The life of a yacht accountant

Ahead of the 2024 Monaco Yacht Show, we spoke to Sophie Martin, our Head of Yacht Accounting, to find out how she got into her current role and what life is like for her as a member of our yacht services team.

What was your route into yacht accountancy?

When I graduated from university with a degree in Accounting and Finance, I decided to take a year out to work on superyachts and travel the world. I was lucky enough to get a job as a deck clerk on a large vessel, where I learned from some very generous and experienced crew how finances are run on superyachts.

When I returned shoreside, I took this experience and knowledge, combined with my degree, to work for a yacht management company and run their yacht expense management department. From there, I joined Praxis and am now Head of Yacht Accounting, where I manage and oversee multiple yachts and their financial expense requirements.

Without my time spent onboard seeing how things work and learning that cost is not always the biggest factor when making a purchase, I would not have the wealth of knowledge and insight that enables me to step in to assist the crew effectively.

What are some of the key responsibilities of a Yacht Accountant?

My primary responsibility is to provide clients with timely and transparent financial expense management and to be a bridge between the vessel and the owning offices. My day-to-day responsibility is to manage all financial expenditures on the yachts and account for them so that they can be presented to the owning offices against a budget every month. I also manage Advanced Provisioning Allowance (APA) accounts during the charter seasons, which is always exciting!

Expense management forms part of our team's full suite of financial management, including financial reporting, budgeting, bookkeeping, and financial statement preparation, pre-paid cards for captains and crew, and a cloud-based platform to facilitate cash and card receipt uploads.

How do you keep up to date with changes in the yacht management sector?

Attending relevant summits and conferences is important so that I stay up to date with new software and industry developments. These help me stay ahead of any changes in the yachting industry and allow me to talk about developments and share ideas with people in similar roles. There are also key yacht shows throughout the year that are worth attending due to the networking opportunities and seminars available.

What skills are essential for a yacht accountant to be successful?

Besides the necessary accountancy skills, good interpersonal skills are a must, as you must communicate with various stakeholders, from owners and captains to suppliers and other intermediaries. Being approachable makes daily communication between all parties much smoother and reassures those on the other side of emails and phone calls.

A good knowledge of the yachting sector is also desirable (but not essential) due to some of the specific terminology used. Having a base knowledge will assist in coding and understanding expenses presented, as well as helping you to provide an informed opinion when required.

What is the most rewarding part of your job?

The most rewarding part of my role is receiving feedback from captains thanking me for my work, keeping on top of things they have not had the time to do due to busy itineraries, and owners sharing their appreciation for transparent reporting, tailored to their requirements.

I enjoy working alongside the dedicated yacht services team and the dynamic environment we work in. In terms of the wider Praxis Group, it is good to know we have a broad range of knowledge and resources to draw upon to deliver the services expected by our clients.

Earlier in the year, I was a host at our women's networking event at the Royal Academy's Summer Exhibition, followed by a private dinner. I met intermediaries and colleagues from other offices across the Group, which was thoroughly enjoyable.

Further information

To find out more about how Praxis can help, please contact Sophie or visit our yacht management section.

Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2023