Bespoke SaaS accountancy solution, Voly, to reduce human error and relieve Captains’ frustrations
Voly, purveyor of powerful yachting accountancy, has today launched its purpose-built accountancy app and SaaS platform. This is the first solution of its kind aimed at solving a multitude of issues caused by legacy reliance on Excel spreadsheets and manual data entry.
Currently, there is too much room for human error in expense management and this is costing yacht owners $millions each year. Captains are spending endless hours each month manually inputting data into spreadsheets on Excel, which has previously been the only viable solution for managing annual budgets upwards of $1M. Old methods are extremely prone to human error, have a lack of transparency as well as a lack of accountability. Recognising this ongoing issue Voly has created the solution.
Rob Moore, CEO at Voly, explains: “The industry has been underserved and needed a solution to promote accountability and reduce the risk associated with outdated accounting practices. By launching Voly, we have given confidence and control back to the captains and management agencies, and assurance to the owners vessel.
Currently, packages for expense management on yachts are too basic. Seeing the need for effective expense management software, we used our unrivalled experience of the sector to establish a sleek, smooth and simple software to cater for the specific needs of this global industry.”
Voly’s unique crew app is the only technology of its kind, it is packed with time saving features that allow crew members to capture expense at the time of a transaction wherever they may be. Crew simply have to photograph the receipt and upload it to the system selecting the relevant yacht expenditure category and then the expense is filed.
Moore continues: “The user-friendly, secure technology transforms the way yachts do their day-to-day expenses with a simple interface. This means every member of the team are able to effectively use the system with no previous experience of accountancy. Our double-entry system allows users to set budgets, record expenditure, create reports, manage cash flow, manage supplier invoices and VAT. The result is real-time visibility of the yacht’s complete financial situation. Something that has never been available before.”
Voly incorporates a prepaid Mastercard, powered by AFEX, into its system capturing all card transactions instantly, automatically sending a real-time notification to the system when a transaction is made. With this Voly adds complete transparency to expense management while removing the stressful, laborious and time-consuming task of manually processing data.
Typically, anything that is designed for use on a superyacht is high quality and purpose built for the owners, so expense management and accountancy should follow suit, not languish in the doldrums of Excel and inept alternatives.
Voly is the only software of its kind that provides time-saving systems for captains, complete transparency of spending for yacht owners and the highest element of data security through end-to-end encryption.
Only through improved expense management practice yachts are able to promote better overall governance and vessel organisation.
To find out more about Voly and how it’s helping captains view the yachting case study.