Qorbis Logo

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. 

Want to see how Qorbis can transform your yacht finances? Book a demo today.

A modular approach to delivering a full range of business and financial services means scalability, continuous deployment, and resilient service architecture. The result is the flexibility to meet evolving market needs swiftly and cost-effectively.

In the ever-evolving fintech landscape, the ability to swiftly and cost-efficiently adapt to changing customer demands is paramount. After all, this is one of the driving forces behind why fintech even exists. 

Traditional banking systems, hampered by legacy infrastructure, have struggled to keep pace with the rapid evolution of business customer expectations. In contrast, APIs (Application Programming Interfaces) and microservices have become the cornerstones of fintechs, driving innovation, maintaining agility, and allowing them to respond to market needs with remarkable speed and efficiency.  

In 2021, there were 795 million successful API calls performed utilizing banking APIs. In 2023 – 1.13 billion.  

Open Banking

While banks are catching up, actively expanding their API accessibility to enable seamless integration with third-party services – fintechs are still at an advantage. By offering a unified digital platform, businesses can gather valuable insights into customer behavior and preferences which can inform personalized service offerings and targeted marketing campaigns – and a whole lot more.  

The Flexibility of APIs in Fintech 

APIs are powerful tools that enable different software applications to communicate seamlessly. In the fintech sector, APIs provide the flexibility needed to integrate various services, platforms, and third-party applications, creating a more interconnected and efficient ecosystem. 

Microservices: The Embodiment of Flexibility and Efficiency 

Microservices architecture represents the epitome of flexibility and efficiency in fintech. This architectural style structures applications as a collection of small, independent services, each responsible for a specific function. These services communicate with each other through APIs, ensuring seamless interaction and integration. 

As business customer demands evolve – in part driven by advances in the consumer space - the fintech industry must remain agile and responsive. APIs and microservices provide the technological foundation needed to achieve this agility. By enabling seamless integration, rapid innovation, and cost-efficient development, these technologies are transforming how fintechs operate and compete. 

Find out how Qorbis’s microservice architecture and use of APIs empower our clients.

“Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Tom Witton, Head of Sales and Co-Founder of Qorbis.

WILMINGTON, DELAWARE, UNITED STATES, 06/26/24 – Qorbis, an industry leader in financial technology solutions, is proud to announce the launch of its spend management platform designed specifically to overcome the financial challenges faced by the yacht charter industry. 

The Qorbis platform delivers unparalleled time and cost savings through high levels of spend control, the rapid movement of funds and competitive foreign exchange (FX) rates, all while offering the unique ability to brand Visa debit cards with a business's own branding.

Developed in consultation with industry specialists, the Qorbis platform allows each charter’s finances to be siloed, with the ability to instantly transfer funds and reconcile expenses against APAs with unlimited sub-accounts and bespoke reporting.

“The yachting industry, known for its luxurious experiences and elite clientele, demands precision and efficiency in financial management,” says Tom Witton, Head of Sales and Co-Founder of Qorbis. “Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Qorbis gives charter management complete real-time visibility and control over operational bank accounts and unlimited segregated sub-accounts and Visa debit cards via the platform's dashboard. Each yacht under management is allocated a dedicated bank account, with three APA cards per vessel. 

Card spend limits and categories can be set and adjusted instantly, with real-time visibility of transactions and funds instantly sent and recalled between accounts. Integration with popular accounting software via APIs facilitates direct reporting and the creation of bespoke end-of-charter statements. 

“The Qorbis solution delivers efficient purchasing, minimized expense fraud, and seamless reporting at a more cost-effective price-point than competitor offerings,” adds Tom. “We know how important it is that changeover days and crew rotations run smoothly, which is why we’ve designed our platform with this in mind.”

Cards and the platform's dashboard can also be branded entirely as the business's own, boosting brand visibility and engagement and delivering actionable spend data. 

"Our goal is to empower yacht charter businesses with the tools they need to control costs, save time, and enhance their brand image,” says Stephen Williams, CEO, Qorbis. “The Qorbis  platform is designed to meet the unique financial challenges of the industry, providing a comprehensive solution that drives efficiency and profitability."

Key Features and Benefits include:

With Qorbis's spend management platform, yacht charter companies can now navigate the complexities of financial management with ease, while making time and cost savings.

FOR MEDIA ENQUIRIES:

Brooke Dallow

[email protected]

FOR SALES ENQUIRIES

Tom Witton

[email protected]

This partnership addresses some of the biggest challenges in touring, putting artists in control of spending, payments and T&E and saving them time and money.

"Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E.”

Andy Vargas

WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 -- Qorbis, a leader in innovative fintech solutions, is excited to announce a deal to provide banking, lifestyle, and spend management solutions to Andy Vargas, lead singer of Santana, his company Vargas Entertainment Inc, and Malaspalabras Records (MPR), a company founded by Vargas and acclaimed comedian George Lopez. The deal will see Andy and his MRP artists using the Qorbis platform for their spending, foreign exchange, and touring expenses, overcoming some of the biggest challenges facing the music touring industry.

Managing budgets and crew expenses on the road at any hour of the day or night, the tedious process of spend management, and limited visibility of spending versus budgets – life on the road can be tough. Qorbis solutions are designed to remove these pain-points, so that artists can focus on what really matters – the music and the tour.

Andy and MRP have a long-standing reputation for protecting and elevating artists and Qorbis is proud to deliver solutions that support this.
Andy Vargas, musician, and CEO says: “Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E, whether that's hotels, car hire, or even an after-party bill."

Qorbis solutions are designed to streamline the business of touring, with seamless digital banking, 24/7 real-time visibility and control, smart money management tools, and exclusive benefits with preferred rates on travel, hotels, and more via the QStyle lifestyle concierge. International mobility is managed simply and cost-effectively, with segregated, multi-currency accounts and a foreign exchange rate set at 0.5% on all transactions.

Tom Witton Head of Sales of Qorbis says: “We’re excited to be supporting musicians of Andy’s caliber as well as all the hugely talented MPR artists. Qorbis cards, money management tools, and the QStyle lifestyle concierge are the ultimate combination of support that Andy and the music industry need to facilitate their busy schedule of recording and touring both domestically and internationally."

The Qorbis all-in-one corporate card, payment, and spend management platform features real-time visibility plus advanced reporting, accounting, T&E, and business services integrations. Delivering significant savings in time and money, the platform is designed to scale as an artist grows, with brand enhancement opportunities also available via Qorbis’s embedded finance solutions.

Adds Andy: “The Qorbis platform has the potential to revolutionize music touring and payments to artists. Giving artists and their crews unprecedented efficiency and control over their finances and giving them access to rates that will keep touring costs down giving new artists a chance to succeed.”

ABOUT QORBIS
Qorbis helps businesses across the US take control of spending and provides discounted benefits via our embedded products. Qorbis’s platform is user-friendly, secure, and scalable and embeds customized financial and concierge solutions into a business's own product and services, creating new revenue streams, and enhancing its brand, to help save time and money. Through partnerships with best-in-class providers of banking and technology, our model allows any size business to offer a range of branded and licensed services to their customers, including corporate cards, accounts, P2P payments, and QStyle, a global travel and lifestyle concierge. Qorbis is a financial technology company with banking services provided by Evolve Bank & Trust, Member FDIC. The Qorbis Visa® Debit Cards are issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A. Inc. www.qorbis.com

ABOUT MALASPALABRAS RECORDS
Acclaimed comedian George Lopez and the lead singer of Santana, Andy Vargas, have been at the forefront of new ideas surrounding artists' rights, promotion, and brand development. When Lopez sought Vargas’ assistance in managing the music arm of his brand, they knew it was time to introduce an entirely new label concept. In collaboration with distribution powerhouse Steve Stoute’s United Masters and A&R lead Cesar Sanchez, they've launched Malaspalabras Records (MPR), which is now entering its "release phase". MPR defines artists' brands and their attitudes, thereby strengthening their vision and empowering them to unleash the spirit of music.

Through MPR, artists have collaborated with industry experts to develop and execute the business aspects of their careers while maintaining ownership of their masters. The label boasts successful releases from a roster of talented artists, including Chris Perez, Alexis Grullon of MDO, Andy Vargas of Santana, Krystal Ortega, Heber, and Baby Lorez, positioning MPR as a vanguard in the music industry.

The support of MPR enables artists to focus on their art while simultaneously enhancing their branding, PR, and digital marketing efforts. Advancing their innovative edge, MPR is excited to welcome Phillip Coleman, known artistically as Godcloud, as the Chief Technology Officer (CTO) for their Web3 division. Coleman, a pioneering Web3 artist and musician, brings a wealth of expertise that is set to propel MPR into the future by harnessing blockchain technology and NFTs to revolutionize the way artists interact with the digital realm.

Strengthening their marketing and creative management, MPR is thrilled to introduce Adrian Cisneros and Chris Morris to the family. Cisneros's fresh marketing strategies and Morris's keen A&R insights are anticipated to provide unparalleled support for our artists, boosting their promotional and creative opportunities to new heights.

Stay tuned and follow us for our latest drops on Instagram, YouTube, and TikTok at @malaspalabrasrecords.

FOR MORE INFO:

Brooke Dallow
[email protected]

Visit us on social media:
Facebook
X
LinkedIn
Instagram

In the world of filmmaking, budgeting is more than just numbers. It’s an art – and a high-risk one at that. There’s a hero in the midst though – a new breed of digital platforms designed to deliver the ultimate in spending control and financial efficiency... 

Ask anyone in the business and they’ll tell you that mastering the art of film financing is akin to winning a coveted Best Picture Oscar. A steep increase in average production costs and a persistent decline in traditional income sources from cinematic distribution only compound what was already a challenging budgeting balance act.  

Film production is a complex endeavor that involves coordinating various resources, from talent and equipment to post-production facilities. Each of these elements incurs costs, and without careful management, expenses can spiral out of control, jeopardizing the entire project. This is before considering these elements will often occur in different locations across the globe, adding the challenge of cross-border payments and foreign exchange rates to the mix.  

In this post, we look at the most important considerations in managing film production costs, the biggest challenges, and the best practices that digital solutions like those offered by Qorbis enable.   

Spend management encompasses the processes and strategies employed by companies to control and optimize their spending. In the film industry, where budgets can soar into the millions, effective spend management is essential for several reasons: 

READ MORE:

How to Easily Manage Employee Expenses

Managing spend in the film industry comes with its own unique set of challenges: 

To overcome these challenges and maximize efficiency, film production companies can adopt several best practices: 

Qorbis understands the unique challenges faced by the film and television production industry. We’ve designed our specialized spend management solutions to meet these needs and deliver time and cost savings so that you can get your project completed on time and on budget.  

Inefficient expense management leaves businesses in the dark, costing them thousands in errors, wasted time, fraud, and frustration. New digital expense management solutions overcome these challenges, giving back control and visibility over every dollar spent. Here’s how to make the transition 

In today's digital landscape, optimizing your operations for efficiency and cost-effectiveness is a priority. One element of this that has long been overlooked is expense management. Traditional methods of tracking expenses using paper receipts and manual data entry are time-consuming, prone to errors and fraudulent claims, and make implementing company policies around T&E seriously challenging.  

Fortunately, digitizing your expense management processes can offer a solution to these challenges, providing a streamlined and efficient way to track, monitor, and analyze expenses and giving businesses complete real-time transparency over every dollar spent. In this article, we'll explore the benefits of digitizing expense management and provide practical tips on how to make the transition smoothly. 

The Benefits of Digitizing Expense Management for Seamless T&E 

1. Enhanced Efficiency: 

Digitizing expense management eliminates the need for manual tasks such as collecting paper receipts and entering data into spreadsheets. With digital tools and platforms, employees can quickly capture receipts using their smartphones, automatically categorize expenses, and submit reimbursement requests with just a few clicks. This streamlined process saves time for both employees and finance teams, allowing them to focus on more strategic tasks. 

2. Improved Accuracy: 

Manual data entry is prone to errors, leading to discrepancies and inaccuracies in expense reports. By digitizing expense management, you can minimize the risk of human error and ensure the accuracy of your financial data. Automated systems can flag potential errors and discrepancies, reducing the need for manual review and reconciliation. 

3. Real-time Visibility: 

With digital expense management tools, finance teams have real-time visibility into spending across the organization. They can track expenses as they occur, monitor budget adherence, and identify areas of overspending or potential cost savings. This real-time insight enables proactive decision-making and better financial management – and avoids month-end surprises.  

4. Compliance and Audit Trail: 

Digitized expense management systems provide a comprehensive audit trail, documenting every step of the expense approval and reimbursement process. This level of transparency helps ensure compliance with company policies and regulatory requirements. In the event of an audit, organizations can easily provide evidence of compliance and demonstrate control over expenses. 

5. Empowered Staff: 

Empowered staff are happy, productive staff. Employees with access to digital expense management tools and access to company cards can now focus on their work instead of wasting time on expense reports, and not have to bear the financial burden of pay-and-claim reimbursements. Spend and category limits on cards set by management also empower staff to stick to expense policies so that they can spend on T&E confidently and cost-effectively. 

Tips for Digitizing Expense Management 

1. Choose the Right Software: 

Invest in a cloud-based expense management software that aligns with your organization's needs and requirements. Look for features such as mobile receipt capture, automated expense categorization, integration with accounting systems, and robust reporting capabilities. 

2. Look for Company Cards: 

Digital expense management solutions that include corporate cards are the ultimate in delivering the immediacy, efficiency, and transparency businesses need in this digital age. Ideally, those that offer global acceptance via a partner like Visa will be most valuable for staff on the move. Look for corporate cards that can be assigned and controlled in one single place, with the ability to issue virtual company cards at least, instantly. The bigger your organization the more important card controls are – choosing a solution that allows company card management in bulk, as well as the ability to set and apply rules with minimal clicks could save significant chunks of time. 

3. Implement Policy Guidelines: 

Establish clear expense management policies and guidelines to ensure consistency and compliance across the organization. Communicate these policies to employees and provide training on how to use the new digital tools effectively. 

3. Encourage Adoption: 

Encourage employee adoption of the new digital expense management system by emphasizing the benefits and ease of use. Provide support and guidance throughout the transition process and address any concerns or challenges that may arise. 

4. Monitor and Refine: 

Regularly monitor the performance of your digitized expense management system and solicit feedback from your teams. Identify areas for improvement and refinement, and adjust as needed to optimize efficiency and user experience. 

Why Choose Qorbis? 

Digitizing your expense management processes offers numerous benefits, including enhanced efficiency, improved accuracy, real-time visibility, and compliance. Leveraging Qorbis solutions – from our corporate card to our spend management dashboard – means you can streamline your expense management workflows, save time and resources, and empower your organization to make more informed financial decisions.

Book in a demo to find out how we can transform your expense management today. 

READ MORE:

How to Easily Manage Employee Expenses

Make managing your team's spending needs a breeze, with our checklist of the must-have features of your business’s corporate card platform.

Looking for the most effective method of controlling company costs? A flexible spend management solution with corporate cards should be your go-to. Instantly issuing cards and managing your company's spending in real-time is just the start though. Ultimately, you should be looking for a solution that offers convenience, control, and perks, all tailored to meet the unique needs of your organization. The end goal? To save time - and money.

SMBs Spend 120 Working Days Per Year on Admin Tasks and Bookkeeping

Accountancy Age

Imagine the time that could be saved by using an efficient card and spend management platform! With a plethora of options available in the market, here’s a guide to choosing the right solution for your business.

Flexible Spending Controls.

One of the key features to seek in a corporate card is the ability to set spending controls. Look for cards that allow you to establish individual spending limits for employees, track expenses in real time, and customize spending categories. This level of control helps prevent overspending, ensures compliance with company policies, and streamlines the expense management process.

Integration with Expense Management Systems.

Seamless integration with expense management systems is essential for efficient tracking, reporting, and reconciliation of corporate expenses. Opt for cards that offer compatibility with popular accounting software or provide dedicated expense management platforms. This integration minimizes manual data entry, enhances accuracy, and saves valuable time for finance teams.

Robust Security Features.

Protecting sensitive financial information and preventing fraudulent transactions are paramount concerns for businesses. Look for corporate cards equipped with advanced security features such as EMV chip technology, tokenization, and real-time fraud monitoring. Additionally, cards that offer liability protection and immediate card replacement in case of loss or theft provide added peace of mind for businesses. FDIC membership and the insurance that is offered on accounts are non-negotiable when choosing a card provider.

Rewards and Benefits Program.

Many corporate cards offer rewards and benefits tailored to business needs, such as travel rewards, and discounts on business services. Evaluate the rewards structure and determine whether it aligns with your company's spending patterns and priorities – beware of complex rewards programs that require your business to build points before they can be redeemed. Not only do they complicate business spending, but they add another layer of admin that most businesses can do without. Additionally, consider added perks like discounted car hire, airport lounge access, and concierge services, which can add value for frequent business travelers.

Global Acceptance and Currency Options.

For businesses with international operations or frequent travel – and in 2024, that’s most of us - it's crucial to choose a corporate card with global acceptance and support for multiple currencies. Ensure that the card is widely accepted by merchants worldwide, for example, Visa or Mastercard, and offers competitive foreign transaction fees to avoid additional costs associated with currency conversion. This may require reading the fine print, as many providers offer low FX rates that are capped at a certain transaction value - negating most of the savings.

Dedicated Customer Support.

Responsive and knowledgeable customer support is essential, especially when dealing with financial matters. Select a card issuer known for excellent customer service, with dedicated support channels for corporate cardholders – ideally, 24/7 and with multi-lingual options. This ensures timely assistance for inquiries, account management, and resolution of any issues that may arise.

Transparent Fee Structure.

Before finalizing a corporate card, carefully review the fee structure to understand all associated costs. Look for cards with transparent fee disclosures, and no hidden charges. Pay attention to fees for late payments, foreign transactions, and additional cardholders to assess the overall cost-effectiveness of the card. The ability to issue unlimited cards is a plus point for businesses as they grow and expand their workforce.

Customizable Reporting and Analytics.

Data is everything. Access to comprehensive reporting tools and analytics empowers businesses to gain insights into spending patterns, identify cost-saving opportunities, and make informed financial decisions. Seek corporate cards that offer customizable reporting dashboards, expense categorization options, and downloadable transaction data for in-depth analysis.

Selecting the right corporate card requires a thorough evaluation of features, benefits, and costs to meet the unique needs of your business. Ultimately, the best option is one that optimizes expense management, enhances financial control, and drives business success.

Qorbis cards deliver all this and more, with low FX rates on any transaction value. Talk to us about how we have your team covered, whenever or wherever they spend.
cross