Our yacht management team will handle all of the expenses of the yacht, managing entirely the finances of each vessel, on an agreed budget with the captain and owner. Using a dedicated bank account, our yacht manager will budget expenditures based on years of experience, pay the bills, balance the accounts and credit cards for the yacht. The reporting is done monthly, quarterly and annually, comparing the forecasted budget and the actual spendings of the yacht, with details of any variations. Our team operates with the utmost integrity and ethics assuring transparency in the management and finances of your superyacht.
Our Financial Management Service connects you to an experienced, highly-qualified financial manager with at least eight years of relevant yacht management experience. It includes complete budgeting of the yacht, covering the definition, generation, tracking and control of annual budgets. Short term funding requirement projections against the budget, either done monthly, quarterly or as requested are also included as is safeguarding budgetary targets and reporting against the defined budget.
The Financial Management service covers arrangements for the provision of, the administration and auditing of multi-currency “client” UK bank accounts to meet the vessels operational and currency exchange needs and the “Ring-fencing”
of client funds.
Our service also includes the set-up, support and management of our live cloud-based vessel accounting system. This unique system ships cash, debit cards, invoices, while managing budgetary accounts. It is entirely password-protected, offering remote access control to owners, managers and crew and offers the online filing of electronic invoice and expenses records.
The Financial Management service oversees dedicated ships cash debit cards for vessel operational and APA purposes and the online automated filing of electronic invoice and expense records for reconciliation. Supplier invoice checking, logging, reporting and payment (or consolidation for delivery to the owners’ dedicated accountants) is also included, next to the best-value evaluation for the purchasing of yacht services and supplies. The service also includes purchase protocol definition and accounting practice, assistance and management for Captains, Pursers and HOD’s as well as onboard and online accounting audits for the validation of reported records, ships cash and stores.
By hiring our Financial management service, you as the owner will receive monthly financial management reports, which include ships cash, ships debit card and invoice payment reports. The financial manager will provide the owner with budget updates and forecasting of upcoming funding requirements. All costs made are guaranteed to be appropriate and justifiable, and the owner will see clear and appropriate expenditure. The service will handle all invoice records which are suitable for registered yacht ownership and lessee companies (where relevant), nominated fiscal representatives and VAT returns (where applicable).
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