Streamline yachts’ financial records; remove paperwork; add a powerful tool to your management arsenal.
A new online accounting system acts as a tool for management companies to deliver a streamlined accounting service to yachts. Features never before available in the industry include direct, 24/7 support from qualified accountants who act as invisible CFOs for the management company.
Part of the role of every yacht manager is keeping the vessel financially healthy. Key to that is up to date, accurate and complete financials, and a new initiative is disrupting the traditional model of how this is done. A team of accountants works on behalf of the yacht manager as background CFOs, providing the manager with real time reports which can be accessed online, responses to questions within 24 hours and daily updated bookkeeping.
With an average yacht incurring €2-3million in expenses per year – or equal to the turnover of a medium size business – the superyacht industry was in need of an intelligent yacht accounting system designed specifically to meet the needs of yachts.
Avaletta shaves time off yacht administration with an overall reduction of 60% (accounting) time and 40% costs, and gives management companies a strategic partner who speaks the language of their clients. Removing the need for almost all paperwork, Avaletta brings yacht accounting to the digital space, while all transactions are overseen by qualified accountants who specialise in yachting.
At the heart of Avaletta is a financial dashboard where the yacht manager can access every piece of financial information about the yacht, as well as current and historic financial reports.
The customised online portal allows captains to scan invoices, documents, purchase orders, payroll and other forms, uploading them directly to the yacht’s online portal. There, management companies are able to login, add their own invoices, create reports and send them directly to the owner.
In the background, the team of accountants works to ensure the yacht’s financials are kept in top condition, with reports at the ready – making the yacht manager’s life easier in the process.
Online billing, payroll tracking, and project administration add to the functionality, while support from a team of accountants contributes strategic insights on securing VAT-free purchases and meeting tax obligations, investment opportunities and budget forecasts.
“Through the software we’re able to allow captains, heads of departments and managers to work together and manage expenses as a team. That ability to seamlessly share information and track budgets in real time allows for true financial management, not just accounting at the end of the month,” says Ivan Cini, one of Avaletta’s creators.
The system is available at all times, and the management firm keeps total control, acting as the intermediary between Avaletta’s accountants and their own client.
