The Value of a A Digital Solution for Financials

How maritime financial professionals can optimize voyage accounting through data and technology

Are you still managing voyage financials out of spreadsheets? Imagine the manual effort you could eliminate and the errors you could prevent if your voyage accounting data and processes were directly integrated with the chartering and operations workflows of your commercial marine business.

As a financial professional, you know all too well the pain of closing the books. You and your team have spent hours tracking down disparate sources of data from disconnected systems, often resulting in manual adjustments and tedious report reconciliation.

Learn how you can manage your voyage accounting with a fully integrated workspace – download the one-pager on Veson’s Financials module.

As the key point of contact to track and realize financial data, it is critical for a modern maritime financial professional raise invoices, recognize revenue, and complete period close quickly and easily.

1.) Consolidate Data

In a modern world, data comes in all forms; without the ability to integrate, it is easy to lose important information. Ideally, you would leverage a voyage financial system that helps to maintain a single version of the truth by connecting directly with your external corporate accounting system at the general ledger level, reducing duplicate entry and improving the fidelity of your records.

2.) Collect Maritime-Specific Information

Voyage Accounting requires codification of fields not found in standard accounting management systems. In order to properly account for each aspect of a voyage, you need a system designed to manage marine contracts and will link them to the proper account codes. Ideally, your system will support invoices for all physical contracts – freight, commissions, claims, and time charters – and manage monthly settlements for paper trades.

3.) Provide Visibility

Data is king, and it is important that you can easily share financial data with key stakeholders across departments. Ideally, your system will allow you to easily generate standard financial reports for balance sheet analysis, voyage P&L, cash flow, and more. Data visualization tools such as business intelligence dashboards can also facilitate the effective sharing of information across an organization.

A Digital Solution for Voyage Finance

In an increasingly digital world, marine finance professionals need a software platform that integrates information not only within an organization, but also with key external data sources and counterparties. Veson Nautical’s Veson IMOS Platform (VIP) is the market-leading cloud solution for commercial marine freight and fleet management. The platform standardizes company policy across the post fixture and posting processes by utilizing role-based workflows for improved system auditability and control over invoice creation and processing. The ability to facilitate audits with built in audit trail functionality enables you to review data changes in the system on a granular level. Natively integrated with every data point in the Veson IMOS Platform, Veson’s Financials solution simplifies your voyage control and accounting workflow.

 

Learn how the Veson IMOS Platform can dramatically improve your accounting process.

Veson IMOS Platform Financials Demo Video DEMO VIDEO WATCH THE VIDEO
Blog Author George Giovas Director, EMEA