Press release

27 Apr 2020 Nicosia, CY

EY is actively supporting Cypriot startups during the COVID-19 crisis

EY is actively supporting Cypriot startups during the COVID-19 crisis

Press contact

EY Cyprus

Multidisciplinary professional services organization

  • EY provides EY Finance Navigator to Cypriot startups for three-month free trial
  • EY Finance Navigator is an EY online financial modeling software specifically designed for startups and scale-ups

The rapid spread of the COVID-19 pandemic and the government measures implemented to address it, had a drastic impact on the global economy. As a result, businesses are facing new challenges in a destabilizing environment.

The effects of the crisis might have a greater impact on startups and scale-ups - but also on small businesses in general - due to their size and limited resources. Business owners and entrepreneurs now have to deal with an increasing number of issues, including cash flow, operating costs, financing, and the impact of possible support measures on their financial position and performance.

Amidst this unprecedented global economic crisis, EY remains committed to creating a better working world and as part of its ongoing commitment to supporting young entrepreneurship and small and scale-up businesses, announces free access, also for Cyprus, to its online tool EY Finance Navigator for a period of three months. The aim is to support Cypriot enterprises to tackle the challenges caused by the pandemic, by giving them the tools necessary to calculate the impact of the crisis on their financial figures, to locate and identify their financial needs and to measure the impact on their profitability.

 

What is EY Finance Navigator?

EY Finance Navigator is an EY online financial modeling software specifically designed for startups and scale-ups, providing features such as:

  • Financial model. Users can create a complete financial model, including automated financial statements.
  • Monthly cash flow forecasting. EY Finance Navigator produces automated overviews of all inputs and outputs on a monthly basis, enabling you to anticipate potential liquidity shortfalls and timely planning for future financing to support the company's development plans.
  • Financial analysis and benchmarking. The EY Finance Navigator algorithm performs on the spot analysis of the company's forecasts, providing benchmarking data, as well as suggestions for possible improvement points.
  • Scenario analysis. EY Finance Navigator enables the creation and processing of copies of the financial model for easy and direct comparison of differences between various scenarios, helping to make strategic decisions.

The use of EY Finance Navigator does not require relevant financial experience, as the tool's notification centre provides automated information to users in the form of sanity checks, tips and benchmarking.

 

User registration instructions to EY Finance Navigator

EY Finance Navigator is available for free starting today and for a period of three months from the date of initial activation of the account.

Interested parties may register on https://thefinancenavigator.ey.com/register until May 10, 2020. In the registration form, in the field “How did you hear about us”, enter the code COVID19FN.

Please note that because of EU anti-money laundering regulations, all applications follow the relevant identification and verification procedure by EY. To carry out the process, new users will be required to perform a €0,25 verification payment. EY will not ask users for additional fee for the three-month trial period.

A new user’s access to EY Finance Navigator is conditional on the outcome of the relevant procedure and can take two to three working days. Once the account is approved, EY will share a 100% discount code that the user can apply to activate three months of free access to EY Finance Navigator.

For more information please contact EY at: thefinancenavigator@nl.ey.com

 

-end-

 

EY Finance Navigator for startups (in Greek)

For more information, please contact the EY Cyprus

Email: Irene Charitou

Contact number: +357 22209999

Notes to Editors

About EY

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