Fintech Accountants

Financial Technology Accountant

Otherwise known as monetary technology, the term ‘fintech’ is used to describe a firm or financial service which provides innovative engineering science within the world of business transactions. In the past these transactions were confined to traditional banks, however, new businesses are springing up and transforming the globe of personal and commercial finance.

Here at WIS Accountancy, we have a passion for helping businesses succeed. Whether you are a new startup looking for data or assistance with invoicing, paperwork and tax or a large rapidly expanding corporation that needs a tailored solution, our accountants are here to help.

What is fintech?

From applications that are capable of predicting consumer behaviour and potential business opportunities to the emergence of cryptocurrencies and blockchain, the international finance world is changing, and our trusted team of accountants are here to help.

Financial technology companies are changing the way we could save, invest and process monetary transactions, and as a forward-thinking accountancy practice, we could always support clients which make new solutions more accessible to the public.

A range of fintech accounting services

If you operate in the world of financial technology, we appreciate how entrepreneurial, passionate, and innovative you are. Our goal is to add value to your business, so that you comply with the various regulatory requirements, whilst having the in-depth financial understanding required to complete the accurate forecasting needed to grow your business.

Our approach to accountancy is geared towards the growing needs of our clients, and we will ensure that you navigate the complex world of accounting, tax, and corporate finance with ease. Through our team of accountants, we could offer the following assistance:

Through our wide range of financial services, we can provide excellent value or financial data to your business, whether you are looking to achieve international market expansion, attract related investors, or establish a new customer base, we have the tools and knowledge required to help.

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The benefits of using experienced financial technology accountants

As a client of WIS, we will be here to guide you through the future development of your business. There are a range of financial tech industries, and if you partner with us, we will help you to navigate the complex tax regulations and accounting compliance requirements.

Our client services go beyond basic number crunching and tax advice, and our advisory services can assist with everything from business planning and development to money forecasting and commercial funding advice.

As we enter a new financial tech era, our accountants will ensure that you have the accurate number of data, access to the best advisers and the confidence needed to make decisions that help you to grow within your industries.

fintech accounting services

What Government support is available for fintech affected by COVID-19?

If your business is involved in the financial industry, there are a variety of financing options available to support you. For example, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) were designed to help businesses that were losing revenue and suffering from cashflow disruptions, however, they closed to new applicants in March 2021. If you availed of either scheme, please contact our team of accountants and we can help you plan and prepare for your future loan repayments.

There is also a Covid Corporate Financing Facility (CCFF) available, however, this is designed specifically for larger businesses. The scheme allows the Bank of England to purchase short term debt from businesses, with terms that are similar to those given before the pandemic. In addition, government support measures are available such as the job retention scheme and VAT payment deferrals. 

If your financial services business has been impacted by Covid-19, our accountants are here to provide the guidance you need. Contact us for advice now!

What key tax issues should Fintechs consider?

The tax compliance issues faced by your sector will depend on the stage of your business growth, your level of profitability and the type of service you provide. For businesses within the start-up stage or those which are making a loss, an accountant will focus on preserving cash through research and development tax claims and a thorough audit of payroll and VAT taxes.

For firms that have been operating successfully for a number of years, generally, the insights from your accountant will shift towards tax risk management and compliance. For firms that have experienced rapid growth, you could be vulnerable to tax risks, however experienced accountants will ensure the controls and processes are in place for the successful management of compliance from an early stage.

The main tax issues firms will need to consider for their sector are:

  • Research and development tax relief
  • International tax
  • VAT recovery
  • Profit fragmentation
  • Transfer pricing

Whatever stage your business is at, an accountant could provide the insights needed to ensure you access the finance required to grow. As a client of our practice, we can conduct a thorough audit of your financial data, so that risks are managed and mitigated with tax opportunities fully explored by our advisers.

FAQs

New and innovative fintech companies are naturally changing the way businesses approach their financial transactions and are also providing benefits in our everyday life. Across the accounting industry, fintech has provided many benefits with new cloud-based software, payroll services and new ways to make payments, and we are committed to incorporating this technology into our operations. With many of our clients operating within the fintech industry, we are familiar with the available opportunities and will always utilise the latest technology within the workplace and in everyday life.

Many of our fintech clients value new technologies such as cloud accounting, which provides access to accounting software and data via your web browser. Our accountant team can assist with every aspect of online accounting, and we are committed to streamlining your processes with the latest tech. Whatever your objectives, we can advise on the best uses for cloud accounting within your business.

Whether you are a global business involved in blockchain and cryptocurrency, a mobile bank or payment facilitator, an insurance company or a new digital lending provider entering the market, we understand the complex industry you operate in. Contact us today on 0203 0111 898 as we can provide accountancy and advisory services to our clients which focus on your core requirements like blockchain and cryptocurrency so that you are free to focus on growing your business and the technologies you provide.

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It’s simple.

As a team of forward-thinking accountants, we are excited about the tools, software and innovations which fintech companies are providing to the world, and we are committed to serving these businesses with trusted and reliable accountancy services.

If you are looking for accountants which provide complete transparency, cloud accounting, automation, and an open bank service, WIS accountancy is the ideal partner for you. 

From our London base, we have the tools and expertise your fintech business needs to grow. To find out more about our fintech accountant services, please contact our firm today.

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