Financial Administration

 

Our Marine Accountants don’t just track and verify billing and spending on your yacht, they provide fully transparent financial administration, reporting and access to the book keeping system and the yacht’s bank accounts 24/7 for the most informed and timely decision-making.

N

Yacht Accounting and Book keeping

 

N

Crew Credit Cards

 

N

Client Reporting - Monthly/Quarterly and Annual Reports

 

N

Crew Payroll (excluding any offshore company charges)

 

N

World Wide Petty Cash Transfers

 

N

Budget Management

 

N

On Board Accounting Software and Training

 

N

Invoices - verification and payment

 

N

Client Bank Accounts - set up and maintenance

 

Yacht Accounting and Bookkeeping
JMS offers a wide range of yacht financial administration services to help Owners and Captains with the management of their yacht. We use the latest accounting software to have an all encompassing system which is used by the captain and crew, our shore based team, our accountants and the bank. Total transparency is offered. We can offer the owner or his office access to see the yachts accounts and bank accounts 24/7. The system is designed to lighten the burden for Captains and Owners of book-keeping and reporting whilst maintaining the high standards needed for the efficient running of a yacht. Monthly / quarterly and annual accounting reports will be provided.

Budget Management
Working with the Owner and the Captain, JMS Ltd provides a tailor-made Annual Budget. The budgets are as detailed or as top-line as the Owners and Captains demand but will normally incorporate an operational profile of the vessel. Once the final figures are approved by the Owner, a Cash-Flow Projection is drawn up and fund requests are made by the Yacht Manager accordingly. All budgets are monitored against the actual expenses and detailed monthly reports are provided to Owners and/or Captains for monitoring. This is a service gives Captains and Owners control of the yacht and its expenses without losing time on all other aspects of the management.

Setup and Maintain Client Bank Accounts
A client account can be opened in any currency requested, and JMS Ltd will control and manage the account, ensuring the influx of management funds are disbursed to the yacht and her creditors correctly and on time. The account is maintained in credit at all times in accordance with the budget.

Crew Credit Cards
Credit cards and/or Debit cards can also be provided to the Captain and Crew. The accounts are monitored through monthly audits and original receipts are provided to reconcile the account. If a credit card is supplied, funds equivalent to the credit limit are held and maintained in Escrow.

On Board Accounting Software and Training
The latest accounting software programme is used by JMS Ltd for maximum accuracy and reporting for all your financial administration needs. The programme provides maximum efficiency as it is used by the crew, JMS and our accounts as well as the bank (each with their appropriate security and level of access). To enable the Captain to access and view real-time records of the day-to-day accounts, full training is offered by our account specialists in its use and understanding. To provide total transparency the owner and /or his team can be given 24/7 access to the yachts accounting system and bank accounts.

World Wide Petty Cash Transfers
JMS Ltd works with Captains to ensure Worldwide Petty Cash Transfers in any currency can be made from the yacht’s management account direct to the Captain as and when required.

Verification and Payment of Invoices
All invoices received by JMS Ltd will be verified and checked with the Captain and paid on our automated wire transfer system to decrease transfer costs.

Reporting
At the end of the month JMS Ltd. provides the Owner with detailed monthly account reports. These Reports not only show in detail the expenditure for the month but, also a comparison review against the set budget. An Annual Review of the accounts are undertaken to ensure they are in compliance with the original agreed budget and, if required, an Annual Audit can also be performed. Training can also be given to the Captain (for all financial administration) to ensure he/she is familiar with the accounting methods and policies operated by JMS to ensure timely and informative reporting to the Owner.

Crew Payroll
JMS Ltd. can assist with the payment of all crew salaries. With the Captains input, salaries are calculated taking into account any onboard cash advances, holiday pay and expenses. To protect the owner and to ensure compliance with social security regulations it is highly recommended to pay Crew from an offshore employment company. This can be arranged by JMS Ltd. through a separate service.

N

Yacht Accounting and Book keeping

 

N

Crew Credit Cards

 

N

Client Reporting - Monthly/Quarterly and Annual Reports

 

N

Crew Payroll (excluding any offshore company charges)

 

N

World Wide Petty Cash Transfers

 

N

Budget Management

 

N

On Board Accounting Software and Training

 

N

Invoices - verification and payment

 

N

Client Bank Accounts - set up and maintenance