Welcome to the Dockwalk.com Forum

 

In order to post a comment in one of the forum topics, you must log in or sign up. Your display name will appear next to your posts unless you check the Post Anonymously box. When writing a post, please follow our forum guidelines. If you come across a post that you would like us to review, use the Report Post button. Please note the opinions shared in the forums do not necessarily reflect the views of Dockwalk.


RSS Feed Print
Expense Reports
Brady
Posted: Thursday, August 19, 2010 6:24 PM
Joined: 16/12/2008
Posts: 4


I'd like to get a bit more into managing the expenses of the boat and give the boss a bit more info on my monthly expense report...anyone in the 60-90 ft. range have some examples of what they do as far as expense reports?  Just curious to see what other Captain's are doing, or if anyone has some recommendations.

Thanks,

Brady

junior
Posted: Thursday, August 19, 2010 8:40 PM
Joined: 14/01/2009
Posts: 1026


Managing expenses ? Hmmm. Think you should rephrase the question and be more specific . Money, "expense " accounting and how you deal with a financial year are complex details that are directly related to the yachting maturity of the owner and the challenges the yacht will face.
Dutchie
Posted: Friday, August 20, 2010 12:57 AM
Hi Brady, I run a 100ft charter yacht and have the following system: daily journal, e-mailed weekly to the owner, in this journal I write for example: asking for quote's from contractors, projects like waxing the boat, replacing carpets etc. weekly financial report: in this every expense, crew food, fuel for gensets, rental car, everything. At the end of the month a quickbooks review of the month and a simple report what happened on the boat. I prefer a weekly system to have the owner as much involved as possible, and him not being surprised at the end of the month (if I have to ask for money) What system do you have right now?
Matt
Posted: Friday, August 20, 2010 2:19 AM
Joined: 25/01/2010
Posts: 4


Hi Dutchie, are you using quickbooks (the software) for that? how do you manage reports with different currency, this is my main challenge?
junior
Posted: Friday, August 20, 2010 11:29 AM
Joined: 14/01/2009
Posts: 1026


As I said...be more specific. Charter yachts are much more accounting intensive. On a private yacht I have virtually no accounting to do. All known recurring costs are paid directly by the owners office, accounting department . Fuel, dockage, salaries, Insurance, capital improvements, ship yard work...... are all known costs. Ships cash is for unknown expenses . These unknown expenses are very modest off season and on season, when money is no object ,they are organized and submitted monthly by the stewardess. If youre running a private yacht, work with the owner to eliminate financial Unknowns , then set up the yearly financial operation in a way which doesn't require you and your crew to handle piles of cash nor add up thousands of tiny numbers. Much more civilized to have the owners accountant send you the past months expense record for credit card etc. ,then verify and authorize.
Chester Loy
Posted: Friday, August 20, 2010 5:36 PM
Joined: 21/08/2008
Posts: 1


I use billings for Mac which has great iPhone app to go along. I treat boat cash as a retainer. I can expense items, show crew salaries, invoice charter guests, and many other financial tools and will do different currencies as well. I can list different categories so the owner can see where his money is going.
Matt
Posted: Friday, August 20, 2010 7:10 PM
Joined: 25/01/2010
Posts: 4


Thanks Chester, i'll look into it.
Anonymous
Posted: Friday, August 20, 2010 11:04 PM
CPA or Captain? Be careful what you put your emphasis on. Keep it as basic and simple as you can. Your time is more valuable some place else on the boat. The owner has an accountant and trust me see's every nickle and its breakdown at the end of every month. If the owner is not having a discussion with you about finances then stick to putting your emphasis on keeping your command in top mechanical shape. Safety and maint. of systems is the number one concern. Read the other post if you don't agree with me.
Capt Kaj
Posted: Monday, August 23, 2010 8:22 PM
Joined: 05/08/2008
Posts: 83


Hi Brady,

I use the KISS formula, Keep It Simple Stupid.

It depends what your owner is requiring or maybe he doesn´t require it to the degree you think he might. It will also depend on how your budget relates to your accounts. I would keep it as simple as possible, for example, lump all the boat car fuel receipts up under one receipt of say 4 for the month and title it "Car fuel Sept", "Food Sept" don´t write out loads of single items for say $1.50 here .75 cents there, it is a time consuming waste of energy and hard to read for the owner, if he reads it at all. Be careful, give too much info sometimes you shoot yourself in the foot. If he receives all the recepits and accounts, he can look through all the lumped together receipts if he so desires. It is better to keep it to a minimum.

There is a very good and relatively simple programme available with some good set ups which are more than enough for what you are doing, after all all you need is an in and an out, a balance and a place for a description of each item, the beauty about this programme is that you can get into it and rectify a wrong entry, some programmes don´t let you and you have to make adjustmenrts in the form of a Dr or a Cr to fix it up, check this link out:-

http://quicken.intuit.com/

Cheers

Capt Kaj


junior
Posted: Tuesday, August 24, 2010 8:03 AM
Joined: 14/01/2009
Posts: 1026


Keep it simple is the way to go...One of the charms of working in the 100 ft class is freedom from the mind numbing little numbers game. If you discus it with the owner then set things up correctly you will be free. Things like adding up tomatoes , bread and crew support costs are ridiculous. When you're on the road food expenses are what they are , at the dock I eliminate all crew expenses by simply asking the accountant to add 500 euros to each crews paycheck for the all to typical Nov to April dockside yard period then let crew do as they please. No need to enter rolls of masking tape and paint buckets into the accounting log when you set up an account with the local ship store for monthly billing. No need to add up "O " rings, valves and oil filters when you use a purchasing agent and monthly billing...cheaper too. because a valuable crew is not in a rentacar, stuck in a traffic jam, on a hose clamp mission. It is true that certain items like safety equipment service receipts and critical maintenance receipts need to be logged as proof of seaworthiness but in general all those little pieces of paper and records, plus all your hours of fiddly number crunching simply end up in the garbage can. When I am are on the road and spending owners money, the responsibility for keeping track of it is given to the stewardess. I prefer the 2000 euro float method in which the stewardess always has 2000 boat cash in her cash bag , keeps track of it as she pays for yacht related expenses with a simply paper and pencil ledger sheet, then is reimbursed back to 2000 euro when her purse is running low. On 100ft class yachts its important that the stewardess take on this responsibility because she spends the cash, its a training exercise teaching what things cost in different ports, how to anticipate expenses and naturally how to become a chief stewardess on a large yacht spending great wedges of cash when the time comes. Paper and pencil works best because the expense logs last for years and form a handy reference when asking the owner for cash to perform a known cruise and most importantly with paper and pencil you can always spot whether your new stewardess is honest and organized. Its all to easy to take a computer program and keep running it thru with new and better numbers until you find the best ones. . If you manage to account for the complete 2000 euro tranche with receipts , while on the run in a new country, you are dishonest.
Dutchie
Posted: Monday, August 30, 2010 2:31 AM
Hi Matt, Sorry for my late reply, I calculate every expense back to USD, at the rate where the foreign currency is bought for. That means that on board and purchased foreign currency is already in the books. I used quickbooks with an owner, with another owner just easy excel sheets. Daniel
 
 Average 0 out of 5