Reporting

Guidelines for project reporting and declaring of costs

Guidelines in the funding decision and terms and conditions

Business Finland pays out project funding on the basis of reports and cost statements. The beneficiary must keep a record of project costs.

The funding decision and terms and conditions include guidelines for which costs can be fund, how costs should be monitored during a project, and how the progress of the project should be reported. Read the funding decision and the terms and conditions carefully and review them with the accounting firm or accountant responsible for project accounts. The decisions and terms and conditions relevant to your project are available through the Online Service. 

Please note that more detailed instructions about how to report the costs can be found from each funding service's own website.

Online services

You can apply for funding, report on the progress of your project and create a cost statement through the Online Service. As a new feature, changes to projects are now applied for through the Online Service. All documents related to your project are also available via the Online Service.

Go to the Online Service

Reporting guidelines

Report progress of the project in accordance with the schedule provided in the funding decision. Submit the content report and cost statement through the Online Service. The reports and cost statements of corporate projects can only be submitted by the accountable project leader.

Please note that various parts of the report are completed and submitted on different tabs in the Online Service.

Parts of the report  

  1. A content report on the progress of the project
  2. A cost statement on the costs allocated to the project

Reporting working hours and salaries (does not apply to de minimis funding)

Summarize the information from working time reports on the specification template. The specification template shall always be used when salaries are declared.

Working time monitoring reports and copies of invoices do not need to be sent to Business Finland, unless separately agreed. 

Templates are used for costs statements in special cases

The progress of a project is reported on and costs declared primarily through the Online Service. However, costs should be declared on an Excel sheet if, for example, the person submitting the cost statement is not the beneficiary (associated cost statement) or if a single funding decision has been made for several organizations.

Joint projects: The coordinator of a joint project reports its progress through the Online Service, but each party uses cost statement templates. After each party has completed their templates, the coordinator includes these files in his/her cost statement as appendices.

Associated companies and group companies: Associated companies and group companies declare their costs using a cost statement template (below). The declaration by the accountable project leader must be signed by an authorized signatory of the group company and the associated company. For futher information, see the guidelines for associated companies' cost statements (in Finnish). 

In above mentioned cases, the cost statement should be submitted on an Excel sheet:

Final report

At the end of the project, a final report describing the execution of the project as a whole should be submitted to Business Finland. The final report also includes follow-up questions that chart the broader results and impacts of the project.

Confirmation of the project costs

Attestation by the contact person for the cost statement (can be used when the funding decision has been made after 15 April, 2019)

Attestation by the contact person for the cost statement (docx) 

Auditor's report

In most cases an auditor's report must be submitted as part of the final cost statement. The report must cover the entire duration of the project. The report is  not mandatory in all the funding services; please check the need in the funding terms and conditions. 

The Business Finland's report templates, available on the right-hand side of the page, should be used for auditor's reports.

Payment of funding

In general, funding is paid on the basis of the realized costs of the project, after the report on progress in the project and the cost statement have been approved by Business Finland. 

Our goal is to ensure that SMEs have access to funding within three weeks of their report being received. Funding for large corporations is paid within two months, and for research organizations within three months of submitting their report.

Regardless of the rate at which costs accrue, the last installment of the funding granted will only be paid after the final report and accounting have been submitted. In loan-funded projects, the last installment amounts to 20 per cent of the funding granted; in grant-funded project, the amount is 10 per cent. This is to avoid unnecessary clawback of funding in case not all the estimated eligible costs materialize. 

Payment of funding in advance

Parts of the Tempo and Kiito grants, and the first instalment of a research and development loan, can be paid in advance. Advance payments are mentioned in the funding decision.

Loan funding

A loan funding recipient shall draw up a promissory note with the State Treasury, which is in charge of practical loan arrangements.

Obstacles to payment

Disruptions in payments, such as outstanding tax debts and arrears on Business Finland loans, will prevent the payment of funding. If a payment plan for outstanding tax debts has been drawn up with the Tax Administration, they will not prevent the payment of funding. Another obstacle for payment may be that the company's equity is negative and the register entry required by law has not been made. 

Any tax arrears will prevent the payment of funding unless you have arranged a valid payment plan for these with the Tax Administration.

Change of bank account number

If your company's bank account number changes after the funding decision has been accepted, notify us of the change using the template below. Send the signed, scanned template to us by secured email.