The maritime industry, especially those businesses serving, supporting and operating in the brownwater space, is facing a confluence of unprecedented challenges. Infrastructure funding – or lack thereof. An aging workforce and a shortage of replacements. The rise of blockchain applications and cybersecurity concerns. Amplified safety issues, including Subchapter M compliance. Consolidation and increased competition.

Whether your business is family owned or part of a larger corporation, having accurate, timely financial information can provide you with the confidence needed to make strategic decisions for the financial health and success of your organization. This often requires going beyond traditional bookkeeping services to ensure proper, efficient and effective tax planning and better understand revenue recognition.

As freight rates drop, fuel tax issues become more complicated and changes in the oil and gas industry continue to impact bottom lines throughout the maritime sector, working with experienced professionals who know how to address financial challenges and seize tax-saving opportunities is key.

The Ericksen Krentel team can help you better understand how to economize and run your operations more efficiently and effectively. Regardless of your size, the key to growth is understanding your organization in real time so you can quickly make the right decisions. Streamlining your accounting procedures in the cloud can give you 24/7 access to real-time, custom financial reports.

If you have a strong internal accounting group, we’ll provide the objective information and advice you need to make informed and proactive decisions. If you do not have a team in-house, we’ll roll up our sleeves and work closely with you. Our outsourced cloud-based accounting and bookkeeping services, including virtual CFO and controller services, can help you focus your time on what matters – optimizing your supply chain logistics, managing vessel and employee certifications, complying with new Coast Guard regulations and growing your business.

The Ericksen Krentel consulting team can also help with business valuations to assist in strategic planning to help raise capital or secure financing to fix or replace an aging fleet or implementing new technologies to enhance your client service. Those services extend to businesses in the following maritime segments:

• • Barge and towing companies/fleeting-harbor/tankermen
  • Shipyards/repair facilities
  • Contractors/dredging
  • Refuelers/boat stores
  • Brokers/equipment/surveyors/insurers/divers/salvage/ pollution control
  • Distributors and manufacturing professionals
  • Maritime schools and associations (including river pilots)
  • Ports and terminals
  • Marine and cargo handling
  • Freight transportation/ ship agents
  • Oil and gas support activities

We view accounting, audit, tax and consulting services not as compliance but rather strategic services. A personal approach to every engagement is not just a mission statement at Ericksen Krentel; it’s the strategy we follow for all clients. The end goal is a more efficient process to provide you with the best possible outcome for future success. And that performance doesn’t stop when the report is issued; we’re here with you now and beyond.

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