Government grants and assistance

Government assistance is something that certain industries come by at least once a year, i.e. agriculture for instance, and in certain industries much more rarely and even so if certain events 

occur where some industry needs assistance, new products or activities become popular (like everything electric nowadays). Regardless of the event that triggered the assistance however there are two things I would point out.

First and foremost, be on the lookout for possible grants and assistances. Nothing is usually given to companies just because they’re eligible. There are forms you have to fill in, documents and probably plans you’d have to fill and so on. It should go without saying that you ought to ensure you’re compliant with all the requirements and conditions as well.

Secondly, it’s about making sure when should you recognize the grant within your accounts. Consult with your local accounting framework, the conditions of the grant and make sure that you know when and conditions to avoid so you wouldn’t have to pay the grant back for instance. It’s all nice and fun to get someone to support you, but those things rarely come without strings attached to them.