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The Accounts Department works within the
framework of International Accounting Standards and is audited at regular
intervals. The practices established and maintained are such, as to ensure
the security of each owner singular funding and provide accurate recording
of all transactions conducted by the company on Owners' behalf. The
accounting system used provides for each vessel, whether on full or part
management, to be treated as a separate cost centre. Individual bank
accounts are kept for each vessel.
To provide for
accurate recordings of costs, accounting records are made available to
other departments within the company. Regular meetings are held with vessel
management teams, to review budget progress and compile accurate reports.
The accounting
Department is fully computerized as is the entire company and the software
is continually under review to meet the changing needs of the company and
its clients.
cost
control
Emphasis is given to
budgetary control which is exercised by comparing the daily operation costs
with the budget individually prepared for every vessel. Any variances are
recorded and analysed. Timely reporting of the variances made possible by
our computerised accounting system permits 'exceptions' reporting, allowing
for corrective action to be taken immediately. Furthermore, budgeted and actual
cash flows are prepared and evaluated as applicable. Individual accounts are
available for inspection by an owner or appointed representative.
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