Modern Financial Accounting for Owners of Multiple Assets

 Did you know that the superyacht industry isn’t Voly’s only target market?

As you’d expect, many of our clients who own superyachts also own private aircraft and large estates. These assets, which together with superyachts we like to call ‘multi-assets’, have substantial accounting needs. Today, you’ll find out how Voly solves the financial management needs across a range of assets and why you should consider it for your own asset accounting.

International financial management 

High net worth individuals frequently own assets including yachts, property and private aircraft all over the world.

These assets are typically operated, maintained, crewed and managed by a small army of people who are likewise based all over the globe.

This presents unique but also substantial financial challenges, particularly in terms of controlling spend and exercising general financial oversight across a range of assets. Given the large amounts of money typically changing hands at any given time around even a single superyacht or private residence, the potential risks to the owner, managers and other stakeholders are high.

And it’s in this precise scenario where Voly’s specialist accounting solution really shines.

Voly’s Multi-Asset Management Accounting allows our customers to comprehensively manage the finances relating to property, yachts and jets around the globe. All relevant stakeholders can access Voly’s platform – according to the permissions set by you - and gain instant, real-time financial oversight.

All transactions and expenditure are automatically logged without the need for scanning receipts or compiling spreadsheets. And all of the data captured by Voly, is conveniently accessible via both desktop and mobile app facilities, putting all of your financial and accounting data at your fingertips, wherever you or your staff are located.

On board with financial security    

As we all know by now, criminals are constantly on the prowl for your financial information and ultimately, to get at your money. 

Phishing, hacking and other schemes have become a normal part of our modern daily life. But despite this ever-present threat, superyachts and aviation have, generally speaking, lagged behind in terms of their own technological sophistication and preparedness.

At Voly, the security of your financial information is a major priority for us  and that’s why clients choose Voly to manage their financial affairs.

The Voly platform completely bucks the trend in yachting and aviation by making data security and the integrity of our systems our highest priority.

Voly user accounts, in particular, are protected by various measures, including two-factor authentication upon login and with every transaction, as well as beneficiary validation, and the ability to set custom limits and permissions for every authorised user of your Voly account.

While you’re safe using Voly, we also want you to be safe outside of your time with our software. Cyber safety starts by understanding that yachts, jets, crew and everyone on board are potential targets.

On board with cyber security 

2021 was regarded as one of the most disruptive years in terms of the intensity and severity of cyber attacks that occurred, with ransomware stealing the spotlight as the key threat to organisations.

You might be surprised to learn that staff members are often unwittingly the origin of these attacks.

According to one source, only 3 per cent of company employees and individual users are able to identify phishing emails. Furthermore, in 2019, as many as one in two companies fell victim to ransomware attacks, with 40 per cent of those paying the hackers the requested ransom - an average sum of $84,000.

Mike Jones of Pelion Consulting - which specialises in cyber security for superyachts - says that despite the risks, yachts are still not taking cyber security seriously. “If you have an internet connection going into your superyacht - that makes you vulnerable and a potential target.”

Clearly then, we all need to start thinking about cyber security more seriously.

And while you’re busy thinking about your organisation’s data security, don’t forget about social media, where the information we all post is often more valuable to criminals than your money.

Pelion Consulting further affirmed that one of the best ways to secure your asset is proper training of the crew to empower them to practice ‘good cyber hygiene’.

They’ve partnered with the Warsash Maritime School to offer cyber security training tailored to the yachting industry and yacht crews in particular, which is well worth considering if you want to tighten up security on board.

While a lack of cyber awareness among staff can pose a threat, at least when you use Voly to manage operating costs, you can rest assured that your funds are secure and there is no risk of overspending.

By using Voly’s Prepaid Mastercard within your organisation, staff and crew members can be issued with a card that authorised users can pre-load with money. Whenever a purchase is completed using a Voly Prepaid Mastercard, the transaction is immediately logged on the Voly Platform, making all spending visible to all stakeholders in real time. 

And thanks to the Voly mobile app, crew can instantly snap a photo of the receipt and upload it to their purchase. No more time-consuming paperwork and filing of paper receipts. Everything is easily and securely filed within Voly.

Try Voly APA for Free 

For a limited time, we’re throwing the doors open and offering superyacht owners, captains, crew and yacht management companies a Voly APA account with a prepaid APA card, free for six months, for the Mediterranean charter season.

There’s no catch at all! We just really want you to try out Voly APA for yourself and see how it can help you save time and money and make your operations more efficient.

Register here and we’ll get you up and running in no time.