In terms of what is happening physically, how would you interpret the
given equation $V_0 = \frac{Q}{C} + IR?$
It is a restatement of the law of conservation of energy in a form which is useful when analysing circuits.
This can be seen by multiply right though by the current $I = \frac{dQ}{dt}$ to get
$V_0 \frac{dQ}{dt}= \frac{Q}{C} \frac{dQ}{dt} + IR\frac{dQ}{dt}$
$\frac QC$ is the potential difference across the capacitor and $V_{\rm C}$ and $V_{\rm R}= IR$ the potential difference across the resistor.
$V_0 \frac{dQ}{dt}= V_{\rm C} \frac{dQ}{dt} + V_{\rm R} \frac{dQ}{dt} \quad\Rightarrow \quad V_0 \;\Delta Q= V_{\rm C}\; \Delta Q + V_{\rm R} \; \Delta Q$
I have written it out in the final form so that you can consider what happens when a small amount of charge $\Delta Q$ is taken around the circuit.
$V_0 \;\Delta Q$ represents the amount of chemical energy which has been converted into electrical energy in the battery.
$ V_{\rm C}\; \Delta Q$ represents the amount of electrical energy which is stored as electric potential energy in the electric field within the capacitor.
$V_{\rm R} \; \Delta Q$ represents the amount of electrical energy converted into heat by the resistor.
So the electrical energy supplied by the battery is equal to the electrical energy consumed by the capacitor and the resistor.
When you solve the differential for $I$ and $Q$ you can substitute those values into your original equation and integrate each term with respect to time over the whole charging period.
You will find that half of the energy supplied by the battery is stored in the capacitor and the other half of the energy is dissipated as heat in the resistor.