Tascoli have years of experience in providing systems for Yacht companies that are engaged in management, brokerage, and charter.
This industry has specific accounting and process requirements.
Yacht management – The accounting for all expenditure and reporting against budget.
Each yacht has its own unique account structure, base currency, financial reports and budgets
Actual vs budget reporting is often done on a cash basis (when the invoice is paid rather than the date of the invoice)
The captain maintains a system to account for cash floats on board and these expenses are incorporated into the on-shore ledgers
In some cases, certain purchase orders are required to be approved by the owners
The presentation of the monthly management accounts is of a professional nature and it includes a forecast of funds
There is often a need to capture the costs related to a refurbishment or project which is additional to the standard accounts
File (electronic) copies of suppliers invoices need to be accessible
Payments made to suppliers are done by funds transfer from the system
Bank reconciliations are a key control and are carried out frequently
The Yacht management company also keeps a centralised list of suppliers and extracts information of spend across all yachts under a management company.
Yacht Brokerage requires a good CRM system that maintains full details of contacts and relationships. It also requires opportunity management and sales pipeline reporting.
Yacht Charter requires a planning and booking system. It also requires a systemised checklist and a separate reconciliation of charter funds.
To find out more about how we can help your business, please contact us here or call us on +44 (0) 844 445 7204