Our project aims to develop a financial management platform for innovative SMEs and accountancy firms. The platform will be used by SMEs for financial management during all stages of the innovation process. The idea for the project came from identifying a gap between accountancy teams and innovation teams in some of our client’s businesses. This inspired Inventya to use our inhouse capabilities to write a successful grant to develop the state-of-the-art platform ‘INNOVACC’.

From our experience of managing Innovate UK projects, Inventya identified an opportunity to create an innovative solution for our clients to manage their innovative sources of finance.

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Our experience 

"The system will enable SMEs to manage project budgets, R&D spend, R&D Tax Credit status, loans and other funding sources all from one intuitive platform," says Innovation Consultant Matt Ball. " Inventya exists to support SMEs and to help them grow, so we're really excited about how this platform will transform innovation management for our clients. This project is an opportunity to continue to put our clients at the forefront of everything we do, to learn more about their pains and how Inventya can continue to alleviate them."

INNOVACC will combine the automation of accounting software with the collaborative nature of innovation management through AI modules. It will integrate seamlessly with existing popular accounting packages such as Xero.

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Current status of the project:

• Market research for user requirements completed and ongoing to identify any changing trends
• Dashboard designed
• AI model defined and trained

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We will be releasing a series of blogs and other exciting content around the project in the coming months. This content will demonstrate the potential of INNOVACC to the intended end-users of the platform including - Innovation Directors, Innovation Managers, Financial Directors, Accountants, and SME owners.

We will also be looking to get some of our clients and other SME’s involved in testing the solution and seeing the capabilities for themselves! If you would like to find out some more information about INNOVACC or are interested in testing further down the line, please get in touch through Inventya’s website.