Dealing with multiple currencies, frequently changing vendors and an industry that has a unique vocabulary can present challenges that many yacht owners prefer to outsource from their existing corporate infrastructure.
The team at Luxury Yacht Group has years of experience accounting for yacht operations and crew payroll and has the specific skills necessary to manage your yacht. Our financial management service provides a centralized system whereby all yacht operating expenses and crew payroll are retained together, streamlining the operation. Our yacht owners receive a clear account statement each month which outlines key expenditures during the previous month and forecasts major expenditures for the future.
The financial accounting team makes payroll on your behalf with due regard for your statutory liability to taxes.
Using international banking contacts petty cash can be made available around the world.
Luxury Yacht Group pays operating expenses globally using a dedicated bank account.
Yacht owners receive a clear condensed monthly summary of expenditure plus a forecast for the next month and year based upon current activities.
Accounting With Payroll
- Establish a dedicated bank account for the yacht
- Captain's petty cash accounting
- Monthly reporting of all expenditures
- Monthly and yearly budget forecast
- Monthly credit card accounting
- Includes payroll
- Create EIN/FEIN registrations for the yacht owning corporations
- Pay crew monthly by wire transfer or direct deposit
- Comply with appropriate payroll taxes and withholdings
- File appropriate annual reports