Halkidon Shipping Corporation selects MAS for timely financial reporting and accounting
Halkidon Shipping Corporation completed a Digital Transformation Project
The leading shipping company was challenged in real-time financial reporting, supporting multi-location and multi-company operations, and in enhancing IT security and efficiencies
Halkidon Shipping Corporation
Accounting & Reporting Software
Maritime Accounting Software & XL Connect
Multi-level financial management
Drill down functionality
Intuitive search capabilities
Strong MS Excel integration
The insights behind the project
Halkidon Shipping Corporation is a privately owned company which operates a fleet of oil and chemical tankers and dry bulk carriers.
The Company’s main operations are carried out from its office in Piraeus, Greece.
- Creating a financial reporting process to enable decision-makers to access reliable, consistently prepared data of their choice in real-time. Most importantly, information about the vessels’ performance including hire income and running costs, per vessel, as well as results per voyage.
- Implementing a robust accounting system which is sufficiently tailored to the maritime business so as to minimize the time and effort required by accountants to effectively and efficiently capture daily operations. In particular, incorporating automations specific to maritime operations. For example: automated postings of transactions between managing agents and vessels, period end cut-offs and foreign exchange differences, the ability to paste-insert from Excel and so automate the posting of long accounting entries such as MGAs as well as automated postings of depreciation by vessel component.
- Uploading budgets into the accounting software and monitoring in real-time and easily amend budgets already uploaded. Obtain comparisons by detailed code or by summary of code groups and have all of this directly in Excel for further workings and analysis.
- Moving to an era of paperless accounting and financial reporting, where users can intuitively navigate to the granular details of a transaction, including its supporting documentation, which is also attached to the accounting records.
- Having an accounting software that possesses strong security features to successfully meet the challenges of multi-location operations while facilitating and supporting appropriately the flow of information.
- Having the timely backup and support of the software provider to guide the migration process and assist Halkidon Shipping in learning the new software and getting the absolute best out of it.
What we did for the client
MAS was the answer for relevant, reliable and timely financial reporting and accounting, for maritime companies like Halkidon. MAS comprises two distinct and equally important elements:
- Integrated Financial Reporting through preset customized report templates that auto-source information from the accounting system as well as other systems in real-time.
- Accounting Software specifically tailored for maritime companies.
Halkidon has been enjoying the benefits from the utilization of the following features:
- Robust automated Financial Reporting both internally within the company and externally to Owners, investors, and banks.
- Financial Management of the fleet, easy control of banks, accounts payable, and accounts receivable.
- Scheduling of payments to maximize resources.
- Daily and period-end close tasks of routine and mechanical nature have been automated, so are performed effectively and efficiently without the risk of human error.
- Access to information in granular detail, from the general ledger card all the way down to the supporting document that can be attached to the accounting record. Drill down from one entry to see its full accounting path and other related entries.
- Find the information needed with minimum effort, intuitively even without training.
- Minimize the effort of importing and exporting information through the use of copy/paste to and from Excel. Reduce the risk of human error and save time by using templates created in Excel to import entries into the software for one vessel or for several vessels at the same time.
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