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How this yacht financial management system streamlines processes on board

Financial management on board luxury superyachts can not only be daunting but a complex and time-consuming task. Every expense, no matter how seemingly insignificant, demands meticulous attention and accountability. From multi-currency accounting software to streamlined budgeting and comprehensive reporting, Voly has become the trusted all-in-one solution that empowers crew to take control of all onboard finances. Launched in 2016, Voly has rapidly gained recognition for its quality service and its commitment to making life easier for crew members.

Saving precious time

While yacht crew constantly balance a multitude of responsibilities to ensure a seamless experience for owners and guests, time is arguably their most valuable resource. Recognised as the Best Superyacht Software for three consecutive years at the ACREW Superyacht Business Awards in 2021, 2022 and 2023, Voly has earned this prestigious title by simplifying financial tasks.

One standout, time-saving feature is Voly's provision of immediate access to a daily spend limit of £450,000 and daily cash withdrawals of up to £4,000. This financial flexibility allows crew to respond promptly to the ever-evolving needs and demands of yacht owners and guests, whether it's arranging last-minute purchases, securing exclusive services or simply handling unexpected expenses with ease.

Smooth sailing

Traditional accounting processes, while essential, often demand a considerable amount of administrative effort, particularly when it comes to email communication. Consider the traditional way of processing invoices with traditional accounting software: it generally takes an estimated 3.5 minutes to process a single invoice, involving the generation of approximately three emails per invoice. Multiply this by the multitude of financial transactions that take place on a superyacht and the cumulative administrative load can become overwhelming, leaving crew members with less time to devote to their core responsibilities.

With Voly, processing invoices and other financial transactions becomes a breeze, and the need for extensive email communication is drastically minimised. This transformation not only streamlines the workflow but also affords crew members more time and energy to invest in the critical aspects of their roles.

Infographic: 169,186 total number of invoices sent through Voly

Infographic: 592,151 minutes saved with Voly

Substantial FX savings

Handling multi-currency payments efficiently is not only a necessity but also a source of potential cost savings. Here, Voly shines brightly with its exceptional currency exchange rates.

When crew opt for Voly's Treasury Desk for multi-currency payments, they unlock the potential for substantial savings that stand in stark contrast to the rates offered by traditional high street banks. Voly's currency exchange rates are, quite simply, second to none.

Data security is a necessity in the digital era

In today's digital world, data security has taken centre stage. The alarming statistics surrounding data breaches and cyber threats underscore the ever-present risks individuals and organisations face when it comes to safeguarding their financial assets.

According to recent data, a staggering 83% of studied organsations have experienced more than one data breach in their lifetime. This ominous trend shows no signs of abating as another study revealed that in 2021, nearly one billion emails were exposed, affecting one in five internet users worldwide. Perhaps even more concerning, the average cost of a data breach reached an all-time high in 2023, totalling a staggering $4.5 million.

For businesses, including those in the superyacht industry, the stakes are high. In 2022, a report highlighted that 39% of UK businesses had experienced a cyber-attack, a figure that remained consistent from the previous year. While this rate has decreased slightly since 2020, the fact that 31% of these businesses estimate they were attacked at least once a week is a testament to the persistent and evolving nature of the threat.

Voly recognises the critical importance of data security and risk reduction.

The platform is ISO 27001 Management Standard-certified, equipped with robust systems that manage data and safeguard against hacks. Voly's security measures include two-factor authentication, bespoke permissions and beneficiary validation, all working in harmony to prevent fraudulent activity and guarantee the utmost security for the financial assets under their care.