Financial Management: Yacht Accounting
Knowledgeable and responsible shore-based yacht accounting contributes toward allowing the Captain and crew to do what they do best, which is running a fine yacht and meeting or exceeding the Owner’s expectations. Our financial services extend beyond basic bookkeeping to include advisory support for yacht finance decisions and ongoing cash flow management on a monthly basis.
A yacht may engage in several hundred financial transactions each month. There will be different transaction profiles in a variety of currencies. Our yacht accounting team will process each transaction, ensuring that it is evaluated and recorded correctly through our dedicated accounting system. This provides the financial oversight that supports successful yacht ownership.
Superyacht crew are not normally trained accountants and do not generally enjoy book-keeping tasks. Our financial administration for yachts is appreciated by Captains and crew as it lightens the burden of this book-keeping work, allowing them to concentrate on running the yacht and meeting the expectations of the Owner and his guests.
Weekly, Monthly and Annual Reporting
Each week our yacht management team will provide to the Owner and Captain a report of the previous week’s expenditure compared to the annual budget. A detailed, fully categorized report will be presented as part of our financial management service. If there has been any significant deviation from budget, an explanation will be provided. These reports help owners understand their ongoing costs and make informed decisions about their yacht investment.
Purchase order, Invoice Verification and Payment
Purchase orders will be processed, invoices verified and payment issued. Various banking systems are utilized to take advantage of the most efficient payment service depending on origin of invoice, amount and speed of payment required. Our management team works with financial institutions worldwide to ensure seamless transactions for yacht operations.
Bank Accounts
Operating bank accounts will be set up on behalf of the yacht in an offshore jurisdiction. Accounts in USD and EUR and any other major currency are possible. Bank charges are competitively negotiated by our yacht accounting team to meet all specific needs.
Credit / Debit Cards
Debit cards are issued to the Captain and crew as necessary for the day-to-day expenditure of operating the yacht. The usage of the cards will be verified, and statements will be reconciled. Moran’s yacht accounting staff recommends debit cards, as they make daily checks on all online banking to monitor the use of the cards, providing an additional layer of financial oversight and operational management.
Foreign Exchange Management
Moran Yacht Management holds accounts with several international foreign exchange houses. We secure the best available foreign exchange rates when converting currency to ensure the most efficient payment systems are available for yacht operations worldwide, maintaining the highest standards in financial operations.
Worldwide Petty Cash Transfers
Moran Yacht Management will arrange for efficient cash transfers in required currency to be collected by the Captain from convenient banks, ensuring operational funds are available wherever your yacht travels.
Crew Payroll
Moran’s Yacht Accounting team will manage the crew salaries in compliance with the requirements of seafarer employment regulations and maritime labour standards. We will make the salary payments into crew accounts on the allotted day of each month. Our yacht management service can, if requested by the Owner, set up an offshore structure separate from the company structure owning the yacht and dedicated to employing the crew.
Insurance
Insurance requirements for a yacht can be complex with many factors to be considered. Our yacht management team can advise on appropriate insurance products to cover each area of risk as part of our financial administration services. We will ensure insurance cover is continuous and advise if an uninsured risk becomes evident, working with you to protect your yacht investment.
If a claim becomes necessary, we will do everything possible to facilitate a successful claim, leveraging our relationships with maritime lawyers and industry professionals when needed and providing emergency response coordination when required.
As with all other parts of our business, Moran Yacht Management does not take a commission from insurance brokers. Premiums are negotiated on behalf of the yacht owner to ensure you receive competitive rates.
