Route and itinerary, flags and permissions, crew and provisions… there’s so much for captains to consider when preparing for a yacht charter or an owner coming board. Each trip is an enormous operation with a myriad moving parts, each of which is underpinned by the bottom line, accounts.
To help make the process simpler yacht accounting platform Voly streamlines and modernises the financial management process. Its user-driven multi-currency accounting software is “designed to make your working life easier, so that you can focus on what matters to you and your crew,” says founder and CEO Ian Flanagan.
Voly is the only product created specifically for the yachting industry that offers fully integrated solutions, from the budget through to real-time spend. It can be used by captains, crew members, pursers, accountants and indeed yacht owners, giving all parties a transparent and streamlined view of a yacht’s outgoings – with no nasty surprises.
Its simple expense management platform features a fully integrated prepaid Mastercard and FX payment platform, bringing all aspects of accounting together under one secure umbrella. “We replace the bank, the FX broker, the accounting solution, and the Amex/prepaid card all in one solution, one dashboard and one login,” explains Flanagan.
This streamlining results in valuable time savings for captain and crew. Recent analysis of data across Voly’s client base calculated that by using use Voly’s financial management platform – with integrated mobile app, prepaid card and FX payment platform – clients saved a total of 67 thousand hours or 3000 days.
By the industry, for the industry
Voly currently works with more than 40 management companies and around 800 yachts globally, with more than 5,000 pre-paid cards currently in circulation. As well as improving efficiency and transparency, captains and crew reveal the system has saved them “75% of financial admin time”.
Created in collaboration with captains, crew and management companies, the platform is supported by dedicated account managers who keep clients’ needs at the heart of the operation.
"We focus on building strong relationships because we recognise this as one of the core reasons that Voly is highly rated by captains and crew," Flanagan says. “In a time when many companies are using bots to communicate with their clients, our focus is to keep that human contact with crew as much as possible. We get to know them, understand their needs and processes, and ultimately help them save time and money by streamlining their financial management, so that they can focus on doing the job of running the yacht.”
Here we look at how Voly brings captains on board and ensures they continue to feel supported while using the platform...
Once a client signs up, they are introduced via video call to their dedicated client relationship manager and implementation co-ordinator who will walk them through the process. The applications team then contacts the client to start the on-boarding process and get them set up with their Voly Prepaid Mastercard.
Voly works with clients to understand their operational processes, how they manage the finances for their vessel, and what is important to them. The team then creates a bespoke workflow within Voly and sets up their asset on the platform exactly as the client requires, with departments, regular payments, reporting, account and spend limits, and bespoke approvals and anything else they might need.
A tailored training session is provided to the captain, administrators and crew via web demos from Voly’s expert training team. Additional training is provided for administrators as well as rotational crew or new crew further down the line. Regular refreshers are offered as Voly updates its ever-growing list of features.
Voly activate all users with account logins for the highly secure online platform and App. Users get access to a full reporting suite, showing real-time transactions with specific views and multilayer transaction authorisation. Voly Prepaid Mastercards are provided – both operational pre-paid cards and Voly APA cards and be issued depending on requirements.
Dedicated client relationship managers support clients with their day-to-day queries. In addition to support via phone and email Voly provide an online chat which runs from 9am-9pm (CET). There’s also an out of hours emergency contact should a situation arise.
Testimony from Sean Read, captain of a 65m Benetti
“There are many things required to be a successful charter yacht and the demands on the crew are relentless. Voly’s APA module gives me 100% confidence that the financial reporting is taken care of, allowing our focus onboard to the client experience. Having successfully used the Voly platform for operational purposes on our current and previous yachts there was no doubt it was the right decision to manage our APA too.
The Voly mobile app is most useful, being able to track cash and card spend in real-time, and additionally I have the ability to monitor multiple charter accounts back-to-back accurately.
The Voly cards have great functionality and being able to pay invoices in any currency through their new payment platform is game-changing!
All of this is then presented in an automated client reconciliation report, I can’t imagine working without Voly now and I cannot recommend it highly enough.”
For more information about how Voly Group can help you manage your yacht’s finances click here to speak to the team directly.