FREEDOM: FINANCIAL SUPPORT

More about the different Financial Services and Support elements available with FREEDOM:

• Yacht Accounting and Book Keeping*
• Budget Management*
• Set Up and Maintain Client Bank Accounts
• Crew Credit Cards
• On Board Accounting Software and Training*
• World Wide Petty Cash Transfers
• Verification and Payment of Invoices*
• Monthly and Annual Reporting*
• Crew Pay Roll

* These services can also be incorporated into the latest YPI On-Line Management Programme fully approved by Det Norske Veritas. This gives you 24/7 real-time reporting and accounting with dashboards on all committed budgets ensuring you have all the financial information you need when you need it, no matter where in the world you are.

Yacht Accounting and Book Keeping

YPI Management offers a wide range of yacht financial services to assist Owners and Captains with the management of their yacht. All the accounts for the Crew and the yacht are dealt with by our own in-house team of senior accountants on a daily basis with excellent and regular reporting. This is a service used by many Captains and Owners to lighten the burden of book-keeping and reporting whilst maintaining the high standards needed for the efficient running of a yacht.

For more details, email YPI Management.
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Budget Management

Working with the Owner and the Captain, YPI Management provides a tailor-made Annual Budget for the yacht compiled by our in-house team of Senior Accountants and Yacht Managers. 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 used by many Captains and Owners wanting to keep control of the yacht and its expenses without losing time on all other aspects of the management.

For more details, email YPI Management.
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Set Up and Maintain Client Bank Accounts

A client account can be opened in any currency requested, and the in-house team of senior accountants at YPI Management can 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.   

For more details, email YPI Management.
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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.

For more details, email YPI Management.
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On Board Accounting Software and Training

A bespoke computer software programme linked to the master YPI Management Accounts programme is used by the Division for maximum accuracy and reporting. 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.  

For more details, email YPI Management.
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World Wide Petty Cash Transfers

YPI Management work 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.

For more details, email YPI Management.    
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Verification and Payment of Invoices

All invoices received by YPI Management will be verified and checked with the Captain and paid on our automated wire transfer system to decrease transfer costs.   

For more details, email YPI Management.
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Monthly and Annual Reporting

At the end of the month YPI Management 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 to ensure he/she is familiar with the accounting methods and policies operated by YPI Management to ensure timely and informative reporting to the Owner.

For more details, email YPI Management.
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Crew Pay Roll

YPI Management 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.

For more details, email YPI Management.
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