Integrated mission-critical business system for shipowners
The shipping industry involves investment in new construction, which is an important step by ship owners as it is time-consuming and requires decision-based on long-term investment. Hence, "TRANS-Owner" helps guide the ship's life cycle from shipbuilding to sales.
TRANS-Owner software provides efficient and accurate financial information, which act as a solution for shipowners investing in a new construction that requires long-term perspective decision-making for recovering the funds.
The software attempts financial forecasts, thereby helping in measuring profit and loss of investment through forecasted hire rate, providing rates for floating interest, exchange and inflation. It also helps predict the final return on sale from the time of sale and selling price.
Our TRANS-Owner software holds contract information, which is not specifically used for financial forecasting but also to get linked with TRANS-Account (Maritime Accounting System). With this contractual information, you get the chance to add accuracy to your daily operations systems within its operations. Moreover, the journal entries, including accrued interest, depreciation, and the TC Hire are automatically calculated, which further helps in early account settlement.
TRANS-Owner is a tool that works with the TRANS-Account (Maritime Accounting System) to manage the ship’s business cycle comprehensively. Seamlessly linked to the TRANS-Account reduces the workload for complicated tasks such as preparing settlement, accrual and deferral journals and helps in the budgeting and profit forecast from external systems through data import tools.
New construction in shipbuilding will require multiple payments related to the whole process from contract to delivery, such as keel laying, launching instalment payment. The user can register the delivery instalment schedule as shipbuilding contract information in the contract entry, and the payable data will be registered in the accounting system during payment processing.
Ship-building is a costly and expensive process, and hence, the borrowing contracts are finalised with financial institutes and other parties. Moreover, it takes a well-scheduled loan process, including payments and reimbursements. The TRANS-Owner software incorporates a borrowing system, which holds repayment schedules and contract information. It has a financing plan screen that allows you to inquire about the link between payment schedules, shipyard, and borrowings. It further allows you to check the financial allowance status concerning payment schedules that change as per ship-building’s moments and progress. Besides, the system automates journal entries for repayment and borrowing through repayment schedules. By the end of the financial year, interest over-due is posted, with long and short term transfers are recorded.
The software provides a TC management system that includes all the charter related information, just enter the hire schedule and information in the system to obtain the hire income ledger and settlement slip at financial closing time, the hire income apportionment is automatically generated and saved in the accounting system. The TC management system incorporated in the TRANS-Owner registers accounting data such as time charter settlement slip, charter hire slip, brokerage slip etc.
The system for ship cost management contains an annual budget provided and arranged by companies that are registered every month with each cost depending upon the forecasting about the increase in each cost item. Further, the payment data for advanced payments done monthly is stored in an accounting system that helps manage forecasting and actual payment.
The new feature enables you to manage purchases via single sources incorporating purchase requests through vessels, supplier emails, quotation requests, automated import quotations, comparison of quotes, cost recording and allocation. This includes orders, shipping costs, debt payment vouchers, and creating general bank transfers with remittance data. You may also use reverse-lookup the past estimation as per the product categories. You can separate deliveries and develop debt payment data when there are instalment deliveries. Besides, the system automates journal entries required for budget management, including order balances and estimated unpaid amounts on receiving the goods that are not invoiced. It’s a long-awaited system to accelerate purchase operation efficiency.
At the time of ship delivery, the construction in progress as of accounting term will be recorded during transferring to FA from OW. It will be depreciated using the depreciation method every period during the useful life in the module and the ship price and profit recording by disposal and depreciation data. These accounting data will be registered automatically into the TRANS-Account. With the TRANS-Owner, the profit forecasting will be accurate.
Using simulation factors for OW, LM, TC, SC, LM to forecast the high accurate financial results throughout the life cycle of ships from shipbuilding to selling.
using stimulation elements for various contracts like shipbuilding, loan contract, charter party, ship cost budgets, schedule information and financial for forecasting results take from shipbuilding to selling.
based on the forecast value of the annual transition of the base interest rate (LIBOR, TIBOR, etc.).
the forecasting system predicts charter hire income for each ship type by multiplying the number of hire days or off hire days with the charter hire rate.
annual budget for shipping cost is determined based on the increase in each shipping cost item.
gain or loss on sale can be predicted by registering through sale price and data. For simulation elements, the financial forecast for each version for comparison helps in managing combinations of different versions.
Best maritime accounting system backed with a comprehensive process of research & development
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