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How fintech is being used for superyacht accounting

Technology
Written by
Laura Nicholls

Managing a yacht and its accounts isn’t always easy. However, help is at hand now that Camper & Nicholsons has rolled out a new feature that streamlines all accounting and reporting processes onboard. The Yacht Accounting and Reporting Software (YARS) is a secure platform with real-time banking and data for all superyacht expenses. 

Created in recognition of how fintech can best serve the yachting industry, YARS is the latest easy-to-use feature added to the C&N management system and is already helping clients drastically reduce their accounting time. Superyachts at Monaco Yacht Show 2019Photo: SuperYacht Times“A positive of the coronavirus crisis is that it has helped to speed up pre-existing initiatives and solutions, which shows that the industry is ready for tech that can improve services,” explains Giovanni Alessi Anghini, Chief Innovation and Technology Officer, who has been busy behind the scenes during the pandemic leading the new service through to delivery as part of their 360° approach. 

Cleverly put together with real-time data and accounting intelligence, the interface of the system offers users easily-digested breakdowns of each and every cost incurred by running a superyacht. These breakdown reports are managed by C&N’s team of experienced yacht accountants to provide owners and captains with the analytics they need to be in the driving seat of their yacht expenditure.

One of the most important ways YARS does this is by being entirely secured within the Camper & Nicholsons system - eliminating the need for any third-party service providers. This structure means that the sensitive data of high-net-worth individuals stays - and remains - private. Giovanni Alessi Anghini, Chief Innovation & Technology Officer, Camper & NicholsonsSo, how did Anghini and his team come up with the idea to invent YARS? “We invited a cross-section of industry players from various disciplines to the round table who asked how we could develop a software that could streamline the accounting process and offer transparency to the operation of the yacht,” he explains. 

“When I was researching fintech companies and the procedures of the yacht operations, I found that those who happen to do the yacht accounting tend to process their expenses with a third-party software to provide the owner or owner’s rep with a lengthy report. This extensive process is now a thing of the past. With a few clicks via YARS, the yacht’s team has access to an overview of the accounts, budget, performance and more,” adds Anghini. Superyachts at Monaco Yacht Show 2019Photo: SuperYacht TimesChampioning a future that sees a tech-savvy superyacht industry, the C&N team are continuing to work in an agile manner to pull together solutions - some of which are yet to be revealed. By launching YARS, the well-publicised evolution of the traditional Camper & Nicholsons brokerage house has also benefitted commercially. Being part-owned by the private group Lai Sun comes with a strict auditing process, which is now alleviated thanks to C&N having these additional assets within their infrastructure and data on their own server.

C&N new platformPhoto: C&NWith unique interfaces tailored to each user, clients or prospective clients are able to request a demo directly via the Camper & Nicholsons website or contact the team directly via the details found below.

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