Supporting our fintech sector

March 5, 2020

Saskia Hawkins, managed services partner at EY in Newcastle, discusses what attracts fintech companies to the North East and how EY can help support them through the life of their business

The North East has long-since had a reputation of being a great place to live and work. It is home to a range of digital and fintech businesses, which are attracted to the region to access the right people with the right skills to do the job.

Not only does the North East benefit from significant investment, it is also home to some of the UK’s leading universities, supplying the fintech industry with a high calibre of graduates and apprentices. In recognition of the region’s talent base, EY has built a growing financial services business in Newcastle, offering a broad range of services to clients across the North East.

However, like many other industries, the region’s fintech companies face challenges and these can be hardest felt by entrepreneurial businesses.

Here at EY, we work with a significant number of fintech businesses that are starting up or looking to scale.

The EY Accounting Compliance and Reporting team is based in Newcastle and is part of a larger, growing managed services delivery centre. We focus on providing accounting and reporting support on a managed service basis to a range of clients across the financial and fintech sectors.

We work with fintech companies in a flexible way that allows them to dial up or down the level of support, as required. So, rather than these businesses directly employing a whole finance team, they can access our resources as and when they need them, paying only for what they use.

As well as providing a range of accountancy services, we also draw on EY’s wider experience and work with the specialist teams of our UK and global network to offer a range of other services that any fintech business would need from its finance function; from services such as VAT and corporation tax advice, through to advice on R&D tax relief, boosting cash flow and even planning for an IPO.

More recently, we have noticed an increase in enquiries about share programmes which, while being a complex area, are becoming increasingly popular for businesses looking to expand and incentivise their teams.

Accessing the right advice can be crucial, as it can help enable businesses to make the right decisions not only for the ‘here and now’ but also for the longer-term as they scale and grow.

The team at EY pride ourselves on working closely with our clients and, through our managed service offerings, we aim to become an extension of the in-house finance function. We are well-placed to support fintech companies at every stage of their growth, from start-up to sell-off, drawing on our insights into the local market, as well as the wider EY network.

EY
For more information, please contact Saskia Hawkins on 0191 350 7793 or 07887 844 110 or e-mail shawkins3@uk.ey.com
www.ey.com

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