Photo: Port of Helsinki
Boost Brothers serves as a consultant to the Port of Helsinki in developing cost monitoring and reporting for EU-funded investment projects. The work has been related to the Port of Helsinki’s ongoing EU-funded projects, and the operating models and practices developed by Boost can also be utilized in the future in other EU-funded projects of the Port of Helsinki.
The goal is to establish an operational model in which project costs are correctly allocated and documented from the outset, so that reporting can be carried out reliably and automatically in accordance with the reporting requirements set by the funding body.
It’s important to set up EU reporting correctly right from the start of the project
In EU-funded projects, reporting requirements can be very specific. If procurements, orders, costs, and related documentation are not organized from the start in accordance with EU reporting requirements, the reporting phase may involve a significant amount of manual work. You may have to manually compile costs from different systems and search for the necessary documentation in multiple locations.
The goal of Boost’s development work is to shift the focus from manual labor in the final reporting phase to establishing the correct structure from the very beginning of the project. When cost tracking, purchase orders, contracts, and documentation are structured from the outset to support EU reporting, the final reporting process is significantly accelerated and the reliability of the data improves.
The operating model facilitates reporting to funders
The development work involves creating an operating model for the Port of Helsinki’s EU-funded projects. Boost has supported the Port of Helsinki in reporting on ongoing EU-funded projects, and this same expertise can also be leveraged in other EU funding programs and future projects, as well as, where applicable, in reporting required by other funders. This builds capacity that will facilitate reporting on EU-funded projects in the future and improve the usability of project cost data throughout the project’s lifecycle.
Cost Data Supports Project Management
The benefits of the model being developed are not limited to reporting submitted to the EU. The same structures also support practical cost control, cost monitoring, and project management’s own reporting.
With this model, actual costs are automatically posted directly to the correct cost centers, and the necessary contract and invoice data can be systematically found in the right places. In this way, reporting serves both the external funder and the project’s own management.
Boost integrates processes, systems, and practical implementation
During the development phase, Boost was responsible for, among other things, defining the current state, drafting a process description for cost tracking in new EU-funded projects, specifying the systems to be used and how they would be utilized, designing the cost structure, and supporting the rollout and implementation of the new operating model.
In addition, Boost assists with compiling the necessary documentation during the reporting phase, preparing cost reports, and responding to any additional requests for clarification from the EU. This work combines expertise in cost management, process development, systems, and EU reporting requirements.
Expertise in Complex Reporting
Reporting on EU-funded projects is an essential part of a project’s financial management. When reporting is integrated into the project’s normal cost monitoring, it helps avoid labor-intensive manual work, improves data quality, and supports decision-making throughout the project.
Boost’s role as a partner to the Port of Helsinki demonstrates that Boost has the expertise to integrate cost management, process development, systems, and reporting requirements into a functional whole for EU-funded projects.
– In reporting to funders on investment projects, the key factor is how cost tracking and documentation are structured in the early stages of the project. When the operating model is designed and implemented correctly from the very beginning, reporting becomes significantly more efficient, and at the same time, it provides a better overview of the project’s cost management, says Jussi Alanko-Luopa, who is responsible for the assignment at Boost.