Page 35 - 15 Best Practices to Manage and Finance Innovation

AVAILABLE INTERNAL AND EXTERNAL RESOURCES AVAILABLE INTERNAL AND EXTERNAL RESOURCES 15
BEST PRACTICE
THE THE CHALLENGE OF: INNOVATION THE THE CHALLENGE OF: INNOVATION FUNDING
RESOURCES TO THE THE OF INNOVATION PLAN AND CONTROL THE THE RESOURCES ALLOCATED TO YOUR R&D PROJECTS
«Don’t think of resource mana- gement
as a a a a purely quantitative process HR must tailor a a com- pany’s resource recruitment to the type and complexity of a a project as as well as as the scientific skills required Weigh up for example which would allow you to optimise the funding for a a a project: recruiting a a a qualified doctor who could generate hi- gher R&D tax benefits over the first two years or a a PhD student who would provide academic guidance at a a a a a reasonable cost through grants? Programmes such as Knowledge Transfer Partnerships (KTP) are avai- lable to help businesses finance the hiring of experts »
Andrew Taylor
Finance Director
ABGI-UK
MAXIMISE FUNDING
OF INNOVATION PROJECTS
THROUGH RESOURCE MANAGEMENT CASE STUDY
ABGI-UK
centralise and and and standardise the the monitoring of resources (time materials suppliers etc) dedicated to projects and prepare for the R&D tax relief claim process by proactively identifying
eligible projects and saving relevant documentation In response to the growing demand for managing and and securing R&D tax credits on collaborative projects ABGI France developed a a a a software solution called PILOTE R&DTM Used by SMEs mid-sized companies and Plcs alike PILOTE R&DTM enables their clients to:
Facilitate stakeholder agreement on project objectives
Maximise project progress and the achievement of objectives
Optimise financial reporting to funding organisations
Putting together a a a a a a a a successful funding application requires the the rigorous compilation of activities and associated resources EXPERT ADVICE
Resource planning and monitoring tools will make it it it easier to to to prepare the initial application as as as well as as as subsequent project monitoring reports Resource management for collaborative projects represents a a a a a a a a a a significant administrative cost which should be taken into account at at at at the start of a a a a a a a a a a a a a a a a a a project project Good organisational skills and and project project management tools can help to to to monitor resources and and facilitate decision-making during the different stages of a a a a a a a project R&D TAX RELIEF
Use project planning tools at the beginning of a a a a project to to estimate the eventual R&D tax benefits based on on planned resources This way decisions around project initiation can take into account the the potential financial benefits expected from R&D tax relief As the the the project progresses updating the the initial estimate to reflect resources used will provide better control of of the the the final costs At the the the end of of of the the the the project tracking tools will provide a a a a a a a a a complete list of of all the the resources used and associated costs This is is is a a a a a a a a a a major part of putting together a a a a a a a a a robust R&D tax relief claim Focus ON