The industry veteran shares why the Qorbis all-in-one expense management and debit card system is a "game-changer," delivering time and cost efficiencies by seamlessly tracking yacht finances both on- and off-board
With almost four decades of experience in the marine industry, Joe Killian knows a thing or two about making sure yacht ownership is smooth sailing. His team at Killian Yacht & Ship Brokers are experts in the sales, marketing, service, and financial management of yachts.
“As a broker, I’ve been engaged in doing whatever is necessary to assist clients - from finding captains and crew to helping them with managing yacht finances,” says Joe. “And the more I look into Qorbis, the more I realize that it is what clients need to do so easily, quickly, and cost-effectively.”
“There is no other solution as competitive as Qorbis - it's literally a no-brainer for anyone trying to run a business, whether that's a yacht or not. Qorbis is a godsend.”
Joe Killian
Streamlining Financial Management
The yacht industry, known for its luxury and exclusivity, has long been plagued by cumbersome financial management processes. Owner/operators and yacht management companies alike have traditionally juggled multiple bank accounts and prepaid cards, resulting in inefficiencies and administrative headaches.
“Managing the finances of the yachts has been done the same way for a long time: people input everything into a spreadsheet, look at receipts, look at credit card statements, call staff members to verify things - it’s time-consuming, it’s prone to errors, its drudgery,” says Joe. "Qorbis eliminates that entirely. It gives the owner, crew, and administrative team the accountability and visibility to see expenditure in real time and takes so much time and work out of running a yacht, whether that’s for personal use or charters.”
Unlike existing systems limited to providing APA efficiencies, Qorbis is a complete solution with branded cards, banking, and spend management delivered via one platform covering everything from payroll, yacht maintenance, and owner provisions to gratuity disbursement, bunkering, and of course, APAs.
Significant Time Savings
Joe estimates that an owner/operator with one yacht would conservatively save 20 hours in admin time every week by using Qorbis – with that timesaving amplified for multiple vessels.
Rather than having to navigate a labyrinth of bank accounts, each tied to different yachts, logging in and out of various banking platforms, consuming valuable time, and increasing the likelihood of errors, Qorbis means seamless financial management.
A single, unified platform is used for managing all financial activities. Each yacht can be assigned an individual account, entirely siloed to make transfers and reporting easy and efficient, significantly reducing the complexity and time required for financial tasks.
"Qorbis clients see all expenditure in real time, with everything in one place, on the dashboard - there's no need to refer to multiple systems or spreadsheets. It’s so user-friendly, and so efficient, that it means that you don’t need a team of back-office staff running the finances - you just need Qorbis.”
Real-Time Oversight and Control
One of the standout features of Qorbis is its real-time oversight capabilities. Managing crew expenses and Advance Provisioning Allowance (APA) spend has never been easier.
Qorbis provides up-to-the-minute visibility into all transactions and easy receipt management of all transactions, enabling financial controllers to monitor spending in real-time. This level of oversight ensures that budgets are adhered to, and any discrepancies can be addressed immediately, preventing potential financial issues before they escalate.
Changeovers are also made more efficient with tailored end-of-charter statements as well as an optional service to provide real-time access to charter guests so that they can monitor their specific APA spend, eliminating any surprises at the end of their trip.
Enhanced Financial Flexibility
The limitations of prepaid cards are well-known in the yacht charter industry. These cards often come with restrictions on spending amounts and transaction types, which can be inconvenient and restrictive.
With Qorbis Visa debit cards linked directly to bank accounts, the need for prepaid cards is eliminated, offering greater flexibility and control over spending. Cards can be issued instantly and associated with a specific yacht – including in the vessel's, or the charter company's own branding - eliminating the need for crew to share cards and driving end-of-charter reporting efficiencies. Joe is convinced this level of control delivers the seamless experience owner/operators and those running charters are looking for.
“With Qorbis, you fund the account, you know what the budget is. Ahead of time, the captain knows roughly what the expenses of a trip will be, can add 15% as a buffer, and then that amount can be allocated onto the card. And while the crew is using this card for spending, the owner has complete real-time visibility of where the money is going and what’s going on with the finances,” he says. “If there’s a question or a concern, it can be raised, but otherwise, the crew is empowered to get on with doing their job, and the owner doesn’t have to be bothered with questions about which card to spend on, or to approve a transaction.”
An Investment in Efficiency
Qorbis is not just a tool; it’s a game changer for the yacht charter industry – and one worth the outlay, according to Joe.
“I ask my clients – how much is their time worth? And the answer is always more than the cost of implementing Qorbis as a solution."
By centralizing financial management, providing real-time oversight, and offering flexible spending solutions, Qorbis empowers yacht management companies and owners to operate more efficiently and effectively – and say goodbye to inputting data into spreadsheets for good. The platform's ability to save time and reduce costs directly contributes to improved profitability and enhanced service delivery.
In an industry where luxury and precision are paramount, Joe is confident that Qorbis stands out.