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.
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 and ensure each transaction is evaluated and recorded correctly.
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 or exceeding the expectations of the Owner and his guests.
Weekly, Monthly and Annual Reporting
Each week Moran Yacht Management will provide to the Owner and Captain a report of the previous week’s expenditure compared to budget. A detailed, fully categorized report will be presented as part of our financial administration for yachts service. If there has been any significant deviation from budget, an explanation will be provided.
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.
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.
Credit / Debit Cards
Debit cards are issued to the Captain and crew as necessary for the day-to-day expenditure of yacht operating the Yacht. Usage of the cards will be verified and statements reconciled. Moran’s yacht accounting staff recommend debit cards, as they make daily checks on all online banking to monitor the use of the cards.
Foreign Exchange Management
Moran Yacht Management holds accounts with several International foreign exchange houses. We will achieve for our clients the best available foreign exchange rate when converting currency to ensure most efficient payment systems are available.
Worldwide Petty Cash Transfers
Moran Yacht Management will arrange for efficient cash transfers in required currency to be collected by Captain from convenient banks.
Crew Payroll
Moran’s Yacht Accounting team will manage the crew payroll in compliance with requirements of seafarer’s employment regulations. We will make the salary payments into crew accounts on the allotted day of each month. Moran Yacht Management can, if requested by the Owner, set up an offshore structure separate to the company structure owning the yacht and dedicated for employing the crew.
Insurance
Insurance requirements for a yacht can be complex with many factors to be considered. Moran Yacht Management can advise on appropriate insurance to cover each area of risk as part of our financial administration for yachts service. We will ensure insurance cover is continuous and advise if an uninsured risk becomes evident.
If a claim becomes necessary we will do everything possible to facilitate a successful claim.
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.
