Note: Recently, the Wall Street Journal ran an article titled "Corporate Jet Set: Leisure vs. Business", which analyzed the use of business jets by Named Executive Officers (NEO's) of major corporations. In addition, they created the WSJ Jet Tracker, which allows the public to research FAA records for flight history of corporate aircraft. This is an excellent example of the need for proper compliance and recordkeeping, and AircraftLogs provides the best solution for accurate treatment of aircraft accounting and corporate disclosures. Please read on for more information about this important topic.
Corporate jets have been the subject of increasing scrutiny by regulators and the media, while new regulations from the IRS, FAA and the SEC have created complex business processes and special projects in your accounting, tax and human resources departments.
Beyond FAA compliance for the flight department, aviation compliance generates significant work within corporate accounting and tax functions, including:
Companies that use AircraftLogs have recognized the value of integration and a common database. You can connect directly to your flight department, providing direct access to the data you need. The spreadsheets you've been creating can be eliminated. AircraftLogs was designed specifically to facilitate corporate compliance. Translation: The data you need is presented in standard reports. As regulations change, AircraftLogs provides updated information and reports.
In addition to providing high-value technology, our customers also have access to industry-leading tax advisors. See our Tax Services for more information.
Your organization is impacted by aviation compliance. The picture above maps the reporting processes created by corporate aircraft inside a Fortune 1000 company. This picture is part of a presentation we use when discussing compliance reporting for corporate clients. Please contact us to review this presentation with your team.
Our new service allows companies to manage their aviation records within the AircraftLogs system, with oversight by Aviation Financial Consulting. The required calculations and reporting needs are generated from one integrated database. Clients also benefit from the expertise of Aviation Financial Consulting, which reviews the company's results on a monthly or quarterly basis. This provides timely advice for the company, as well as access to detailed expertise that might be required for specific situations.
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