Finnish companies report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader and the person with the right to sign the company name.

Appendices to the report

• A cost breakdown attached to the application also acts as a breakdown of costs as part of the reporting. Maintain the table throughout the duration of the project and always submit it as an appendix to the updated report.
• Remember also to submit auditor's report as part of each report.
• Working time monitoring reports and related salary specifications (template Y4) are only required if you receive, in parallel with the production incentive for the audiovisual industry, other funding from Business Finland for which the funding terms and conditions require working time monitoring.

Foreign beneficiaries report with a form

Foreign beneficiaries cannot log in through the Suomi.fi service, so they cannot report in the online service.

A foreign beneficiary always has a production coordinator company to assist them, which is responsible for the procurement of services, monitoring costs and also for its own reporting:

• A Finnish production coordinator company maintains the project accounts and cost breakdown.
• An auditor inspects the coordinator's accounts.
• The coordinator delivers receipts for the reporting period and the cost statement to the foreign recipient, who pays the coordinator's invoice.
• The foreign beneficiary draws up a report and cost statement for Business Finland.  The cost statement includes cost breakdown provided by the coordinator and the auditor's report. The production coordinator company sends the report with attachments by secured email.
• Business Finland will pay the incentive to the foreign recipient provided that the report, cost statement, cost breakdown, and auditor's report have been submitted to Business Finland by the deadline.

The final report also includes follow-up questions used to analyze the broader results and impacts of the project.

Submit the report in the online service

Report the progress of and costs incurred for the project in the online service. A report can be prepared in the online service by several persons, but not at the same time. However, the company's project report can only be sent by the accountable project leader or a person who has the right to sign the company name.

Payment of funding

The funding can be paid once the report has been submitted within the deadline and approved by Business Finland. The last installment of the granted funding is always paid after the submission of the final report. This is to avoid unnecessary retrieval of funding in situations where not all the estimated eligible costs materialize. Funding payment conditions and reporting differ from one another in investment and investigation projects.

Read more about the funding terms and conditions

Read more about eligible costs and reporting details in the funding terms and conditions. You will find the funding terms and conditions of your project in the online service.

Go to the online service

Submit the report in the online service

The report can be modified by all persons authorized to view the project information in the online service. However, simultaneous editing is not possible. The report can be submitted only by the accountable project leader.

The contact person for cost statements (financial administration person, for example the accountant) confirms the costs with their attestation.

Eligible costs

Eligible costs are only purchased services, and no salary costs are accepted for the project.

As a rule, all costs must be incurred during the duration of the project, but trade fair registration and reservation costs can be accepted even if the costs are incurred before the application is submitted.

Submit the report in the online service

Because the Group Explorer project involves a group of companies, the final reports are processed at the same time. Therefore, different final reports must be submitted to Business Finland as simultaneously as possible. The assessment of the reports takes account of the project and the objectives set for it as well as how well the cooperation between the companies has been realized.

The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.

The contact person for cost statements (financial administration person, for example the accountant) confirms the costs with their attestation.

Eligible costs

Eligible costs are only purchased services, and no salary costs are accepted for the project.

Submit the report in the online service

The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.

The contact person for cost statements (financial administration person, for example the accountant) confirms the costs with their attestation.

Eligible costs

• Of the salary paid to a person for the total working time, the beneficiary can declare the share paid for the hours worked for the project. Salary costs are not accepted in projects for which the funding decision was made before 2023 or for applications received after the beginning of 2025.
• On the basis of the project plan and billing, BF can accept expert service costs incurred by the project as purchased services.
• Purchased services are declared excluding VAT.
• In funding decisions made on applications received before 2025, only purchases from within the same group are eligible as purchases from group and associated companies. If the project involves procurements from group companies, please read: Purchases from group and associated companies. As a rule, services purchased within the same group and from other associated companies are not eligible in funding decisions made for applications received from the beginning of 2025.
• In funding decisions made for applications received before 2025, the software, cloud services, travel expenses, and materials and supplies required for the project are included in the deferred installment of other costs, up to 20% of the total sum of salaries and purchased services. In funding decisions made for applications received from the beginning of 2025, the deferred installment of other costs, up to a maximum of 20%, is calculated from the sum of purchased services, in the same way as in projects for which a funding decision has been made before 2023. 

Submit the report in the online service

The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.

The contact person for cost statements (financial administration person, for example the accountant) confirms the costs with their attestation.

Eligible costs

Only salary costs can be accepted for the project.

Submit the report in the online service

Submit the report and cost statement in the online service. They can be sent to Business Finland by the accountable project leader.

In addition to the report to be submitted in the online service, provide Business Finland with sufficient information for reporting to the EU Commission. You can receive further information from your project contact person.

In addition, submit the auditor's report as part of the final cost statement.

Eligible costs

Salaries and indirect personnel costs

Each person working for the project must record the time that they allocate to the project on an hourly basis. Working time monitoring also applies to persons who are paid trade income. The cost statement is appended with a salary specification (Y4).

A percentage of the salaries paid for effective working hours that have been approved for the project and laid out in the project cost estimate (max. 50%) can be accepted as indirect personnel costs.

Purchased services

Purchased services that comply with the project plan and funding terms and conditions can be accepted as project costs.

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. However, the company's project report can only be sent by the accountable project leader or a person who has the right to sign the company name.

Salary specification (Y4) is submitted as an appendix to the report every time that the salaries are reported. As part of the final report, the auditor's report must also be submitted.

Eligible costs

Eligible project costs in investment aid and operational aid are the salaries of personnel directly participating in and assisting with the activities in question. Salaries are reported in accordance with the funding terms and conditions and the instructions for the salary specification (Y4).

Purchased services directly related to the cluster organization's activities provided for in the project plan can be accepted as project costs. Eligible costs in investment aid also include costs related to investments in intangible assets. Intangible assets refer to patents, licenses, other intellectual property rights and know-how.

Eligible costs in investment aid are the purchase costs of tangible assets provided for in the project plan. Tangible assets refer to land areas, buildings, plants, and machinery and equipment. In the cost estimate, the purchase costs of tangible assets are declared under the item Machinery and equipment purchases. The funder may accept as direct project costs those purchase costs of tangible assets that are primarily used for the project. If such a tangible asset is also used for other purposes, the purchase cost is accepted to the extent that the asset is used in the project. Rental costs of buildings, machinery and equipment that are mainly used in the project are eligible in so far as they are used in the project.

If the project involves purchases from associated companies, please see the instructions.

Read more about purchases from associated companies

If your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).

Innovation voucher projects are reported in accordance with the Funding terms and conditions for the de minimis funding. Read the funding terms before you prepare the report.

Submit the report in the online service

The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.

Make a final report in the online service. You can send the final report as soon as the project has been completed and the service provider's invoice has been paid.

• Make sure you also submit a notice of acceptance of the decision.
• In the final report, the beneficiary must be able to present the results of the project. Attach a report from the service provider, a measurement report or a picture of the prototype to the report.
• Only the purchase service in accordance with the funding decision will be accepted as a cost for the project. A copy of the invoice and proof of payment is required as an annex. The payment slip (payment receipt or extract from the bank statement) must show the payer, payee and payee's account numbers, the subject and amount of the payment, the date and the bank reference number.
• If the price of the purchased service is lower than the grant amount mentioned in the funding decision, the cost statement must be in accordance with the realized price (VAT 0%).
• Before submitting a report, please make sure that
  • if your company has a tax debt, a payment arrangement has been agreed with the Tax Administration
  • your company has no arrears of previous Tekes or Business Finland loans, foreclosure debts, payment defaults or other unpaid financial obligations
• Business Finland checks the final report and the cost statement at the same time. Once Business Finland has approved the report, the payment will be made to the beneficiary.
  
  

What will change in 2025?

Read the release concerning the changes and clarifications on the public research funding terms and conditions for 2025. 

Submit the report in the online service

From Tuesday, June 20, 2023, Co-Innovation and Co-Research projects will be reported with a new reporting service (read more on the release). Hopefully we will get the reporting of Co-Creation and Research to Business projects to the new service in August-September.

The person authorized for the project can submit the report in the online service. The accountable project leader must ensure that the progress of the project is reported as required in the funding terms and conditions.

Appendices to the report

Beneficiaries other than governmental agencies and institutions must submit a salary specification as an appendix to the report every time that salaries are declared. As a salary specification, template T4 is used, unless agreed otherwise.

Beneficiaries other than governmental agencies and institutions must provide an auditor's report in conjunction with the final report if the total cost estimate approved in the project's funding decision exceeds EUR 500,000.

In the case of projects other than Co-Creation projects, the first project report must have the minutes of the steering group's initial meeting appended to it. The minutes of the meeting must state that the steering group has confirmed a project plan, cost estimate and funding plan in accordance with the funding decision. The minutes of the meeting must also specify the composition of the steering group.

If your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).

In RRF projects, the auditor's report is a mandatory attachment for all beneficiaries of funding, regardless of the euro amount of the approved cost estimate. The processing of the final report is speeded up when the auditor's report is submitted as an attachment to the report.

Reporting deadlines

The progress of a public research project is reported to Business Finland 2-3 times a year.

In funding decisions made after 1.1.2022, projects are reported twice a year according to the following schedule:

• Reporting period January 1–June 30, reporting deadline August 31
• Reporting period July 1–December 31, reporting deadline February 28

After the end of the reporting period, the beneficiary has two months to submit an interim report. There are no changes to the final reporting; the deadline is four months from the end date of the project.

For projects that received a funding decision by December 31, 2021, the reporting schedule will remain as set out in the funding decision and the project’s applicable funding terms. The Innovation Funding Agency Business Finland recommends that research organizations skip the voluntary May reporting during the transition period between the schedules.

In Co-Creation projects, only the final report is submitted, with a deadline of four months from the end date of the project.

Please read also notification over Reporting schedule for public research in funding decisions from January 1, 2022

Eligible costs

Salary costs for effective working hours can be accepted for the project. Each person working directly for the project must keep a record of the project-related working time accurate to at least within one hour. Hours spent working on a project must be reported for the actual days on which the work was done, based on the actual hours worked. The employee's supervisor or other person for whom the task belongs according to the procedure must confirm the reported hours at least once a month.

The public research organization must comply with the Act on Public Contracts. See the instruction The Act on Public Contracts, EU State aid instruments and funding granted by Business Finland.

The costs are reported in their appropriate row of the cost statement as prescribed by the beneficiary's accounting practice.

Payment of funding

Business Finland pays the funding within approximately three months of the receipt of the report and cost statement.

Submit the report in the online service

The accountable project leader must ensure that the progress of the project is reported as required in the funding terms and conditions. The accountable leader may submit the report and cost statement.

Appendices to the report

In connection with the final report, the auditor's report is submitted. If the invoiced and paid costs incurred by the audit are not included in the project costs confirmed by the auditor, copies of the invoice of the audit costs and receipt/bank statement must be submitted to Business Finland.

If your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).

Eligible costs

The costs that have been initially approved on the basis of the interim report must also be included in the final report. The funder gives its final approval of the costs only after it has received the auditor's report.

Salaries and working time monitoring

Salary costs for effective working hours can be accepted for the project. Each person working directly for the project must keep a record of the project-related working time accurate to at least within one hour. Working time monitoring also applies to persons who are paid trade income.

Hours spent working on a project must be reported for the actual days on which the work was done, based on the actual hours worked. The employee's supervisor or other person for whom the task belongs according to the procedure must confirm the reported hours at least once a month.

Salaries are reported on salary specification template Y4.

Purchased services

Procurements to be made for the project must comply with the project plan and the funding terms and conditions. Ensure that the purchase invoice always includes a clear description of the purchased services so that it is easy to see in the reporting that the purchase belongs to the project. If the invoice also has other business purchases, the product or service purchased for the project must be clearly distinguishable from other purchases on the invoice.

If the project involves procurements from associated companies, please read: Purchases from group and associated companies. Accounting for purchases from associated companies uses the same indirect personnel cost and overhead multipliers as the beneficiary does.

Public actors must always comply with the Act on Public Contracts. Please refer to The Act on Public Contracts, EU State aid instruments and funding granted by Business Finland.

The costs are reported in their appropriate row of the cost statement as prescribed by the beneficiary's accounting practice.

Deferred costs

The funding decision contains the indirect personnel cost and overhead multipliers accepted for the project that are also used in reporting. The indirect personnel cost multiplier does not exceed 50% and the overhead multiplier 20%.

Submit the report in the online service

• Submit the report for the Growth Engine competition phase in the online service. No cost statement is submitted.
• The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.
• The report describes the company's finances and project implementation, and summarizes project results.
• The report is accompanied by the completed document Growth Engines reporting.

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible.

The report can be submitted only by the accountable project leader.

The report describes the company's finances, compares the project implementation with the set objectives and contains changes to the plan if any.

Eligible costs

Costs that are necessary for the implementation of the project can be accepted as direct costs of the project. Costs that are incurred by the project and are eligible in accordance with the funding terms and conditions are declared on an accrual basis and on a cash basis.

All project costs, except for salary and indirect personnel costs, are entered under either category "Purchases". Whether the costs are internal market purchases or other purchases is determined depending on the invoicing country.

Purchases from associated companies or companies belonging to the same group can be accepted, but purchases from foreign companies must be specifically stipulated in the decision. The associated and group companies must provide their own separate cost statements and auditor's reports. Read more about purchases from associated companies.

All paid salaries are declared under "Total salaries" in the salary specification; bonuses, etc. paid to the person must be the company's established practice. The hours worked for the project are reported as working time based on the working time monitoring. The maximum working time allocated to the project is 11 months per year.

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible.

The report can be submitted only by the accountable project leader.

Eligible costs

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. Working time monitoring also applies to persons who are paid trade income. Salaries are reported on salary specification template Y4.

Purchased services

Rental costs of equipment necessary for the investment may also be approved under Purchased services.

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 your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).

Deferred costs

A percentage of the salaries paid for effective working hours that have been approved for the project and laid out in the project cost estimate (max. 50%) can be accepted as indirect personnel costs.

No overheads are accepted.

Also report the income received

If, during the project or immediately after it has ended, the beneficiary receives income obtained through costs reported to Business Finland, it must report such income to the Funder no later than in the final report. Such income may be generated when the investment is deployed, for example. If such income is substantial, the Funder has the right not to accept the costs allocated to commercial operations or deduct the income from the costs.

Submit the report in the online service

Appendices to the report

• 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.
• In addition, submit the auditor's report as part of the final cost statement.

Eligible costs

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.

Purchased service costs can be accepted in accordance with the project plan and cost estimate, and the funding terms and conditions.

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader and the person with the right to sign the company name. 

Report the company's finances, compare the project implementation with the set objectives and mention changes to the plan if any. During the accounting period, declare the accumulated eligible project costs on an accrual basis and on a cash basis.

For more information, please read the separate material Project implementation and reporting (NIY) or Project implementation and reporting (DTA). 

Eligible costs

Salaries and working time monitoring

The working time can be estimated as a percentage of the total working time. Hourly working time monitoring is required only if the company has other Business Finland projects at the same time. In these cases, all participants in the project must keep hourly working time records at least for the overlapping hours worked for the projects.

Under "Total salaries" in the salary specification, all paid salaries including holiday pay are declared. Bonuses, etc. paid to the person must be the company's established practice. The hours worked for the project are reported as working time.

Purchased services

All project costs, excluding salary and indirect personnel costs, are entered under one of the two Purchases cost categories: "Purchases from internal market" or "Purchases from outside internal market". Whether the costs are internal market purchases or other purchases depends on the invoicing country.

Purchases from companies belonging to the same group can be accepted only if they are subject to a specific condition in the funding decision. For the group companies, their respective cost statements and auditor's reports must be provided; please refer to Purchases from group and associated companies. The costs of services purchased from other associated companies are not eligible.

Overheads

In NIY projects, overheads are not declared using a deferred overhead multiplier, but necessary rental, equipment, telephone and similar expenses can be accepted as direct project costs.

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader.

In the report, answer the following questions

• Have the objectives listed in the decision been achieved?
• If the objectives have not been achieved, explain the key reasons for it and what else you are doing to achieve the objectives.
• Was the project implemented according to the plan and cost estimate?
• Was the project work performed in accordance with the project plan? If not, explain the deviations.
• What are your future plans after the project?

When declaring costs

• Ensure that the special condition concerning costs, if any, in the decision has been fulfilled.
• Compare the actual hours worked with the project plan estimate and report any deviations.
• Note that although no hourly working time monitoring for the project is required, the beneficiary must be able to demonstrate who has worked for the project and what total salaries subject to withholding tax were paid to them during the project.
• Specify the purchased services, but declare them as a single item.
• Submit as an appendix to the report the cost statement contact person's attestation in which a person in financial management, for example, an accountant attests that the incurred costs comply with the funding terms and conditions.

Eligible costs

• Of the salary paid to a person for the total working time, the beneficiary can declare the share paid for the hours worked for the project.
• On the basis of the project plan and billing, BF can accept expert service costs incurred by the project as purchased services.
• Purchased services are declared excluding VAT.
• Only purchases from within the same group are eligible as purchases from group and associated companies. If the project involves procurements from group companies, please read: Purchases from group and associated companies.
• Software, cloud services, travel expenses, and materials and supplies required for the project are included in the deferred installment of other costs, up to 20% of the total sum of salaries and purchased services.

Tempo project cost monitoring

Please refer to the separate instructions on how to monitor costs of a Tempo project.

Read the instructions

Submit the report in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. However, the company's project report can only be sent by the accountable project leader or a person who has the right to sign the company name.

Provide a description attached to the first interim report of how the project accounting and working time monitoring are arranged. The purpose of the description is to ensure that the project accounting and working time monitoring meet the requirements of the funding terms and conditions.

When declaring costs, check whether the funding decision includes a specific provision on costs.

Start preparing the final report well in advance and also reserve time for the auditor: the auditor checks the project costs and accounting, and the auditor's report is appended to the final cost statement. Separate instructions for audit are available on the Auditors' page.

Declare all costs incurred in the project as they are provided for in the project plan and funding terms and conditions. The costs that have been initially approved on the basis of the interim report must also be included in the final report. Business Finland gives its final approval of the costs only after it has received the auditor's report.

Eligible costs

The eligible costs for the project are those incurred during the validity period of the funding decision. Check the validity period from the funding decision. The invoice may be dated after the duration of the project, as long as the cost has been incurred during 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. If the billed and paid costs incurred by the audit are not included in the project costs confirmed by the auditor, copies of the invoice of the audit costs and receipt/bank statement must be submitted as an appendix the cost statement.

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. Costs are accepted excluding VAT. A purchase invoice must indicate what part of it is allocated to the project.

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. The salary is paid to an employee for total hours worked in the company, of which hours worked on the project are declared to Business Finland on the basis of the working time monitoring. 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.

When you declare salaries, always append to the report the salary specification (Y4) with all the columns filled.

Indirect personnel costs and overheads

Business Finland accepts a maximum of 50% of the salaries paid for effective working hours that have been approved for the project and laid out in the project cost estimate.

Business Finland accepts a maximum of 20% of the project-related salaries and indirect personnel costs as overheads.

Purchased services and the act on public contracts

Purchased services directly related to the activities provided for in the project plan can be accepted as project costs. Eligible costs in investment aid also include costs related to investments in intangible assets. Intangible assets refer to patents, licenses, other intellectual property rights and know-how. Services purchased from third parties can be accepted in accordance with the project plan and invoicing.

Rental costs of buildings, machinery and equipment that are mainly used in the project are eligible in so far as they are used in the project.

SaaS/cloud service purchases are declared as Machinery and equipment rental costs.

The rental costs equivalent to the purchase costs of fixed assets that have arisen over the duration of the project are eligible up to the value of equivalent purchase costs. Other rental costs, such as administration, financing, insurance, repair and other similar costs, are not eligible costs. If the above costs cannot be itemized, a maximum of 50 per cent of the total rental cost to the project are eligible as project costs.

Ensure that the purchase invoice always includes a clear description of the purchased services so that it is easy to see in the reporting that the purchase belongs to the project. If the invoice also has other business purchases, the product or service purchased for the project must be clearly distinguishable from other purchases on the invoice.

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 services have been purchased from an associated company, provide a statement for purchases from associated companies as an appendix to the cost statement so that the templates for one associated company constitute one pdf file.

Read more about purchases from associated companies

If your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).

You will find more instructions in the online service

The accountable project leader reports the progress and costs of the project in accordance with the agreed reporting schedule. The report can be modified by all persons authorized to view the project information in the online service. Simultaneous editing is however not possible. The report can be submitted only by the accountable project leader and the person with the right to sign the company name.

Provide a description attached to the first interim report of how the project accounting and working time monitoring are arranged. The purpose of the description is to ensure that the project accounting and working time monitoring meet the requirements of the funding terms and conditions.

When reporting, check whether the funding decision includes a specific provision on costs.

Start preparing the final report well in advance. The final report also includes follow-up questions used to analyze the broader results and impacts of the project. Also reserve time for the auditor: the auditor checks the project costs and accounting, and the auditor's report is appended to the final report. Separate instructions for audit are available on the Auditors' page.

Report all costs incurred in the project as they are provided for in the project plan and funding terms and conditions. The costs that have been initially approved on the basis of the interim report must also be included in the final report. The Business Finland gives its final approval of the costs only after it has received the auditor's report.

The last installment of the granted funding is always paid after the submission of the final report. This is to avoid unnecessary retrieval of funding in situations where not all the estimated eligible costs materialize.

Eligible costs

The eligible costs for the project are those incurred during the validity period of the funding decision. Check the validity period from the funding decision. The invoice may be dated after the duration of the project, as long as the cost has been incurred during 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.

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. Costs are accepted excluding VAT. A purchase invoice must indicate what part of it is allocated to the project.

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. The salary is paid to an employee for total hours worked in the company, of which hours worked on the project are declared to Business Finland on the basis of the working time monitoring. 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.

When you report salaries, always append to the report the salary specification (Y4) with all the columns filled.

Purchased services and the act on public contracts

Procurements to be made for the project must comply with the project plan and the funding terms and conditions. Ensure that the purchase invoice always includes a clear description of the purchased services so that it is easy to see in the reporting that the purchase belongs to the project. If the invoice also has other business purchases, the product or service purchased for the project must be clearly distinguishable from other purchases on the invoice.

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 services have been purchased from an associated company, provide a statement for purchases from associated companies as an appendix to the report so that the templates for one associated company constitute one pdf file.

Read more about purchases from associated companies

If your project is part of the Sustainable Growth Program for Finland (RRF), read more:

If the beneficiary is a contracting entity within the meaning of section 5 of the Procurement Act that purchases goods or services for its project, Business Finland must, in accordance with the RRF Regulation, collect certain information about the supplier of the services or goods (contractor) related to the project of the contracting entity and its possible subcontractors. With the form below, you can provide information about the organization supplying the goods or services (i.e., the contractor) and the contractor’s subcontractors in connection with reporting.

The information on contractors and subcontractors is collected from suppliers of services and goods directly related to the project (material and equipment costs, equipment purchases, purchased services, and other costs). You do not need to submit the form for the suppliers of support services related to indirect personnel or overhead costs (e.g., administrative services) or of travel-related services, or if only salaries are reported as direct costs during the reporting period.

Business Finland checks the information of the actual owners and beneficiaries of the contractors directly from the information service maintained by PRH. Upon request, the beneficiary must also provide Business Finland with the first and last names as well as the dates of birth of the beneficial owners of the contractors, unless they are available in the Trade Register. In order to avoid additional information requests, the beneficiary must remind the contractor to submit a notification of beneficial owners as required by the Act on Preventing Money Laundering and notify the Trade Register of changed beneficiary information (PRH-Trade Register-Notification of beneficial owners).