Yacht Expense Management

A fundamental aspect of yacht operations is robust financial management and the production of reports to the beneficial owner in line with pre-agreed budgets.

Led by our Head of Yacht Accounting who has direct onboard experience, our team provides a comprehensive financial management service underpinned by robust policies and procedures to protect owners from erronerous and fraudulent activities.

To meet the needs of the various stakeholders, our experienced finance team can provide full financial management for beneficial owners, directors and auditors, including:

Invoice settlement

We have a robust approval process for invoices to ensure vendor control and to verify that the invoices align with the yacht's operations, location, and maintenance programme. All Praxis staff receive continuous anti-financial crime training to stay vigilant to potential financial risks and to detect and prevent fraudulent transactions.

Pre-paid cards

Mastercard-backed pre-paid cards restrict the levels of cash required onboard and assist in ensuring the accuracy of expenditures and financial reporting. We can provide electronic and physical cards, with electronic cards available within 24 hours of service establishment.

Cloud-based platform for receipt uploads

Ease of upload for receipts and simplified ledger line selection are essential for the captain and crew, who often need more time for such administration tasks. The cloud-based platform enables real-time uploads utilising smartphones/tablets, ensuring real-time visibility for the captain, Praxis, the beneficial owner and their advisers. Cards can be topped up, balances transferred, and cards paused in real-time, with training provided to the captain and any other cardholders as required.

Financial reporting

The beneficial owner(s) and their advisers receive training on financial reporting, including information on cards, cash, payroll, budget, and future funding requirements, at pre-agreed intervals. This provides high-level summary oversight supported by full data where required.

Bookkeeping

One of the benefits of working with Praxis for both Yacht Ownership and Yacht Management is that we operate on a single platform, with all expenses automatically posted into the books of the owning company. Financial records are aligned between management and ownership and are available promptly at the end of each accounting period.

Financial statement preparation

Where Praxis provides ownership services, directors are responsible for preparing financial statements at the end of each financial year. These statements are prepared in accordance with Financial Reporting Standard 102, which is applicable in the United Kingdom and Republic of Ireland (“FRS 102”).

At the outset, we will consult with the beneficial owner(s) and their advisers to understand the requirements and protocols to be followed, including:

Funding intervals and routing
Currency exchange protocols
Control levels for invoice approvals
Pre-paid card limits
Budget levels
Level of captain’s autonomy
Cash requirements for the yacht

We aim to ease the administrative burden on the captain and crew, enabling them to focus on delivering the highest service and experience to owners and guests alike.

Contact Lee to find out more

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Yacht Management Services

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