How Accounting Firms Aid Progressive Davao Shipping Industry

Posted by Admin on Jul 22, 2013 in Accounting Services, CPA Davao | 0 comments

Believe it or not, Davao accounting firms can help the thriving local shipping industry in many ways than you can possibly imagine.
Davao is a rich city. It is even depicted by the City Mayors Statistics as the only Philippine city on the rise for upcoming years. This growth is based on a lot of factors. Consider shipping as one of its major contributors.
But before delving into the accounting help, have a pinch of the historical flavor of Davao City’s shipping industry, first.

 

 

A Little Backgrounder

There are 9 major ports or wharves within the region and three of which are found in Davao City alone namely Sasa Wharf, Sta. Ana Wharf and TEFASCO Pier.
Davao Ports are some of Mindanao’s (perhaps even Visayas’) busiest port in operation today. To give you a glimpse, here’s a round-up for the two of the three piers mentioned above.
Sasa Wharf

 

 

•  The local government of Davao City owns two ports within Sasa and Sta. Ana Wharfs
•  It has a total capacity of 700,000 twenty foot equivalents (TEUs)
• It handles almost 80% of containers in the region (particularly export products such as fruits, mainly banana).
•  The port received its first international cruise ship back in February of 2012. A milestone considering that these kinds of ships only visit Manila and Cebu.
•  Other port services include cargo handling, Pilotage, Porterage, Tug assistance and Bagging.
•  It also maintains 7 foreign shipping lines and 10 domestic shipping companies including three major passenger vessels.

 

 

TEFASCO Pier

 

 

•  This is a privately held property that deals mainly with stacking and storage of cargoes.
•  It also handles Stevedoring and Arrastre
•  Unlike its semi-private and government owned counterpart, this pier is more modernized. It even has a separate backup area for storage and containers for future use.

With all these services, how does accounting firms in Davao fit in the larger picture?

 

How Davao Accountants Help the Shipping Industry

FOB – Search accounting for shipping industry online and you’ll find this term very relevant to the first results page than most other services that an accountant can do for shipping companies. It means Freight on Board shipping point which is mostly a term or agreement on goods ownership. From one pier to another, a good’s ownership will change from supplier to receiver. Accountants record sales, purchase and inventory cycles for both parties (mainly for their client).
Vessel acquisition – If you are directly engaged in shipping goods then you must have ships to be able to perform that duty. Shipping vessels can cost any businessman a fortune, how much more if it isn’t spent well on a good vessel? Accountants on your side can help ensure that you only get the best ships with calculated prices to help you save.
Maintenance cost – Ships need maintenance works on a daily to yearly basis to perform at its best and avoid accidents. Accountants can also help you on budget allocations for this.
Business Process Review – Shipping operations carry risk on a daily manner from hazards in the work place to delays in shipment. Davao accountants can help ensure that your daily transactions stay optimal at best, especially pertaining to financial management.
Succession Planning – Big shipping lines have had patriarchs and heirs. But this can be a crucial issue for many other internal parties concerned. Davao accounting firms can offer you certified accountants to mediate this process.

 

 

 

(source: http://youtu.be/x27AfcRI8xQ)

 
Done reading? Start looking for qualified Davao Accounting experts now and protect your shipping related company from every risk.

 

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