Project cost monitoring
Instructions on how to start a project and monitor costs
Record the costs and arrange project accounting from the very beginning of the project. The cost estimate attached to the funding decision shows the costs approved for the project. Purchase only products and services that comply with the project plan and funding terms and conditions.
How your project progresses
1
See the funding decision in the online service
Read the instructions on project implementation and project and cost reporting based on the funding decision and conditions.
2
Arrange project accounting according to the funding terms and conditions as soon as the project has started
Ensure that each cost incurred from the project is included in your organization's accounts. A project can also have imputed costs that do not need to appear in the project accounts. These are for example indirect employee costs.
3
Notify the changes and report the results
Submit reports and change applications in the online service.
4
Keep the documents
Keep your project documents and other material required for the project for at least ten years from the last payment in the project.
What funding did you receive? See the detailed instructions
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Starting a project
Business Finland's financial expert will review the details of project implementation and monitoring in the kick-off meeting.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. Check the duration of the project from the funding decision. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted as costs incurred after the duration of the project.
Eligible costs include costs directly incurred in Finland from the entire production of audiovisual works (including pre-production and post-production). Eligible costs are costs also include costs incurred in Finland from making the work in question more available to persons with disabilities.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
The production incentive can only be granted for activities that take place after the submission of the funding application. There is no need to monitor working time unless there is another Business Finland-funded project whose funding terms and conditions require monitoring of working time.
The Act on Public Contracts does not apply to procurements for the audiovisual industry in the case of purchasing, development, production or co-production procurements of program material made by providers of the services.
Project reporting
For each report, provide the auditor's audit report and the cost breakdown attached to the application, supplemented by the costs generated during the reporting period. Ensure you also fill in the "List of names" tab! Since the auditor's report is required for each financial statement of the incentive, it is important that the auditor is kept up to date from the start of production.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
You can start the project at the earliest on the date the funding decision is made.
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
The eligible costs for investigation projects are the rental of equipment and machinery necessary for the implementation of the project to the extent that they do not exceed 10% of the eligible costs of the project. The costs eligible for projects are mainly due to subcontracting. Read more about the funding terms and conditions.
For energy aid investment projects, the purchase cost of machinery, equipment, buildings and other investments can be recognized as project costs. For more information, please refer to the "Equipment purchases" section. The eligible costs for investment projects also include preparatory and design costs to the extent that they do not exceed 20% of the eligible costs of the project.
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts. Rear more about purchases from associated companies.
If the number of purchase invoices in the project is five or less, the auditor's report to be submitted as part of the final accounting may be compensated for by including in the cost statement an extract of project accounting from the general ledger and copies of the purchase invoices and the payment receipts indicating that the invoices have been paid. However, the audit report should be submitted every time that wages/salaries and purchases are declared to the project from within the Group or from the associated company.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Arrange the project accounting at the very beginning of the project so that the costs of a trade fair stand arising from the project can be itemized and their connection with the accounting can be verified without difficulty. This does not apply to any other imputed eligible costs for the project.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. By way of exception, trade fair registration and reservation costs which can be accepted even if the costs are incurred before the aid application is submitted. Please note that the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the validity period of the funding decision from the funding decision.
The company's significant fair stand costs are accepted as costs of services purchased for the project:
- registration costs
- floor area costs
- design and decoration costs
- technical orders such as electricity and cleaning
- rented structures
- building of the stand, i.e. construction costs.
In the case of creative industries (e.g. music and audiovisual sectors), projects that do not involve fair stand costs may exceptionally be supported, but mainly for registration, accommodation and travel costs.
Purchases from an associated company
Services purchased within the same group can be accepted in accordance with invoicing. The costs of services purchased from other associated companies are not eligible.
Rear more about purchases from associated companies.
A deferred installment of other costs
Other costs incurred by your company from trade fair participation can be approved based on a flat rate, which is up to 20% of the sum of the above fair stand costs. This imputed installment of other costs may include, for example, travel, freight and interpretation costs, possible costs related to a consultant/administrator, and marketing costs associated with the trade fair, such as such as demonstration videos, brochures, business cards and rollups.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the purchasing costs incurred from the project can be itemized and their connection with the accounting can be verified without difficulty. This does not apply to other imputed costs that are eligible for the project.
The group of companies agree among themselves on the distribution of the costs of the joint action among the companies. For each company only its part of the services purchased is accepted.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision.
Costs of expert services purchased to support the internationalization of the company are accepted. In addition, other costs up to 20% of the amount of services purchased are also accepted.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Services purchased from Group companies or other associated companies are not eligible.
Rear more about purchases from associated companies.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the purchasing costs incurred from the project can be itemized and their connection with the accounting can be verified without difficulty. This does not apply to any other imputed eligible costs for the project.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision.
Costs of expert services purchased to support the internationalization of the company are accepted. In addition, other costs up to 20% of the amount of services purchased are also accepted.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
The costs of services purchased from Group companies or other associated companies are not eligible.
Rear more about purchases from associated companies.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and their connection with the accounting can be verified without difficulty. This does not apply to any other imputed eligible costs for the project.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision.
The eligible costs for the project include the salary and personnel expenses of a person to be hired and possible travel expenses for the first 6 to 12 months. Indirect personnel expenses do not exceed 30% of the salary costs. Travel expenses are covered by a deferred installment of other costs up to a maximum of 20% of the salary costs.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
The costs of services purchased from Group companies or other associated companies are not eligible.
Rear more about purchases from associated companies.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and their connection with the accounting can be verified without difficulty. This does not apply to any other imputed eligible costs for the project.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Purchases from an associated company
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts
Rear more about purchases from associated companies.
Project reporting
The beneficiary must report any project-related salaries paid to persons coming from abroad to work in Finland or persons working abroad. The details of the foreign salaries are provided in the salary specification form.
In addition to the report submitted in the online service, the beneficiary must provide Business Finland with sufficient information for reporting to the EU Commission (State aid scheme SA.54809 (2019/N) authorized by the European Commission, section 3.3.4 Reporting obligations).
The coordinator of the group of projects reports annually to the EU Commission on the progress and results of the parallel groups of projects by work package.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Business Finland's financial expert will review the details of project implementation and monitoring in the kick-off meeting.
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty. Provide a description attached to the first interim report of how the project accounting and working time monitoring you have arranged meets the requirements of the funding terms and conditions.
Also review the funding decision with the person responsible for the accounts in your company (accounting firm, own accountant).
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Eligible costs in operational aid granted for innovation clusters include personnel and governance costs that relate to the activities mentioned in the funding terms and conditions.
Purchased services directly related to the cluster organization's activities in accordance with the project plan can be accepted as project costs.
Investment aid may also be granted for the creation or development of innovation clusters. The eligible costs in these projects are those related to investments in tangible and intangible assets.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Purchases from an associated company
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts
Rear more about purchases from associated companies.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Eligible costs
- The aid is intended for the purchase of expert services for innovation activities, from a service provider specified in the decision.
- Only the costs arisen from purchases made during the duration of the project can be considered eligible.
- Innovation activities refer to all measures by which the company develops its products, services or processes, or acquires new knowledge and competencies.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty.
Eligible costs
The eligible costs for the project must comply with the project plan and be necessary and reasonable for the implementation of the project.
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Co-Innovation and research to business
The eligible costs are those complying with the project plan and incurred for the project during the duration of the project, including
- direct and indirect salary costs
- travel expenses
- costs of materials and supplies
- costs of equipment that is used for mainly the project (at least 50% of its useful life).
- purchased services
- other costs must be itemized under the Project's Other Information or in a separate attachment.
Read the policy on equipment costs of spring 2020Co-Creation
The eligible costs are those complying with the project plan and incurred for the project during the project, including
- salaries
- indirect personnel costs 50%
- indirect costs (overheads) 20%
- travel expenses
- costs of materials and supplies
- purchased services necessary for the implementation of the project
The following costs cannot be accepted as project costs
- research work
- unrequited expenses such as grants, donations, awards
- costs of financial activities
- representation expenses (excluding meeting expenses for project negotiations)
- advertising or marketing costs
- equipment costs
Act on Public Contracts
The beneficiary is responsible for compliance with the Act on Public Contracts and their own organization' procurement guidelines. Business Finland cannot fund the costs in violation of the Act on Public Contracts.
Did you receive temporary Co-Creation funding?Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
If necessary, Business Finland's expert will agree on a kick-off meeting to review practical issues related to the implementation and monitoring of the project.
Elibigle costs
The eligible costs for the project must comply with the project plan, and be necessary and proportionate for the implementation of the project.
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Salaries and working time monitoring
Each person working for the project must record the time that they allocate to the project on an hourly basis. Hours spent working on the project must be reported for the days when the actual work has been performed. In addition to reporting the hours worked for the project, working time monitoring must cover total working hours for individuals who do not fall within the scope of the Working Hours Act or who do not have a specified working time. The accountable project leader or the employee's supervisor must approve the working hours at least on a monthly basis. The approval must be entered in the monitoring system.
To all development activities of public actors, an indirect personal cost multiplier of 50% and an overhead cost multiplier of 20% is applied. Also for the associated company, the indirect personal cost multiplier may not exceed 50% and the overhead cost multiplier 20%.
Working Time MonitoringPurchased services and act on public contracts
The invoices must specify the product or service purchased for the project and the project identifier. Business Finland does not accept the allocation of purchases for a project as a percentage of the total sum of a purchase invoice, for example.
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts, as well as to provide the funding terms and conditions to the associated company. Read more about purchases from associated companies.
Purchases from an associated company
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts
Read more about purchases from associated companies.
Act of Public Contracts
The beneficiary is responsible for compliance with the Act on Public Contracts and their own organization' procurement guidelines. Business Finland cannot fund the costs in violation of the Act on Public Contracts.
Read more about the funding terms and conditions
You will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Reporting on the project and payment of funding
The first instalment, up to 50 %, may be paid after the approval of the funding decision. The next funding instalments are paid on the basis of approved progress reports. No separate cost statements are submitted to Business Finland.
Business Finland has the right not to refrain from paying the loan in full also upon the interim report in the event that the project does not progress in accordance with the implementation plan.
The auditor must audit the annual financial statements. The auditor must be an authorized public accountant (KHT).
Bond issued by the State Treasury
The funding is a loan whose practical arrangements are the responsibility of the State Treasury. The State Treasury will send the bond shortly after you have accepted the funding decision.
Read more about the State Treasury's loan conditions
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty, for example using a cost center or project number.
Each person working for the project must record the time that they allocate to the project on an hourly basis. Hours spent working on the project must be reported for the days when the actual work has been performed.
Eligible costs
The costs approved for the project must be based on the project plan and comply with the funding terms and conditions.
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Purchases from an associated company
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts.
Rear more about purchases from associated companies.
Rahoitusehdot
You will find detailed instructions on project accounting and costs monitoring in the funding terms and conditions.
Bond issued by the State Treasury
The funding is a loan whose practical arrangements are the responsibility of the State Treasury. The State Treasury will send the bond shortly after you have accepted the funding decision.
Read more about the State Treasury's loan conditions
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Purchases from an associated company
If purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Business Finland's financial expert will review the details of project implementation and monitoring in the kick-off meeting.
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Project reporting
Provide a description attached to the first interim report of how the project accounting and working time monitoring you have arranged meets the requirements of the funding terms and conditions concerning innovation aid for shipbuilding.
As part of each report, submit a cost statement or an extract from the general ledger regarding the costs of the innovative parts of activities mentioned in the project plan
The salaries of the innovative part of each activity to be funded must be based on the monitoring of the working hours of the persons working for the project. Upon request, the beneficiary must provide a specification of the persons who have been involved in the innovative part.
In the cost estimate, indirect personnel costs are accepted as calculated percentages, but overheads are not accepted.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection of the costs with the project accounting and the main accounts can be verified without difficulty.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Eligible costs include purchased services and a deferred installment accepted as other costs, which is 20% of the declared purchased services.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Services purchased from associated companies are not eligible costs.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Business Finland's expert and financial controller will review with you the details of project implementation and monitoring in the kick-off meeting. In YIC projects, the terms and conditions set in the first funding decision are applied during the entire duration of the project.
- Please read the instructions on the implementation of YIC projects and the monitoring of costs in separate presentation material.
- When the funding is a loan, read more about the State Treasury's terms and conditions.
Project accounting
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty. They must have, for example, a cost center or job number assigned.
The working time allocated to the project can be estimated, and working time monitoring is not required, if no other Business Finland-funded projects are underway at the same time. If another project is running at the same time, the overlapping working hours must be recorded.
Eligible costs
The costs approved for the project must be based on the project plan and comply with the funding terms and conditions.
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the duration of the project on an accrual basis. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project. Check the duration of the project from the funding decision.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Costs of a company belonging to the same group can be accepted if this is specifically stipulated in the decision. Other purchases from associated companies are not accepted.
If purchased services are to be purchased from a company belonging to the same group, the company must be informed of the obligation to monitor working time and to keep project accounts.
Read more about purchases from associated companies
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Please read the finding decision and the funding terms and conditions carefully. Funding terms and conditions are an important part of the decision, and compliance with them is a prerequisite for payment of the funding. Highlights of the terms and conditions:
- The funding is provided under the de minimis regulation, and the entire sum forms part of the beneficiary's total de minimis accrual, regardless of how the costs are actualized. The monitoring of the accrual is always the responsibility of the beneficiary.
- Business Finland may exchange information regarding the beneficiary with other funding providers and public authorities.
- When the beneficiary disseminates information about the project and its results, it must disclose that Business Finland has provided funding for the project.
Project accounting
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty. This does not apply to imputed indirect personnel costs accepted for the project, nor to the imputed instalment of other costs.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision.
The salary and purchased service costs incurred by a project are accepted for the project. The costs are accepted on an accrual basis and excluding VAT.
The costs must be paid when they are declared to Business Finland. An invoice for the project can therefore be paid even after the project has ended, as long as the cost has been incurred during the duration of the project.
The funding terms and conditions describe in more detail what costs can be accepted for the project. The de minimis regulation prohibits direct costs related to export volumes, the establishment and operations of a distribution network and other export activities. The funding terms and conditions also specify how other public support received for the project affects the eligibility of the costs.
Salaries and indiret personnel costs
The beneficiary may declare the project-related part of a person's salary paid for their total working hours. Actual hours worked must be compared to the project plan estimate and any deviations must be reported after the project has ended.
In addition, a maximum of 30% of the indirect personnel costs are accepted.
The compensation paid as trade income is declared under Purchased Services.
Purchased services
The purchased services must be professional services according to the project plan. Services purchased within the same group can be accepted in accordance with invoicing. The costs of services purchased from other associated companies are not eligible.
A deferred installment of other costs
Other costs may not exceed 20% of the total sum of salaries and purchased services. The installment of other costs includes, for example,
- overheads
- travel expenses
- costs of materials and supplies
- equipment
- rents
- cloud services
Costs included in the installment of other costs cannot be declared as direct costs in the purchased services!
Payment of funding
Once you have accepted the funding decision and the related funding terms and conditions, Business Finland pays 70% of the funding in advance. The remaining amount will be paid against the approved report and incurred costs after the project has ended.
Changes during the project
Always discuss in advance with your project contact person any changes regarding the project's content, schedule or costs, and arrangements related to your company.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and their connection with the accounting can be verified without difficulty.
Eligible costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project.
Eligible costs are those expenditures that arise from the construction or development of research infrastructures engaged in economic activities and which
- have arisen from the project during the duration of the project (accrual basis)
- have been entered in the beneficiary's accounts
- are in net amount and VAT exempt.
Eligible costs include costs related to investments in tangible and intangible assets, provided that these are named in the project plan.
In addition to purchase costs, eligible costs include direct personnel and travel costs, overheads and purchased services that arise from the infrastructure's construction or modernization.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Starting a project
Organize project accounting at the very beginning of the project so that the costs incurred from the project can be itemized and the connection between the costs and the accounting can be verified without difficulty. Provide a description attached to the first interim report of how the project accounting and working time monitoring you have arranged meets the requirements of the funding terms and conditions.
Also review the funding decision with the person responsible for the accounts in your company (accounting firm, own accountant).
Elibigle costs
The eligible costs for the project are the costs incurred during the duration of the project. However, the invoice may be dated after the duration of the project, as long as the cost has been incurred during the project. Check the duration of the project from the funding decision. Only the costs incurred from the auditor's report can be accepted, even if they were incurred after the duration of the project.
Costs must be- incurred from the project during its lifetime
- entered in the beneficiary's accounts
- paid by the time the final report is submitted
Salaries and working time monitoring
Each person working for the project must record the time that they allocate to the project on an hourly basis. Hours spent working on the project must be reported for the days when the actual work has been performed. In addition to reporting the hours worked for the project, working time monitoring must cover total working hours for individuals who do not fall within the scope of the Working Hours Act or who do not have a specified working time. The accountable project leader or the employee's supervisor must approve the working hours at least on a monthly basis. The approval must be entered in the monitoring system.
Working Time MonitoringPurchased services and act on public contracts
The invoices must specify the product or service purchased for the project and the project identifier. Business Finland does not accept the allocation of purchases for a project as a percentage of the total sum of a purchase invoice, for example.
ProcurementsIf purchased services are to be purchased from an associated company, this must be informed of the obligation to monitor working time and to keep project accounts, as well as to provide the funding terms and conditions to the associated company. Read more about purchases from associated companies.
Project reporting
The funding is paid in arrears based on reports and cost statements, with the exception of the first installment paid as part of the loan funding. The advance payment of the loan is paid once you have accepted Business Finland's funding decision and signed a bond issued by the State Treasury. The State Treasury manages the loans granted by Business Finland; see the loan conditions on the Treasury website.
A minimum of 10% of the funding granted and 20% of the principal of the loan granted will only be paid after the approval of the final report and provided that the project has accumulated an adequate amount of eligible costs.
Declare all costs incurred in the project, based on the project plan and funding terms and conditions. The costs must be paid when they are declared to Business Finland. Exchange rates on the date of payment are applied to invoices submitted in a foreign currency. The costs are accepted on an accrual basis and excluding VAT. A purchase invoice must indicate what part of it is allocated to the project.
Read more about the funding terms and conditionsYou will find detailed instructions on the funding terms and conditions related to project accounting and cost monitoring. You can find the funding terms and conditions of your project in the online service.
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Go to the online service
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Project changes
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Reporting
Questions?
You can find contact persons in the online service
- If you have questions about project implementation, please contact the financial expert appointed for your project.
- If you have questions about project accounting and cost monitoring, please contact the financial auditor appointed for your project.
- If you have other questions about the project, please contact the funding coordinator appointed for your project.
Procurements
- When a company receives public funding that covers more than 50% of the total project costs, the company must comply with the Act on Public Contracts (Act on Public Procurement) with respect to purchased services. Public actors must comply with the Act on Public Contracts at all times. Read more about the Act on Public Contracts.
- As a rule, procurements and work ordered after the funding application was submitted may be approved for the project. However, if a procurement included in the project has been ordered before submitting the funding application, the relevant order or agreement must show that it can be canceled if Business Finland does not grant funding for the project. If there is no such cancellation clause, then such a procurement will not constitute an acceptable cost.
Project supervision
- In accordance with the Act on Public Contracts, Business Finland has the right to audit the finances and operations of the beneficiary as required for the payment of the funding and supervision of its use.
- The beneficiary must provide the auditors free of charge with all information and reports, documentation, recordings and other material necessary for conducting the inspection, as well as assist in the inspection in other ways. In addition to a Business Finland representative, the audit may involve an external auditor.
- In addition to regular project monitoring activities, Business Finland conducts cost audits during the project. In addition, some projects will be subject to a follow-up audit. The purpose of all monitoring and audits is to ensure that the work corresponding to the costs reported to Business Finland during the duration of the project has actually been performed and in accordance with the funding terms and conditions. The audits are conducted by Business Finland's experts and, if necessary, by an authorized auditor.
- Any violation of the project plan and the funding terms and conditions found leads to a partial or full retrieval of the funding paid.