It is each partner’s responsibility to make sure that the project budget is being spent for the activities as it was planned, within the time frame and to report for costs and time spent on the project.

As a project partner, on one hand you have to manage your project staff, and on the other hand you have to periodically report to the project coordinator.

Whether you already have an internal accountancy systems for financial management or not, with EFAMT^® you will satisfy the rules of Horizon 2020 projects without special effort. With its timesheets and invoice tracking, EFAMT^® enables you to manage your finances in a way that can easily secure all the approved funds and make your reports on time. Track your staff work hours in detail or on a summary level and record your project costs in your national currency.

• Detailed recording of work hours and costs on the project is recommended to organisations that do not use a dedicated internal cost recording system
• Summary recording of work hours and costs is recommended for organisations that use detailed internal cost recording systems

EFAMT^® automatically gathers and calculates your project data and creates financial progress reports that the coordinator of your project requires. It all happens by itself, you don’t have to do anything. No more compiling periodical work hour and cost reports, no more making sure the data adds up, no more sending the data by e-mail and having to correct it through several iterations. You just do the actual work on the project and EFAMT^® will take care of the financial and administrative work for you.

As a coordinator you have a hard task managing all the project partners and ensuring the financial reports are correct and invoices are tracked. With EFAMT^® you will be able to monitor all project resources and ensure that all project partners provide correct data and their reports on time.

There are several issues coordinators have to deal with when managing H2020 projects:

• in order to obtain funds, project leaders have to be familiar with all the specific rules of each individual project.  Knowing and remembering the rules can be overwhelming.
• management of finances, gathering information from project partners and preparation of financial reports is extremely time consuming.
•  existing accounting systems are not intended to solve specific problems, which occur in grant funded projects. They do not cover the needs for cost monitoring on time, which is needed for successful risk management of international projects
• it is often a problem to get correct data from all project partners on time, especially when dealing with many partners. In order to minimise this risk, the coordinator needs a transparent system to ensure all the partners are managing their finances according to plan, so that they can intervene on time.

EFAMT^® is a clever internet application for you and your project partners to easily manage all costs related to the project. It simplifies the preparation of financial reports and allows you to keep the project under control.