A Vessel Accountant handling an owning company (ship owner/operator) is responsible for the full spectrum of financial recording, reporting, and cost control for a fleet of vessels. A vessel accountant for an owner directly handles asset-level accounting, including depreciation, insurance, and direct revenue/expense management.
Key Responsibilities
- Accounts Payable (AP): Process vendor invoices, manage accounts payable. Prepare all payments in the bank i.e. local, foreign and salaries of Crews.
- Accounts Receivable (AR): Generate and issue accurate hire invoices as per charter party agreements.
- General Ledger: Prepare and Record Monthly GL entries for month end closing of Vessel books.
- Payroll: Prepare monthly Crew Payroll and record entries in books.
- Vessel Reports: Liaising with Vessels on CTM arrangement and on any discrepancies on monthly reporting including Lub oil report, cash to master report.
- Cash Flow Management: Monitor vessel cash flow and ensure sufficient funds for operations, handle bank reconciliations.
- Asset & Owner Accounting: Maintain fixed asset registers (depreciation), handle intercompany transactions, and manage loan/mortgage repayments if applicable.
- Compliance & Audit: Ensure compliance with accounting standards, tax regulations (including GST/VAT), and support external audits.
- Cost Control & Variance Analysis: Monitor, review, and analyze vessel operating expenses (OPEX) against budget, including bunkers, port charges, repair & maintenance, and crew costs.
- Liaison with vendors, owners, banks, and auditors.
- Other finance related task under Finance Manager's instructions.
Key Requirements
- Education: Bachelor's degree in Accounting, Finance, or equivalent (ACCA/CPA preferred).
- Experience: 3-5 years of relevant experience in vessel/shipping accounting, preferably within a ship owner or ship management firm.
- Technical Skills: Proficiency in accounting software (e.g., ERP systems, Navision) and advanced Excel skills (pivot tables, vlookup).
- Knowledge: Strong understanding of accrual accounting, maritime cost structures (portage bills), and international accounting standards.
- Competencies: Detail-oriented, ability to work under tight deadlines, and strong communication skills to interact with technical/operations teams.
Typical Reporting Lines
- Reports to: Finance Manager
