Let's explore why internal reporting is so important in projects!
To receive payments for your project, the consortium must submit periodic reports according to the schedule outlined in the Grant Agreement (GA). These reports need to be submitted directly through the EU Funding & Tenders Portal Grant Management System within 60 days after the end of the reporting period. The periodic report includes both technical and financial components (check out the official periodic report template here).
The technical report has two parts: Part A, which contains structured tables with project information, and Part B, a narrative description of the work carried out during the reporting period.
On the other hand, the financial report usually includes individual financial statements for each beneficiary, a summary financial statement, and a certificate on the financial statements (CFS) if the threshold is reached (more on how to complete a CFS here).
Meeting these reporting requirements and deadlines is crucial for maintaining a positive relationship with the European Commission (EC) and ensuring that your project receives payments on time.
So how can you prepare for the periodic reporting and make sure you deliver it on time?
Internal reporting serves as a valuable tool to familiarize consortium members with the reporting process. By setting a date for an internal report, the consortium can gain a better understanding of the required information, the time needed, and quality standards. This preparatory step allows for a smoother transition to the official reporting phase.
Moreover, internal reporting provides an opportunity to assess the project's progress, identify challenges, and address any gaps in the required data or documentation. By reviewing internal reports, the consortium can resolve any issues quickly, ensuring that the periodic report is comprehensive and accurate.
Another advantage of internal reporting is that it helps establish efficient workflows and communication for collecting and compiling project-related information. This process minimizes delays and ensures the availability of up-to-date data.
Furthermore, internal reports act as a mechanism for quality control, allowing consortium members to review and verify the accuracy and completeness of the data before its submission to the EC. This ensures that the periodic report truly reflects the progress and outcomes of the project.
To sum up, the timely delivery of periodic reports is vital for maintaining a successful partnership with the EC and securing funding for your Horizon Europe project.
Internal reporting serves as a preparatory step, providing the consortium with a solid foundation for effective reporting.
By setting a date for an internal report and exploiting its benefits, you can avoid delays, ensure the provision of sufficient information, and report to the EC in a timely manner. This approach not only safeguards project funding but also fosters transparency, accountability, and overall project success within the Horizon Europe framework.
So, remember to use the power of internal reporting to ensure that you stay ahead of the game when it comes to periodic reporting.
If you're unsure about how to approach reporting and want to dive deeper into the topic, join our trainers at the Horizon Europe Academy in Barcelona, on 16-20 October 2023. Reporting is a big part of it, but the Horizon Europe Academy covers the full life cycle of a research and innovation project: from proposal conceptual development to financial audits.