Funding accounting with project time recording - how it works!
A precise and transparent Project time recording is the key to fast, error-free and audit-proof Subsidy settlement. It reduces the administrative burden, creates clarity for all parties involved and ensures that subsidies are used efficiently. With the right solution, an often tedious obligation becomes a simple, smooth process.
1. why subsidy accounting often becomes a challenge
The requirements for a Subsidy settlement are strict - and for good reason. Funding bodies must ensure that public funds are used correctly. They generally require this:
- Complete timesheets of all project participants
- Clear assignment to work packages or project phases
- Exact time periods and totals
- Evidence for Absencesvacation and illness
SMEs in particular, which do not have their own funding department, quickly come under pressure here. Missing data or unclear allocations can not only lead to delays, but in the worst case to reductions or reclaims.
2. the hidden time wasters in subsidy accounting
The main problems do not necessarily arise in the application phase, but in the follow-up. Without a structured Project time recording you lose valuable time:
| The challenge | Impact on the process |
|---|---|
| Delayed entry of hours | Reminder effort, incomplete data |
| Different recording formats | Manual adjustments and consolidation required |
| Missing project structure | Danger of incorrect assignment |
| Excel-based recording | High error rate, lack of automation |
Such obstacles add up. A process that could be completed efficiently in just a few hours quickly drags on for several days - with increasing frustration in the team.
3. how a modern Project time recording solves the problems with subsidy accounting
A digital Project time recording offers its strengths precisely here: it records working times in real time, automatically assigns them to the corresponding projects and provides all the necessary data in an audit-compliant form.
Central functions are:
- Live capture via PC, smartphone or terminal
- Project and task assignment with just a few clicks
- Automatic interfaces to ERP or billing systems
- Export to standard formats like Excel or PDF
This eliminates manual transfers, duplicate entries and error-prone tables.
4. the most important Advantages for your Subsidy settlement at a glance
The use of a modern Project time recording brings several measurable advantages:
| Advantage | Significance for subsidy accounting |
|---|---|
| Automation | Minimizes errors, saves time |
| Real-time overview | Immediate overview of hours worked and project status |
| Standardized database | Facilitates internal and external auditing |
| Seamless integration | No media discontinuity between time recording and billing |
| Transparency | Each work step is documented in a traceable manner |
This is a decisive success factor, especially for projects with several participants or long durations.
5. automation instead of paperwork - how it works in practice
In the past Time recordingpaper lists or loose Excel files that were laboriously compiled at the end of the month. Today, the process is largely automated:
- Start/stop booking - Employees start timekeeping directly at the start of the project.
- Task change - Click to assign the entry to a new work package.
- Automatic calculation - Breaks, overtime and absences are taken into account in accordance with the rules.
- Export at the touch of a button - Timetables are available in a format suitable for examinations.
This not only saves time, but also ensures consistent and reliable data.
6. easy integration into existing systems and conveyor processes
A good Project time recording system does not work in isolation, but integrates itself into your existing infrastructure.
Typical Integrations are:
- ERP systems such as SAP or BMD
- CRM systems for customer and project data
- Payroll accounting to avoid double entries
This ensures that you only have to enter all information once - the data flows automatically to where it is needed.
7 From research institutions to SMEs - who benefits most
The advantages of a Project time recording can be seen in a wide variety of organizational types:
| Organization | Benefit |
|---|---|
| Research facilities | Precise documentation for complex projects |
| SMEs | Time saving in the absence of administrative resources |
| Start-ups | Efficient processes with lean teams |
| Public facilities | Fulfillment of strict verification requirements |
8. legal certainty and Compliance at the Subsidy settlement ensure
Funding bodies regularly check whether the hours billed are correctly documented. With a Project time recording make sure that:
- Every booking traceable is
- Changes logged become
- Absences clearly documented are
This significantly reduces the risk of queries or cutbacks.
9th Practical example: Settling a funding project without stress
An example from practice:
A technology company received funding for a two-year development project. Before the introduction of the Project time recording:
- Recording in Excel, monthly consolidation by hand
- Error rate for timesheets: around 15 %
- Settlement period: 3-4 days
After the changeover:
- Real-time recording via app and web
- Automatic project assignment
- Billing within a few hours
The result: 80 % Time saving and error-free documentation.
10. how the subsidy settlement with Project time recording the success factor
Anyone claiming subsidies must also provide full evidence of their use. A modern Project time recording is not only a work facilitator, but also a strategic tool: it enables fast, transparent and legally compliant Subsidy settlementsaves resources and increases data quality.
Especially in times of increasing requirements on the part of the funding agencies, it is a clear competitive advantage.
FAQ - Frequently asked questions about Subsidy settlement with project time recording
Why is accurate time recording so important for funding accounting?
Funding agencies check that the funds are used for the intended purpose. Precise Time sheets document who worked on what and when, avoid queries and reduce the risk of cutbacks or reclaims.
What are the advantages of digital project time recording compared to Excel?
Digital systems are less prone to errors, enable real-time recording, offer interfaces to ERP/billing, provide audit-proof exports (e.g. PDF/Excel) and save considerable time through automation.
Is project time recording mandatory for funded projects?
There is not always a legal obligation, but in fact it is essential in order to provide audit-proof, complete evidence and to reliably meet the requirements of the funding bodies.
Does project time recording also work on mobile devices?
Yes, modern solutions offer apps for smartphones and tablets as well as web access. Employees can record times on the move, assign them to projects and save logged changes.
How long do time records for funding projects have to be kept?
The deadlines vary depending on the funding program, typically between 5 and 10 years. Companies should observe the specific requirements of the funding agency and Internal storage guidelines accordingly.
