Small-business owners and yacht captains can commiserate over one thing. Administrative paperwork, particularly bookkeeping, consumes a lot of time. An accounting firm specializing in the superyacht market, Avaletta, says it can save your captain and management team significant time. More significant, it guarantees you’ll save at least 20 percent annually.
Avaletta employs an entirely online, custom-designed solution. With headquarters in Amsterdam, plus offices in Fort Lauderdale (and two other international cities), the company started in 2010. The entrepreneurial founders long loved yachts, but loathed the inefficient bookkeeping. As Avaletta’s website states, “Every hour spent on administration is at the expense of an hour of productivity, or relaxation, onboard.” It claims to be the first superyacht-specific company offering accounting services and software simultaneously.
Here’s how it works. Say your yacht is ready to depart a marina. When your captain receives the invoice, he or she scans it into Avaletta’s system. Your account updates in real time, too, meaning you, your management team, or other representative can log in and view the latest from wherever you may be. Similarly, all designated representatives can upload receipts, payroll documents, and other forms. Equally important, the system double checks for duplicates, and Avaletta claims that its encryption is better than that of most banks.
The company says the online aspect saves 60 percent of administrative time. Furthermore, all users can download a fully updated report following a document upload. That, too, is faster than traditional accounting methods. As for how much time it actually takes to upload, it varies depending on your bookkeeping needs. However, Avaletta does say that it guarantees annual cost savings of 20 percent related to bookkeeping.
Avaletta will tailor the software package to provide the solutions you want. Online billing is available, as is payroll tracking. The accountants on staff are familiar with VAT and can provide guidance in minimizing that tax bill. Speaking of taxes, Avaletta’s accountants can consult on fulfilling tax payments, plus forecasting budgets.
You have one point of contact, too, when you sign up for the system. Overall, accountants are available to speak with 24/7.
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