TIPA to Address SME Field Difficulties in Executing R&D Project Expenses

At a consultation meeting held in the Seoul area last April by the Technology Innovation Promotion Agency for SMEs (TIPA), a designated accounting firm accountant provided tailored consultations regarding inquiries from R&D-performing company representatives about the execution of government R&D project funds.
[Photo by TIPA]

[Asia Economy Reporter Kim Jong-hwa] The Small and Medium Business Technology Information Promotion Agency (TIPA) announced that starting from the 8th, it will conduct the '2021 Second Half Regional 1:1 R&D Project Fund Execution Customized Consultation Meeting' for small and medium-sized enterprises (SMEs) engaged in technology development (R&D).

Last year, TIPA held customized consultation meetings in six regions including Busan, Daegu, Suwon, Gwangju, Daejeon, and the metropolitan area, and in two regions, Seoul and Gyeonggi, in the first half of this year. Based on the results of these meetings, which showed high satisfaction and strong demand from R&D-performing companies, this consultation meeting will also focus on regions with many requests for R&D project fund consultations, providing 1:1 customized consultations together with designated accounting firms' accountants.

This consultation meeting will be conducted strictly in compliance with government quarantine guidelines, targeting settlement managers of R&D-performing companies, through individual 1:1 face-to-face consultations with each company during designated consultation time slots.

In particular, starting this year, the meeting aims to improve understanding of SME R&D project fund execution regulations under the 'National Research and Development Innovation Act,' and to resolve any questions R&D-performing companies may have about fund execution through follow-up measures such as continuous monitoring by designated accounting firms.

Additionally, this consultation meeting is expected to significantly contribute to preventing fund misappropriation by minimizing unapproved cases during the fund execution process. R&D-performing companies with questions about fund execution can inquire through the designated accounting firm assigned during their project.

Lee Jae-hong, President of TIPA, said, "Through this customized consultation meeting, we hope that SME R&D-performing companies can resolve their questions about fund execution and focus more on technology development," adding, "We expect this to be an opportunity for SMEs to successfully carry out R&D projects and grow further."

This content was produced with the assistance of AI translation services.