Case study – Exmar Ship Management

About the Company

Exmar Shipmanagement NV is a well-known company that offers a comprehensive range of management services for various types of vessels. Its subsidiary, Exmar Ship Management India, is based in India and caters to the needs of the local market. The company’s expertise in vessel management covers various areas, such as technical management, crew management, and commercial management.

Technical management services include the maintenance and repair of vessels, ensuring compliance with international regulations, and ensuring that vessels are safe and seaworthy. Crew management services cover the recruitment, training, and retention of seafarers, ensuring compliance with international standards, and managing the welfare of the crew. Commercial management services include chartering, sale and purchase, and financial management.

In addition to these management services, Exmar Shipmanagement NV offers procurement services, technical and marine consultancy, as well as assistance with sale and purchase inspection and plan approval services. Procurement services cover the sourcing and purchasing of spare parts and supplies for vessels, ensuring that vessels have the necessary equipment and supplies to operate safely and efficiently. Technical and marine consultancy services provide expert advice and support on a range of issues, including vessel design, compliance, and safety. Sale and purchase inspection services ensure that vessels are in good condition before they are bought or sold, and plan approval services ensure that vessel designs meet international regulations and standards.Exmar Shipmanagement NV’s range of services and expertise in vessel management has made it a leading player in the industry. Its subsidiary, Exmar Ship Management India, continues to provide high-quality services to the local market and supports the parent company’s mission of providing safe, efficient, and reliable vessel management services.

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Challenges faced by Exmar Ship Management

Exmar Ship Management faced significant challenges with their books of accounts before their association with Brego Business. The company’s in-house employees were responsible for managing the books of accounts, and their lack of expertise led to the books being in complete disarray.One of the significant challenges faced by Exmar Ship Management was the lack of accurate financial records. The in-house employees were not skilled enough to manage the complex financial transactions that occurred regularly in the shipping industry. As a result, the company’s financial statements were not accurate, making it difficult for management to make informed decisions.Another challenge was the lack of timely reporting. The in-house employees were unable to keep up with the volume of transactions, leading to delays in the reporting of financial information. This made it difficult for management to monitor the financial performance of the company and take corrective action when necessary.The company also faced challenges with compliance. The shipping industry is heavily regulated, and there are strict guidelines and regulations that companies must adhere to. The in-house employees were not trained in compliance, and as a result, the company was at risk of violating regulatory requirements.Exmar Ship Management also struggled with managing cash flow. The company’s in-house employees were unable to effectively manage the cash flow, resulting in delayed payments and missed opportunities for investment. This impacted the company’s financial performance and ability to grow.

In addition to the above challenges, Exmar Ship Management also faced difficulties with managing its assets. The company’s in-house employees were not trained to manage the complex logistics of shipping, resulting in lost or damaged assets.Overall, Exmar Ship Management faced significant challenges with its books of accounts before its association with Brego Business. These challenges impacted the company’s financial performance, compliance, and ability to grow. 

Our Approach

Exmar Ship Management is a well-established maritime services company that provides a range of shipping and offshore services to its clients. The company has recently expressed its appreciation for the streamlined process implemented by Brego Business, which has enabled the generation of accurate monthly and quarterly reports.

By implementing a streamlined process, Brego Business has been able to simplify the reporting process for Exmar Ship Management, reducing the amount of time and resources required to generate accurate financial reports.The benefits of the streamlined process are evident in the reports produced by Exmar Ship Management. The monthly and quarterly reports are accurate and detailed, providing the company’s management team with valuable insights into the financial performance of the business. These reports are essential for making informed decisions and developing effective strategies to drive the company’s growth.

One of the key advantages of the streamlined process is the reduction in errors and inconsistencies. Prior to implementing the new process, Exmar Ship Management’s financial reports were prone to errors and inaccuracies, which could have significant implications for the business. By streamlining the process, Brego Business has been able to eliminate these errors, ensuring that the reports produced are reliable and accurate.Another benefit of the streamlined process is the increased efficiency it has brought to Exmar Ship Management’s financial reporting. By simplifying the process, Brego Business has reduced the time and resources required to generate the reports, allowing Exmar Ship Management to focus on other critical aspects of its business. This increased efficiency has also resulted in cost savings for the company, which can be reinvested into other areas of the business.

In conclusion, the streamlined process implemented by Brego Business has been a significant asset to Exmar Ship Management. The accurate, detailed, and timely reports generated by the process have provided the company with valuable insights into its financial performance, enabling it to make informed decisions and develop effective strategies. The reduction in errors and inconsistencies, as well as the increased efficiency, have resulted in cost savings and allowed Exmar Ship Management to focus on other critical aspects of its business.

The Results

With Brego Businesss efforts the organization has redirected their focus towards their core business activities.Brego Business’s accounting services have been instrumental in improving Exmar Ship Management’s book of accounts. The accounting firm has a team of experienced professionals who are well-versed in the latest accounting practices and regulations. By leveraging their expertise, Brego Business has been able to help Exmar Ship Management improve their financial reporting, ensure compliance with accounting standards, and reduce the risk of financial misstatements.

One of the key ways that we helped Exmar Ship Management improve their book of accounts is by providing them with accurate and timely financial statements. Our team at the accounting firm put in place a robust system for capturing financial data, processing it accurately and efficiently, and presenting it in a way that is clear and understandable. This system includes generating a range of financial statements, including income expenditure statements, profit and loss statements, cash flow statements, and debt and creditors aging reports.

The income expenditure statement provides a summary of the company’s revenue and expenses over a given period. This statement helps Exmar Ship Management understand their cash inflows and outflows, identify areas where they can reduce costs, and track their financial performance.

The profit and loss statement provides an in-depth analysis of the company’s revenue and expenses, highlighting key areas of profitability and loss. This statement helps the firm to  understand their overall financial performance and make informed decisions on how to improve profitability.The cash flow statement provides insights into the company’s cash position, highlighting where the company is generating and using cash. This statement helps Exmar Ship Management manage their liquidity effectively, make informed investment decisions, and plan for future cash needs.

The debt and creditors aging report provides insights into the company’s outstanding debts and creditor payments. This report helps the firm understand their financial obligations and manage payments effectively to maintain good relationships with creditors.

Overall, our accurate and timely financial statements have helped Exmar Ship Management make informed decisions about their business, based on reliable and up-to-date financial information. By providing a range of financial statements, including income expenditure, profit and loss, cash flow, and debt and creditors aging reports, we have helped Exmar Ship Management to understand their financial position and make informed decisions to improve their business performance.

Brego Business’s accounting services have also enabled Exmar Ship Management to focus on their core business activities. By outsourcing their accounting tasks to Brego Business, Exmar Ship Management has been able to free up valuable time and resources that can be directed towards their core business activities. This has allowed the organization to focus on delivering high-quality services to their clients, developing new business strategies, and exploring new markets.Another significant benefit of working with Brego Business is that it has helped Exmar Ship Management to stay compliant with accounting regulations. The accounting firm has a deep understanding of accounting standards and regulations, and they ensure that Exmar Ship Management’s book of accounts is always up-to-date and in compliance with the latest accounting practices. This has helped to minimize the risk of financial misstatements and has given Exmar Ship Management’s stakeholders greater confidence in the accuracy and reliability of their financial reports.In conclusion, Brego Business’s accounting services have been instrumental in improving Exmar Ship Management’s book of accounts and streamlining their accounting processes. The accurate and timely financial statements provided by the accounting firm have helped Exmar Ship Management to make informed decisions about their business, while the outsourcing of accounting tasks has allowed them to focus on their core business activities. Finally, by ensuring compliance with accounting regulations, Brego Business has helped to minimize the risk of financial misstatements and given Exmar Ship Management’s stakeholders greater confidence in the accuracy and reliability of their financial reports.

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