Fintech
The Fintech industry is growing at a rapid pace and with such great advancement comes a multitude of regulations that bring on compliance risks, challenges and complications for Fintech companies. To navigate these regulations, organizations need a full suite of Fintech accounting, advisory and tax services to adjust and adapt to these rules, remain compliant and continue thriving in this technology-driven environment.
Withum’s team of Fintech accountants and advisors is ingrained in the sector and understands the unique trends and challenges within the industry. Let our experts use their deep-rooted knowledge and expertise of the industry to help problem solve challenges like risk management, ESG regulations and tax compliance, and guide your Fintech startup toward its ultimate goal of success.
Who We Help
- Digital Lending
- Payments
- Neobanks
- InsurTech
- PropTech
- RegTech
- Digital Wealth Management
Fintech Challenges and Trends
Identifying, assessing and controlling Anti-Money Laundering (AML) and Know Your Customer (KYC) regulatory compliance risk is crucial to a Fintech company’s success. Withum’s Fintech services team can help you mitigate these potential threats and failures to maintain the health of your business and ensure you are compliant
With the risk of cyber threats increasing year over year, securing your digital data and protected personal information (PPI) has become that much more important. Ensuring your company and customers’ data is safe should be a top priority, which is why you need an advisor who will protect you, your business and your client’s sensitive information.
Navigating tax laws can be challenging for even the most sophisticated companies. Our tax structuring, planning and preparation services can ease the tax law burden and allow you to think strategically and build toward the future.
Fintech companies face unique challenges when it comes to accounting nuances as they are not traditional finance companies nor your everyday commercial enterprise. Withum has the experience and knowledge to help you ensure your accounting is in compliance with generally accepted accounting principles (US GAAP) and valuation experts who can assist with loan loss, credit losses, and other loss modeling.
Research and development (R&D) can lead to exciting and innovative ideas that bring companies to new heights. Certain R&D activities can also lead to certain tax credits that can reduce your payroll tax liability, if your Fintech company is eligible, which allows tax loss-generating companies to benefit from the credit. Let Withum help you uncover your potential R&D Tax Benefits.
Innovation and growth can lead to mergers and acquisitions (M&A), and without the help of trusted advisors, these opportunities can be a daunting task. Withum has the experience and knowledge to make sure your business’s M&A opportunity is a smooth transition.
Is Your FinTech Required to Have a SOC Audit?
Comprehensive SOC (System and Organization Controls) reports are key to meeting your compliance and risk mitigation requirements. Withum’s System and Process Assurance Services Team provides Fintech companies with valuable information users need to assess the risks associated with their financial and operational access to systems and data and help build trust amongst stakeholders. We help organizations like yours understand the different reporting options that are available from readiness assessments to prepare for your first SOC report to all types (SOC 1, SOC 2, SOC 3, and SOC for Cybersecurity) and which options are ideal for the particular scenario, including client, regulatory, and business needs.
Fintech Accounting, Advisory and Tax Services
Accounting and Attestation
Advisory
- Audited Financial Statements
- Tax provision preparation support / ASC 740 Income tax accounting
- Bank Secrecy Act (BSA)/Anti Money Laundering (AML) consultations and guidance
- ESG consulting and compliance
- Recent accounting pronouncements adoption
- ASC 326 Credit Losses
- ASC 606 Revenue Recognition
- ASC 842 Leases
Tax
- Tax Preparation Services and Tax Compliance
- International Structuring and Tax Planning
- Sales Tax Services
- Transfer pricing analysis
- Research & Development (R&D) credits and state incentives
Featured Insights
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Digital Assets and Blockchain Technology
Digital Assets and Blockchain Technology are integral to the fintech revolution. They empower individuals and businesses to transact seamlessly, reducing costs and enhancing security. Moreover, blockchain’s decentralized nature enables fintech innovations such as DeFi and smart contracts, disrupting traditional financial systems. As a result, digital assets and blockchain are at the forefront of reshaping how we manage and interact with financial services.
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
