Bespoke Yacht Accounting Services added to the Sarnia Yachts Portfolio

Yacht Accounting is becoming an ever more complex element of Sarnia Yachts’ range of services offered to its clients and owners.

Yacht accounting previously consisted of simply paying yacht expenses for an owner. Now, yacht owners, owner’s representatives and particularly family offices demand very close scrutiny of the running costs of a yacht and even the ability to pre-approve certain expenses occasionally, over an agreed value threshold, before actual payment.

Our Yacht Accounting services now extend to full budgeting, budget variance reporting and invoice pre-approval, like the financial reporting for a small business, which in essence what a commercially operated yacht is. Our services are delivered on Sarnia Yachts’ own IT/accounting platform, which can integrate into other well-known cloud-based yacht accounting software.

Sarnia Yachts’ specialist Ownership team can tap into the in-house Yacht Accounting platform, even when full yacht management (in terms of safety management) may not be required by the owner. This expense payment process is a much more time-efficient process than expense payments via the yacht owning company’s bank account Sarnia Yachts administers, plus it also gives access to additional reporting functionality.

An increasing demand for expense management and financial reporting from many of our yacht owners has enabled Sarnia Yachts to strengthen the Yacht Management team with the recruitment of Sophie Martin.

Sophie has recently joined Lee Madgewick and the UK team in the Southampton office and has extensive experience both on board a high profile 100m+ yacht as well as working ashore for several years in a yacht financial management role. While Sophie sits within the Yacht Management team, she also supports the Yacht Ownership department.

If you are interested in our Yacht Accounting services please contact Sophie Martin.

This article was originally published on www.sarniayachts.com. Sarnia Yachts was acquired by Praxis Group in July 2023 and is now trading as Praxis Yacht Services.

Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2023