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Maritime

Our team of advisors can help you navigate key business obstacles to go beyond traditional bookkeeping services to ensure proper, efficient and effective tax planning, efficient audits and a better understanding of revenue recognition to chart a course for success.

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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Hurricane Ida Update

Our thoughts and prayers are with all of the people affected by Hurricane Ida. Ericksen Krentel team members have spent this week checking in on each other, our families, and our clients to ensure that everyone is in a safe position. Our New Orleans and Mandeville offices are currently closed due to power outages. We expect our Mandeville office to re-open shortly and will post the status updates of both offices on our website and social media as we know more details. We will do our best to assess the situation of our clients and people, and intend to return to each office as quickly as possible.
We have learned through our experience with past disasters and the ongoing pandemic to be adaptive to new technologies and have implemented cloud-based applications that allow us to efficiently operate remotely. In the interim, we are available to the extent that is possible in working remotely with our many affected clients and their personnel.
As recovery operations begin to take shape and progress, please do not hesitate to call on us to assist in your financial, tax, and other needs. You can reach your Ericksen Krentel professional directly through their normal email address or if you need immediate assistance, send a message through communications@ericksenkrentel.com to receive a return call from one of our professional team members. We look forward to a complete recovery and once again working directly with our clients.

What to Know About Restaurant Revitalization Grants in the Rescue Plan Act

As the COVID-19 pandemic and its economic devastation continues, the $1.9 trillion American Rescue Plan Act of 2021 (ARPA), which was signed into law March 11, 2021, expands relief provisions first introduced in the Coronavirus Aid, Relief and Economic Security (CARES) Act from March 2020 and introduces new measures to help businesses and individuals.