Accounting & Budget Management
Greater Bay Yacht Management team is dedicated to providing comprehensive assistance with various accounting concerns. Our top priority is to ensure optimal cost-effectiveness in the operation of the yacht.
Tailored made budgets for better operational overview
Monthly financial reports and comparison of budget vs actual spend
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Every month, a yacht can be involved in numerous financial transactions, with varying transaction profiles and currencies. Our team of yacht accountants will meticulously process each transaction, ensuring that they are accurately evaluated and recorded.
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At Greater Bay Yacht Services, we understand the importance of keeping track of your yacht's finances. That's why our specialist will send a breakdown of your yachting expenses on a quarterly basis.
As part of our financial administration for yachts service, we will present a comprehensive report that is fully categorized.
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All members of our team have an extensive experience in yacht industry, so we can provide you with a rational and well-thought budget plan that will cover all your needs and will keep on track financially.
All Services
All Services
Using a dedicated bank account for each yacht and working from an annual budget agreed with Captain and Owner, the Yacht Management team will handle the entire financial management of the yacht’s expenditures. The Yacht Manager will administer expenditures against specific categories, pay bills and reconcile bank statements and credit cards. Production of monthly, quarterly and annual reports will occur, comparing the actual operating costs to the budget with detailed explanations as appropriate where variances have occurred. The Yacht Management team will operate with the utmost integrity and ethics, assuring transparency in all aspects of the vessel accounting.
Assistance with a range of accounting services, including budget creation, invoice checking, salary payment, funds management, monthly account checks, financial reports and expense payments. We partner with the captain and crew to help secure the best pricing and keep within the planned budget.
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.
Like any investment, owning a yacht involves complexity and requires meticulous understanding. We provide a professional team dedicated to bespoke budgets, payroll plans and additional financial matters. The department consists of revered accountants and multi-faceted representatives with personal experience in the yachting industry. On a monthly basis, your specialist will send a breakdown of your yachting expenses and maintain quality assurance throughout your ownership. With the Deep Blue real time yacht management software, we ensure that your yachting needs are taken care of whenever and wherever applicable.
YACHTZOO financial administration goes above and beyond to ensure our clients are fully-supported in their accounting. Our dedicated yacht accountants have decades of experience in the maritime industry, from commercial to yachting, meaning we can give a truly expert perspective on your boat’s finances. With strong working relations with global banks and suppliers, we do everything in our power to make sure you never pay over the odds. Discover our range of services below.
We plan carefully for the future by establishing annual budgets for your yacht. We also suggest easy ways that you could save money in the long run, for example with more frequent compliance surveys and implement them at your request.
We maintain all vessel-related bank accounts as part of our yacht management services, meaning there is one less thing for your Captain to worry about.
We check and reconcile the yacht’s credit/debit card, onboard cash and bank accounts, making sure everything is as it should be.
A crucial part of yacht financial administration, we assist in the boat’s cash provision to ensure that the Captain has the right amount of required currencies, wherever they are in the world.
Clearing & Pre-approval of Invoices
We offer expenditure advice, creating an invoice approval process that is personally customised to your yacht. We know how important it is to have a good relationship with suppliers and vendors and so manage these relationships accordingly, ensuring any operating funds are requested in advance and invoices are settled promptly.
YACHTZOO financial administration experts keep your accounts shipshape, taking care of everyday tasks such as processing supplier payments and organising payroll. We are committed to saving you money without compromising on quality from suppliers and yards, and integrate this into our daily accounting strategy.
We help you keep track of your yacht’s finances, providing monthly or quarterly accounting returns and assessing actual costs compared to budget.
We also arrange yearly summaries highlighting significant savings and extraordinary costs. By forward-planning your yacht’s cash flow and standing orders, we ensure your financial operations run smoothly.