Financial Yacht Management

Waterman Marine Consultancy BV is offering Financial Yacht Management with the following main features:

1. Bank account(s)

The owning company or owner of the yacht will open a dedicated bankaccount for the running costs for the yacht for which WMC BV will be made a signatory in order to be able to order payments through this account. The account needs to be opened with a recognized bank who provides internet banking. WMC BV will assist and advise on how to open such an account. Depending on the set-up it may be required to open a dedicated account for crew salaries.

2.Credit cards

A VISA or Mastercard credit card for captain and other senior crew will be organized, spending limits will be agreed upon between owner, captain and our management. Our policy is that most payments are done either by credit card or through bank transfers.

3. Operational budget

The annual running budget for the yacht will be discussed and agreed upon between owner, captain and managers. This budget will include a funding scheme for which the owner of the yacht has to sign. A minimum amount (usually 10-15%) of the annual budget will have to be available on the account at all times. The budget year runs from the 1st of January to the 31st of December.

 4. Budget control

Once the operational budget has been agreed upon and funding has been made available we execute payments to suppliers, insurance, shipyards and crew. Usually all spending above a certain agreed amount will first be approved by the managers except in cases of emergency. WMC has a joint responsibility with the captain that the yacht’s expenses will not exceed the agreed budget without prior approval of the owner.

 5. Payments of suppliers

Invoices from suppliers will arrive either directly at the manager, in which case the invoice will be verified with the captain or other responsible senior crew  before payment is executed, or the invoices will be send to the manager by the captain after he has verified himself and approved them for payment. The manager is verifying that correct (market conform) amounts are charged and that no unnecessary taxes are paid. Our policy is to pay our suppliers in due time to maintain a good relation which helps a smooth running of the yacht.

6. Commissions and discounts

We work with most of the known, established  suppliers in the super yacht industry since 20 years and do not dictate the yachts we manage were to purchase as long as prices are competitive and services (this includes warranty and after sales service) is of first class level. All discounts and commissions negotiated with suppliers are to the benefit of the client and will be either deducted directly from purchases or returned to the yacht account.

7. Payment of crew salaries 

Each 3rd week of the month the crew salaries are paid into the designated bank accounts of the crew members. It is the responsibility of the captain to provide the amounts payable to each crew member  to the manager on or before the 3rd Friday of each month. A format for easy registration of payrolls will be supplied to the captain. It is the responsibility of the crew members to provide their correct and complete bank details to the captain.

8. Reporting to the Owner

The budget control and all payment transactions by bank, credit card and/or cash are recorded in our online accounting system Yaccount. The system is available 24/7 and it provides an instant overview of expenses made in each department on board and overall. It also provides an automated report each month which shows the owner what the financial situation is and if there are any changes to be expected to the budget and the related funding scheme. All invoices and receipts are scanned and can be reviewed online. Various types of reports can be created from the owners dashboard.All information in Yaccount is stored on secured servers in a secured datacenter and all modifications to the data are backed up immediately. The data remains the property of the client and in case the service is ended the data will be made available in excel or csv format.

9. Charter expenses

Yaccount provides a dedicated charter account and each charter can be run on its own account. A hotel style billing system provides the captain with an instant overview of expenses made and shows a balance of the available APA.

10. Cash on board

Yaccount provides an online wallet in which crew and departments can allocate and accept cash from eachother. This prevents misunderstandings with cash and creates a trail of all cash transactions between the departments.

11. On shore address

Waterman Marine Consultancy BV provides and onshore address for the yacht where important documents or parcels can be received if needed. We do however encourage all suppliers and other organisations to use electronic files where possible and not send original invoices or marketing materials.

12. Conditions

WMC BV has more than 20 years experience in management of yachts and we have established a set of simple minimum requirements for anyone who is interested in our services:

  • A direct communication (mobile tel number)with the beneficial owner of the yacht is required. This is used only in case of urgent matters
  • All our clients need to fulfill our “know your customer” requirements, meaning that due diligence information will be asked from you. This is a legal obligation to prevent money laundering and financial fraud.
  • The source of funds for the operational budget to be identified.

 13. Rates

The rate for Financial Yacht Management depends on the details of service agreed upon with the client. The following rates (ex vat) are given as a guideline only:

  • Financial Management for a 30-40m yacht with up to 6 crew :    € 3500 p/month
  • Financial Management for a 40-50m yacht with up to 12 crew:   € 4500 p/month
  • Financial Management for a 60-80m yacht with up to 24 crew:   € 8000 p/month

This is including the use of Yaccount software but is excluding any set-up costs for bank accounts, credit cards, and other out of pocket expenses such as travel.We advise you to contact us and ask for a proposal if you are interested in our services

Please note that the above offer is related to the financial management of a yacht and does not include further technical management tasks.