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Financial Services
Owning a superyacht is the ultimate lifestyle choice, but managing yacht finances and accounts can be complex and time-consuming. At Protam Yacht, we provide comprehensive Financial Services as part of our Operational Yacht Management, ensuring your superyacht’s financial health is managed with precision and expertise. Discover how our financial services can provide you with peace of mind and allow you to fully enjoy the yachting lifestyle.
What are Financial Services For Superyacht Owners?
Financial services for superyachts are vital to ensure the effective use of the budgeted operational funds and to put in place the most cost effective purchase processes. The operation of a luxury yacht can represent a significant capital outlay, thus, requires fastidious monitoring and reporting to control spending and guarantee cost efficiency. At Protam Yacht our Team of experts will tailor financial plans to best fit individual Owners, Captains or any nominated fiscal representatives.
Why Are Financial Services For Superyacht Important?
Regulatory Compliance
Increased statutory oversight and regulation necessitates thorough financial record keeping.
Administrative Efficiency
It is difficult for those on board to fully administer the vessel’s financial procedures and administrative requirements for the vessel’s statutory and classification documentation.
Delegation of Accounting Tasks
Recently expanded human resource management protocols required under new MLC regulations mean less time for comprehensive. accounting practices onboard. As such, many vessels prefer to delegate the responsibility of accounting, VAT, and tax matters.
What Financial Services Do We Offer?
- Budgetary ReviewsReporting against a pre-arranged budget.
- Purchase ApprovalWe implement an approval process as agreed with the Client to ensure all purchases are validated and within budget.
- Comprehensive Banking and Financial Management
- Dedicated Swiss Bank Accounts for Yacht Operations: AAA-rated bank ensuring security and reliability.
- Debit Card Facility: Single or multiple dedicated cards for the Captain and key personnel on board, providing a simple and cost-effective means of international funds transfer, given the EUR 10,000 (or equivalent) Customs clearance limits on physical cash.
- Onboard Cash & Credit/Debit Card Accounting Software: Ensures accurate and efficient tracking of onboard expenditures.
- Invoice Administration & Payments: Supplier invoices are logged and paid from the vessel's dedicated Swiss bank account. We also handle invoice verification, consolidation, and logging for delivery to the Owner's dedicated accountants for payment.
- Forecasted Operational Funding RequestsDelivered regularly following long term forecasts.
- Monthly Financial Management ReportsIncludes budget performance, operational bank account, credit cards, and ship's cash statements.
- Financial ReportingRegular financial record-keeping and reporting ensure that all transactions are transparent and accessible for onward processing, such as VAT returns by the vessel's nominated fiscal agents.
Why Choose Protam Yacht For Superyacht Financial Services?
Protam Assessment
Our verification process reassures Owners of the accuracy of quotations and prices offered by suppliers and contractors.
Ongoing Monitoring
Continuous budget monitoring helps safeguard budgetary targets, providing clear and transparent financial reports.
Timely Delivery
Our monitored “Care Of” address in Europe ensures timely delivery of invoices for payment, preventing delayed payments and potential operational disruptions.
Professionally accredited reporting
Our processes and reporting templates are accepted by all main financial service providers.
Personalised Financial Management
Our Team of experienced financial experts works closely with you to develop a tailored financial management plan. From budgeting and cash flow management to expense tracking and financial reporting, we customise our services to fit your specific requirements.
Transparent Financial Reporting
Transparency is a key pillar of our company values. We provide detailed financial reports that give you a clear overview of your superyacht’s operational costs compared to a prearranged budget to avoid any unexpected expense. Our reports include:
- Financial Statements: Comprehensive weekly, monthly, and annual statements detailing income, expenses, and cash flow.
- Expense Reports: Itemised reports of all expenditures, ensuring you have complete visibility of your yacht’s running costs.
- Annual Budgets: Proactive budget planning to anticipate and manage costs throughout the year.
Efficient Budgeting and Expense Management
- Comprehensive Budget Planning: Effective budgeting is essential for maintaining the operational efficiency of your superyacht. Our financial services include meticulous budget planning, taking into account all aspects of yacht operation, including crew salaries, maintenance, fuel, insurance, and provisioning. We ensure that your budget is realistic and aligned with your operational goals.
- Expense Monitoring and Control: Keeping track of expenses can be challenging, especially with the dynamic nature of superyacht operations. Our financial Team closely monitors all expenditures, ensuring they stay within the allocated budget. Any variances are promptly addressed, and cost-saving measures are implemented whenever possible.
Streamlined Accounting and Bookkeeping
Accurate accounting is the backbone of effective financial management. Our professional accounting services ensure all financial transactions are recorded correctly and comply with relevant regulations. We manage all aspects of accounting, including:
- Operating Bank Accounts: On behalf of the yacht, an operating bank account will be set up in Switzerland in any major currency. Our yacht management Team will negotiate competitive bank charges.
- Software linked payment platforms: Wire transfers direct from the finance software.
- Bookkeeping: Maintaining up-to-date records of all financial transactions.
- Accounts Payable and Receivable: Managing payments to vendors and collecting outstanding receivables.
- Bank Reconciliation: Ensuring all bank transactions are accurately recorded and reconciled.