A hard condition of EU projects and most nationally funded subsidy projects (includng WSBO projects) is that all staff costs must be backed up by a reliable time recording system. If this condition is not met, the funding party may reject the claimed staff costs, resulting in a repayment of the subsidy.
We consider it our job to help our clients avoid such non-compliance.
So, what does a reliable time recording system look like?
In short, there are 3 options:
1) Timesheet template in Excel
This is an easy, quick, and free of charge option.
2) Timesheet in time recording software
The software must facilitate all features mentioned below.
3) Declaration of staff working exclusively for the project
This option only applies to staff working fulltime for the project.
Let’s have a quick look into what features to include in your timesheet to ensure compliance with all financial rules.
WHICH STAFF COSTS ARE ELIGIBLE?
In most cases only staff hired via an employment contract is eligible. However, there can be exceptions. For instance, in EU projects some natural persons hired via a contract other than an employment contract are eligible too.
WHAT TO INCLUDE IN YOUR TIMESHEET?
- Your company’s name
- The full name of the person working for the project
- The full name of the supervisor
- The number of hours worked for the project
- The title (and number) of the project
- Signature and signing date of person working for the project and the supervisor
! Timesheets must be signed on a monthly basis
!! The recorded time in the timesheets must match records of annual leave, sick leave, other leaves and work-related travel
- EDUCATE EMPLOYEES ON THE IMPORTANCE OF TIME WRITING
- CREATE STRONG INTERNAL CHECKS AND BALANCES
- PERFORM INTERIM CHECKS ON PROGRESS OF HOURS WRITTEN IN RELATION TO TOTAL HOURS BUDGETED
Filling in timesheets can be a daunting task, however, through this short guide we hope you will have a clearer understanding on how to master this skill.