Petty Cash Accounting for Yachts
An integral part of complete yacht care is the recording and management of a vessel’s expenses and financial assets. Luckily, Yacht Management South Florida, Inc. offers includes a comprehensive selection of yacht financial management services, from financial reporting and budget management to petty cash accounting for yachts. We provide premier yacht maintenance and yacht management in Fort Lauderdale from our full-service boatyard.
Choose our certified financial managers to track your yacht’s expenditure including petty cash expenses and help maintain its budget while in-season and during yard periods. Contact us to see how our convenient yacht accounting services can lift the time burden off your Captain and crew while giving you peace of mind.
What Is Petty Cash?
Petty cash or a petty cash fund is a small amount of discretionary funds in the form of cash used to pay small expenses when writing a check would not make sense. For yachts, petty cash is usually used to cover gratuities, day work payments, crew meal reimbursements, short-distance travel costs, and other minor day-to-day expenses.
The Petty Cash Fund of a Yacht Explained
The amount of petty cash will vary by company, or in this case by vessel. It will depend on where you are traveling to and whether you employ day workers or delivery crew that need to be paid in cash upon completion of their work. Petty cash expenses can also go up if there is an extended trip or delivery planned due to increased boat fuel burn.
The amount of petty cash needed depends on the capacity and applicability of other forms of payment at trip stops and destinations. Still, cash payments are far more common and frequent on a yacht compared to a typical small business on land. The petty cash fund on a yacht varies based on the owner and captain, often ranging between $2,000 to $10,000+.
Convenient Petty Cash Accounting Services
At Yacht Management South Florida, Inc., our experienced financial managers and accountants are an important part of our management team. They help make certain your yacht remains a valuable investment throughout your ownership of the vessel. Since cash spending can be significant while running a yacht, comprehensive petty cash accounting for yachts is key for proper financial management. Fortunately, the petty cash accounting services we provide help effectively track petty cash expenses and ensure cash spending stays reasonable.
Worldwide Petty Cash Transfers
In addition to the financial tracking and budget management that comes with petty cash accounting for yachts, we also provide worldwide petty cash transfers to yachts docked at ports throughout the world. Our financial managers will find optimal foreign exchange rates and work with local banks to ensure your crew has access to the cash funds they need when they need it.
Contact Yacht Management South Florida, Inc.
Should yacht owners have any further questions or concerns about worldwide petty cash transfers and the accounting of petty cash expenses, our accountants are available via email or phone call. We prioritize open and consistent communication.
In addition to our financial management packages, we’d love to discuss our mechanical and electrical dockside services as well as the boat bottom cleaning, boat hull painting, yacht refurbishment, and other haul-out services we provide at our boatyard and marina conveniently located in Fort Lauderdale, the yachting capital of the world. Contact us or give us a call today at (954) 941-6447 to schedule a visit today!