Account Executive (Ship Management)

The Accounts Executive is responsible for supporting the Finance Department in managing the financial operations of the ship management business. The role includes processing crew wages, managing vessel operating expenses (OPEX), preparing Owners' financial reports, handling accounts payable and receivable, and ensuring accurate financial records in accordance with company policies and maritime industry standards.

Key Responsibilities

1. Crew Payroll Administration

• Process monthly crew wages accurately and on time for assigned vessels.
• Calculate salaries, overtime, leave pay, bonuses, allotments, deductions, and final settlements.
• Verify crew employment contracts, timesheets, and supporting payroll documents.
• Coordinate with the Crewing Department on crew changes, promotions, salary revisions, and embarkation/disembarkation details.
• Prepare crew payroll summaries and wage reports.
• Process allotment payments and crew remittances.
• Maintain accurate payroll records and ensure confidentiality.
• Ensure payroll complies with employment contracts, company policies, and applicable maritime regulations.

2. VesselOperating Expenses (OPEX)

• Monitor and record vessel operating expenses, including:
• Crew costs
• Repairs and maintenance
• Stores and provisions
• Lubricants
• Insurance
• Port and agency expenses
• Technical management fees
• Miscellaneous vessel expenses
• Verify invoices and ensure expenses are correctly allocated to each vessel and cost centre.
• Assist in monitoring vessel budgets and expenditure against approved budgets.
• Investigate and report significant budget variances.

3. Owners'Financial Reporting

• Prepare monthly Owners' Operating Expenditure (OPEX) reports for assigned vessels.
• Prepare vessel income and expenditure statements.
• Reconcile Owners' accounts and vessel cash balances.
• Prepare fund requests and cash call statements.
• Monitor Owners' funds and ensure adequate cash balances for vessel operations.
• Respond to Owners' queries relating to financial reports and vessel expenses.
• Ensure reports are submitted accurately and within agreed timelines.

4. Accounts Payable

• Process supplier invoices and payment vouchers.
• Verify invoices against purchase orders and supporting documentation.
• Prepare payment schedules and bank transfers.
• Reconcile supplier statements and resolve discrepancies.

5. Accounts Receivable

• Prepare invoices to Owners and clients.
• Monitor outstanding receivables and follow up on overdue payments.
• Maintain accurate customer account records.

6. Genera lAccounting

• Prepare journal entries and accounting adjustments.
• Perform monthly bank reconciliations.
• Assist in month-end and year-end closing activities.
• Maintain accurate accounting records and supporting documentation.
• Assist in preparing management reports and financial statements.
• Support internal and external audits.

7.Compliance & Administration

• Ensure compliance with company financial procedures and accounting policies.
• Maintain proper filing of accounting, payroll, and Owners' financial documents.
• Assist in implementing process improvements and internal controls.
• Perform other finance and accounting duties as assigned by the Finance Manager.

Qualifications

Education

• Diploma or Bachelor's Degree in Accounting, Finance, Business Administration, or a related discipline.

Experience

• Minimum 2–5 years of accounting experience.
• Experience in ship management, marine accounting, or crew payroll is highly preferred.
• Experience preparing Owners' OPEX reports and vessel accounting is an advantage.