The effects of Covid-19, and the resulting mass furloughing, has sent shockwaves throughout the world. This has impacted the economic landscape of every region including increased uncertainty for many SMEs. As a result, there is now more importance on innovative sources of finance for SMEs.
This includes sources of finance that businesses may not have considered previously. Examples include R&D Tax Credits and Grant Funding opportunities. Should these innovative sources of finance become more prominent and attractive to SMEs; accountancy firms and company accountants will need to adapt to the change in sources of finance that businesses are exploiting.
This will expose gaps in existing financial management/accounting platforms where there is a lack of functionality to deal with innovative sources of finance. This lack of functionality will likely result in issues relating to financial forecasting, especially during times of uncertainty.
Inventya, and our project partners Kapitalise and Telesto, identified the gap in the financial management/accounting platform market for a solution that recognised innovative sources of finance.
We successfully received Innovate UK grant funding, for a project to create a new state-of-the-art financial management/accounting platform with a focus on innovative sources of finance, to more closely align the financial practices of innovation and accounting.
INNOVACC, our AI-Powered solution, will help bridge the gap between innovation and accountancy, enabling innovation and finance teams to collaborate more effectively. Users will be able to identify eligible sources of innovation finance, including the challenging requirement to understand R&D tax credit eligibility rules.
The AI model will also recommend grant funding opportunities, saving users the overhead of attempting to find eligible and appropriate sources of funding for projects. INNOVACC will then predict the percentage chance of success should the user apply for the grant, based on the identifiable skills and the expertise of the project partners.
In-house testing will commence in the following weeks before testing begins with pilot groups. If you think INNOVACC can offer benefit to your business, we would love to hear your thoughts and keep you updated on the progress of the platform.
If you are interested and would like to learn more, please email Consultancy@inventya.com.