Optimisation of Financial and Economic Calculations for Grant Projects in the Field of Research and Innovation

Abstract

In today's environment of global competition and rapid technological development, innovation has become integral to the success of businesses and organisations in various industries. At the same time, implementing innovative projects requires significant financial resources, often provided through grants from governments, international organisations, private foundations and other donors. Financial and economic calculations are critical for the effective management of grant funds. However, there are numerous challenges, including the diverse requirements of grantors, the complexity of budgeting, and the risks of misallocation of resources.

The article's purpose is to comprehensively analyse current approaches to financial and economic calculations in grant projects and identify the main challenges researchers and innovators face in preparing financial plans.

The study applies a comprehensive approach, including system analysis methods, to study the structure and management of grant project budgets. Comparative analysis methods were used to compare the requirements of different donors, which allowed us to identify critical differences in funding and reporting approaches.

The study found that the main problems are the difficulty of adapting financial calculations to the specific requirements of different donors, the need for unified budgeting standards, and difficulties in predicting risks and assessing the economic efficiency of projects. An essential result of the study is identifying tools and methods that can help optimise these processes. We propose the automation of financial operations, the introduction of modern information systems for monitoring and managing budgets, and the development of flexible financial reporting models.

Optimisation of financial and economic calculations is critical in improving the efficiency of managing grant projects in research and innovation. Introducing modern technologies and approaches will reduce costs, improve transparency and accountability in using grant funds, and increase the chances of successfully obtaining and implementing grants from various donors.