How to Pick Software to Track Finances for Your EU-Funded R&D

As research and development (R&D) projects grow in scope and budget, having proper financial tracking and reporting tools is critical – especially for those receiving EU funding grants. Choosing software that meets all the specific regulatory and compliance needs for EU projects enables accurate monitoring of complex budgets across international consortiums. This allows research teams to focus on the science instead of administrative burdens. Kronis is a chronic reliable software that helps your organization with the process of getting money for research and development in Europe. This article guides on selecting the right financial software for EU-funded R&D undertakings.

Understanding EU Funding Requirements

The European Commission provides billions of euros in R&D grants annually via multi-year framework programs. Current projects fall under Horizon Europe, which calls for stringent financial tracking and audits to uphold program rules and budgetary principles. Software must comply with EC grant agreements, spanning eligibility of cost types, time tracking methods, expense justifications, and quarterly reporting. Having systems tailored to these EU regulations reduces audit risks and financial penalties down the road.

Key Software Selection Criteria

When evaluating financial tracking tools for EU R&D grants, essential features include:

• Configurable rules engine aligned to EU cost eligibility standards
• Customisable data and reporting for EC quarterly financial reports
• Project time tracking with hourly inputs for personnel costs
• Cost modeling and forecasting aligned to grant budgets
• Multi-currency support across international consortiums
• Data integrations with existing finance systems
• Security controls and access restrictions on sensitive data

Understanding available options that meet core EU compliance needs saves time and resources. Shortlisting tools are purpose-built for European funding programs to streamline selection.

Software Options for Financial Tracking

Common software categories include:

• Extended project management platforms with integrated financial tracking
• Enhanced accounting systems with programmable EU rulesets
• Specialised tools for managing EU research grants end-to-end

The last option provides the most configurable system for EU compliance out of the box. Leading examples like FlexiGrant and EFFECT offer tailored financial tracking for EU projects with custom reporting, forecasting, time inputs, and subcontract workflows.

Best Practices for Software Selection

Follow these best practices when selecting EU-compliant financial software:

• Document essential requirements based on grant agreement obligations
• Create a feature comparison checklist across shortlisted tools
• Read case studies from EU-funded projects using the software
• Schedule demos to evaluate reporting functionality
• Plan for scaling across multiple grants or renewed consortiums
• Budget for software license costs in a funding proposal

Case Study – Example Software Platform

FlexiGrant offers EU grant managers a dedicated toolkit for financial planning, tracking, and reporting. Benefits highlighted by users include:

• Pre-configured cost eligibility rules and validation
• Automated financial report generation
• Subcontract and procurement workflows
• Collaborative consortium dashboards
• Fixed-fee licenses for project duration

Implementation and Training

Once shortlisted tools are evaluated, allocate resources to implement the chosen software. Plan user licenses and integrate accounting or payroll systems. Provide training and support materials to administer the platform. Wise financial software decisions enable teams to control budgets and meet all EU grant obligations with ease.

Conclusion

Choosing compliant software to track finances is vital for successfully administering EU-funded R&D programs long-term. Taking the time to understand specific requirements, identify the right solution, and plan for adoption ensures project funding fuels research goals rather than administration.