Yacht Expense Management

Our yacht expense management system includes a well-defined invoice approval process that ensures vendor control and verifies invoices align with the yacht’s operational needs, location and maintenance programme.

All Praxis staff undergo continuous anti-financial crime training, to help ensure that potential risks and fraudulent transactions are detected and prevented.

We offer Mastercard-backed pre-paid cards to minimise onboard cash requirements and ensure accurate financial reporting.

These pre-paid cards can be issued electronically or physically, with electronic versions available within 24 hours of service setup. They allow live expense tracking, ensuring financial accuracy and control.

Our user-friendly cloud-based platform simplifies the upload of receipts and ledger line selections. This platform is especially beneficial for the yacht captain and crew, who are often pressed for time with administrative tasks.

Receipts can be uploaded easily via smartphones and tablets, and all stakeholders, owners, captains, Praxis contacts and advisers will have instant visibility.

The platform also supports instant card top-ups, balance transfers and the ability to pause cards when necessary.

Our team provides personalised financial reporting to yacht owners and their advisers, including updates on cards, cash flow, payroll, budgets and future funding needs at pre-agreed intervals.

This reporting offers high-level oversight, supported by detailed financial data, when required.

We provide comprehensive bookkeeping services, utilising two main systems that consolidate information from both yacht management and ownership.

The result is a clear, concise financial report for the owner, delivered promptly at the end of each accounting period.

Where Praxis provides ownership services, we ensure that financial statements are prepared at the end of each financial year in compliance with Financial Reporting Standard 102 (FRS 102), applicable in the United Kingdom and Republic of Ireland.