FINANCIAL ADMINISTRATION

Financial administration is an extremely important aspect to owning a superyacht or chartering a yacht. At Superyacht Sales and Charter, our financial administration team works to ensure that your superyacht charter or finances never go over budget. Our dedicated team takes pride in their efficiency when it comes to the financial control over your yacht or superyacht charter. Each luxury yacht receives a custom financial accounting package that is tailored to meet your needs.

At Superyacht Sales and Charter, you will have a dedicated financial administration staff that are seasoned experts in yacht accounting. You will be led by charter accountants and yacht administrators who possess superior expertise in financial administration for large vessels or charters. Our staff have strong working relations with both banks and suppliers. As our client, you will benefit from the administrative experience of our fiduciary team. We work with you directly, so there are no surprises and you can relax knowing your finances are under first-class control.

Our financial administration package is a complete solution addressing all yacht accounting issues and encompasses the following key elements:Our financial administration package is a complete solution addressing all yacht accounting issues and encompasses the following key elements:

Financial Control

  • Establish an annual budget.
  • Categorize and sub-categorize as necessary to clearly lay out every part of the financial process.
  • Receipt of agreed budgeted, operating funds from Owning Company.You will be updated and notified of all financial reports.
  • Maintenance of bank accounts for the yacht.
  • Oversee all accounting procedures.
  • Expenditure control using a yacht specific approval process.
  • Guidance and suggestion for all financial decisions from our expert staff.
  • Processing all suppliers’ payments.We process all financial decisions giving you more time to relax aboard your vessel.
  • Checking & reconciliation of credit/debit card, on-board cash and bank account.
  • All financial accounts will be closely observed throughout the time of your charter and yacht ownership, with notifications sent directly to you alerting you of any updates or issues.

 

On-Board Administration and Cash Accounting

  • On-board IT accounts package.
  • Monitoring of all accounting areas regarding expenses and income, with the setup of financial software.
  • Assist in the cash provision of the yacht.
  • Arranging Credit / Debit cards where appropriate.
  • The appropriate accounts for operational and charter use will be setup to ensure proper coverage of all necessities.

 

Reporting

  • Send monthly accounting report.
  • Complete accounting reports will be sent to the owning company to update yearly budgets.
  • Quarterly accounting comparing actual costs to budget.
  • Reporting of savings and costs to effectively engage in budget changes.
  • Arranging yearly summaries highlighting significant savings and extraordinary costs.
  • Assist in the identification of future expenditures and requirements.

 

We provide monthly accounting returns and keep all relevant parties informed of changes to the budget, if and when they may occur. Good forward planning of cash flow and standing orders provides for smooth financial operations. Operating funds are requested in advance, thus enabling prompt settlement of all invoices, which guarantees a good working relationship with critical vendors.

Superyacht Sales and Charter are aware of the complexities of taxation regarding your vessel. It is our duty to inform and guide our clients in order to make the best possible arrangements for you and your superyacht. Please call us directly at (954) 368-7200 with any questions or concerns you may have. Our staff is waiting to serve you and assist in the chartering, sale, or continual financial administration of your superyacht today.

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