m) refit where Voly saved a US client €253,000 in currency fees.
“All too often we see a lack of service and time offered to our clients from their normal banking relationships,” he adds. “Ultimately, we aim to help save Voly clients’ money, and, in the long run, also save time.”
In February, Voly Group announced that it had acquired Pinpoint Works, an all-in-one yacht work list communication platform. Helping to streamline the refit process, the dynamic service includes an Interactive General Arrangement for a visual overview of projects. Each refit element can be added to the work list and updated in real-time, reducing the need for update calls and reducing the snagging and warranty process.
Pinpoint Works, which was developed and founded by superyacht captain James Stockdale and his wife, managing director and former stew Leslie Gillotte, has already been adopted by more than 400 superyachts and has received widespread praise from refit clients. One captain of a 54-metre yacht calls it “a revelation”. “To photograph a defect, tag it with a number and searchable filter words, add trade and sub-contractors, filter the works and print out a report with photos and descriptions to hand to the subcontractor is priceless,” he adds. “Subcontractors are also added to our Pinpoint Works account and can add their comments to work list points as progress is made.”
A chief officer on board a 70-metre motor yacht also explains its benefits during yard periods. “Pinpoint Works has been an asset to the vessel as a tool to monitor yard progress and manage crew tasks,” he says. “It is very convenient to store all the information on one central platform, which can be used on portable devices and desktops.”
Flanagan is confident that, with Pinpoint Works now part of the Voly family, it’s never been easier to keep refit budgets under control. “It’s clear that delays and going over budget on refit projects are one of the biggest frustrations of yacht ownership, so solving the many challenges in this space is our number-one priority,” he says. “Voly Group, with Pinpoint Works, is set to simplify and modernise the process for all involved.”
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