Financial Manager®

Key Benefits

• Eliminates errors using advanced intercompany transactions.
• Manages your costs through on-line budget control and advanced management reporting
• Minimized, simplified historical transactions posting and replaces them with fully blown voucher orders linked to purchasing activities.
• Identifies areas where procedure changes may significantly increase overall performance.
• Streamlines your financial closing cycle through improved automation and collaboration, improving period-end closing cycle time
• Increases finance productivity, enabling your finance teams to manage global operations with fewer resources, while maintaining your cost structure
• Automates receivables, invoicing, and cash reconciliation processes - improving order-tocash cycle time.
• Manages cashier payments through grouping of payments, payment document preparation and advanced approvals including signature verification.
• Evaluates loans based on financial & operational repayment scenarios.
• Detail management of owners payment.
• Extensive financial dashboards

Discover changes needed, till an optimum return on investment

Overview

financeDuring this time of economic uncertainty, a company’s decision makers have to relay on fast flow of information, which is both current and accurate. To achieve this, your business must establish a single version of the truth for all its employees. VMS Financials can help, offering robust financial and managerial accounting with efficient reporting functionality to support confident decision making.

The VMS Financials solution delivers a complete, integrated financial management, ensuring a compliant, predictable business performance. As an essential building block of your enterprise business strategy, VMS FIN provides a solid foundation to expand your business and realize greater efficiencies across key financial processes, as all inefficiencies will be visible and corrective actions can be applied and measured.

Features & Modules

Financial professionals, executives, and managers need tools that adapt to the way they work and to the needs of their business.

VMS FIN is an intuitively designed solution that requires minimal training and responds flexibly to the inevitable changes required by current demanding business world. 

It covers all financial needs of a maritime company. In other words, it manages a general ledger, all accounts both payable and receivable, a sophisticated budget and cash flow management system in a multi-company,
multi-currency cash planning.

It also supports automated inter-company transactions and MIS dashboards with advanced drill-down functionality.

Multi Currency / Multi Company

Standard support of 3 currencies at all levels:

  • Local currency.
  • Operational currency.
  • Transaction currency.

Comprehensive Multi company support allowing also automated intercompany transactions 

General Ledger

  • Dynamic tool for the setup of the chart of accounts, which allows many views of the chart of accounts, either in a consolidated form or on a per company basis.
  • The correlation of companies within a group can be easily defined allowing the visualization of the structure in a treeformat. All transactions in the ship owning company are reflected in the management
    company.
  • Inter-company transactions either within the group or between different management companies are fully supported. As soon as source and destination companies are entered, the system credits and debits the predefined accounts and displays to the user all automatic transactions that have been performed.
  • Standard Financial reports (Balance Sheet, Profit & Loss) can be created for each level of the group structure from ship owning company up to the financing company and all related management companies.

Accounts Payable

  • Intelligent posting mechanism with automated validation of the correct posting code depending on entered data (e.g. supplier, product, budget).
  • Workflow- based Invoice Clearance cycle that connects to the purchasing module makes the control of invoices more secure and auditable:
    • Delivery verification of quantity and quality can be recorded by the system before clearance for payment.
    • Intercompany transactions can be automated.
    • Routines for payment and bank remittances and remittances through agents.
    • Entry for single voucher shared between Vessels
    • Prepayments andconsolidation with invoice registration
    • Provision accounts handling through configurable procedure for interval definition
    • Amortization Accounts
    • Integration with Disbursement Accounts
    • Exchange differences and prior year adjustments
    • Interface for Integration with sub-systems such as Crew Payroll and MGA, Seaman Loans etc

Accounts Receivable 

  • Intelligent posting mechanism with automated validation of the correct posting code depending on entered data (e.g. vessel, voyage, budget category).
  • All details arising from the Operations cycle (voyage details) are automatically linked to each invoice.

Automated Invoice Processing

  • Barcode of all invoices depending on the transaction type required
  • Scanning and OCR of all invoices using Zylab workflows
  • Automatic generation of transaction linked with relevant scanned documents.
  • Support for multiple invoices per transaction.
  • Support of scanned pages re-allocation to other transaction.

Budget Management System

  • Budget management allowing a three level cost structure (Company, Budget, Cost Centre).
  • Fully linked with purchasing system. It automatically provides the Budget Centre category according to the requisition items. It also ensures that budget limits are not exceeded and provides user authorisation for reserving budget.
  • Budget follow-up (expenditures against projected figures) throughout the financial period, variable financial periods, budget extensions and comparisons.

Cash Flow Management System

  • Definition of cash-related accounts within set-up of inter-company structure.
  • Follow-up of cash-related transactions through all inter company accounts and immediate cash-flow analysis of the whole group.
  • Management data for multi-currency cash plan.

Cashier Management

  • Payment grouping and document preparation.
  • Payment approval workflows.
  • Signature verification
  • Payment execution.
  • Bank reconciliation.

Reports & Financial Statements

  • Ship Running costs.
  • Cost Center Budget follow-up.
  • Profit loss.
  • Balance Sheets.
  • Fiscal year closing reports

Loan Management

  • Forecast and sensitivity analysis tool, based on different loan schemas, scalable interest rates and swaps and variable operating costs.

Owners Payments

Loans Payments

  • Automatic generation of installments
  • Workflow-based payment approval
  • Signature verification
  • Cash flow planning based on payment due dates
  • Consolidation with accounts

Insurance Payments

  • Automatic generation of insurance tranche.
  • Workflow based payment approval
  • Signature verification
  • Cash flow planning based on payment due dates
  • Consolidation with accounts
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