Yacht accounting firm Avaletta has developed software that enables yacht managers to use artificial intelligence. With the software, yacht management companies have reported savings of up to 30 percent on time spent on administrative tasks, according to a company statement.
Avaletta CPAs use intelligent software to automatically apply codes to transactions, and to sort reports, removing the need for traditional levels of manual input.
For the yacht, this means that sorting codes are consistent whether the owner, crew or management company are inputting financial information into the yacht’s accounts. The software uses artificial intelligence to work alongside yacht managers, crew and owners, providing suggested codes between them for the work each individual is doing.
According to Avaletta, 35 percent of all administrative activities could be automated by AI. “The impact of AI on our accounting software is being able to unlock the most important asset we have: time,” company officials said in a statement.
Netherlands-based Avaletta has subsidiaries in Valletta, Malta; Auckland, New Zealand; and Fort Lauderdale. For more information, visit avaletta.com.