I find the Garmin fuel on board readings to be pretty accurate although it will need to be reset occasionally. On my recent trip to Alaska this summer in my R27OB, I burned about 1600 gallons of gas to go up to Glacier Bay and back. At the beginning of the trip and at each fuel stop I refueled to the max as determined by seeing the fuel level a few inches below the cap in the filler tube. The reported fuel used by my Garmin was always close to the amount I was able to put into the tank, although the Garmin indicated a little more fuel used than it actually took to refill the tank. At the beginning of the trip I set the fuel on board to the tank capacity, 150 gallons. During the trip I never reset the amount of fuel to 150 gallons but instead just used the "Add Fuel to Boat" option and recorded the actual amount put in each time. At the end of the trip, I refilled the tank and the fuel on board read 134 gallons, even though the fuel level in the filler tube was again right up to a few inches below the cap. So, over 1600 gallons, the Garmin overstated the fuel burned by 16 gallons, (150 minus 134), or 1% of the total burned during the trip.
I also found the MPG reading on the Garmin to be quite variable even at constant RPM and speed. I found it better to take the GPH from the Yamaha display (or from the Garmin) which was fairly stable at a constant RPM and divide that into the MPH to get MPG.