While the sound management of the financial resources assigned to a project is an essential condition for the project’s success, it also constitutes a mandatory requirement for all grant recipients. In order to ensure that EU projects achieve their objectives in an efficient manner, the Grant Agreement sets out a monitoring and archiving obligation and states that project costs should be “identifiable and verifiable”. Grant beneficiaries have to demonstrate sound management by means of regular financial reports. Moreover, they may be subjected to audits (financial checks) with the aim to investigate whether the declared costs and recorded receipts are genuine. In case the results of these audits are unsatisfactory, the Commission may reclaim a part, or the totality, of the amounts which have already been paid. Therefore, it is crucial to develop an efficient financial management and archiving system from the very start.
The EUcoach can help you set up a financial management system that will enable you to oversee and govern your income, expenses, and assets. Moreover, it will assist you in organising the filing of your invoices and other supporting documents by expense head.