Efficiently managing and claiming Research and Development (R&D) tax incentives is essential for businesses engaged in innovative endeavours. However, many organisations struggle with the complexity of R&D record-keeping because your clients use these tools, leaving their R&D records in a mess. This challenge often arises due to the use of tools that were never designed for this purpose and that R&D evidence are recorded in different forms and stored in several locations. So we put a list together of 5 types of tools that were not designed for R&D recordkeeping:
1. Cloud Storage Systems (e.g. Dropbox, Google Drive, OneDrive, iCloud):
Cloud storage systems are excellent for file storage and accessibility. However, when it comes to R&D-specific records, they fall short. Extracting and categorising R&D data can be cumbersome within these platforms, making it challenging to compile the necessary documentation for R&D claims.
2. Software Management Tools (e.g. Jira, Bitbucket, GitHub):
Software management tools are invaluable for team collaboration and project tracking. Unfortunately, they often struggle to differentiate standard tasks from R&D activities. R&D projects frequently involve unknown technical outcomes and the creation of new knowledge, which may not be effectively accounted for within these tools.
3. Email Platforms (e.g., Gmail, Outlook, Apple Mail):
While email platforms are indispensable for daily communication, they are far from ideal for tracking R&D records. Emails can easily get lost in overflowing inboxes, and organising R&D documentation becomes complex as email threads grow longer and more intricate.
4. Collaboration Platforms (e.g. Monday, Asana, Trello, Slack):
Collaboration platforms excel at streamlining team communication, but they may lack the granularity needed to identify and extract R&D-specific activities. R&D often involves complex technical discussions and documentation that can become intertwined with general project conversations.
5. Documents & Templates (e.g. Word, Excel, Adobe Acrobat, Google Docs, Sheets):
Documents and templates are commonly used for various business purposes, including record-keeping. However, they are prone to fragmentation with comments and changes, especially when numerous contributors are involved. This fragmentation can make it challenging to maintain organised R&D records, a critical aspect of successfully claiming R&D tax incentives.
We Created Synnch to Solve this Problem.
Claiming R&D tax incentives demands meticulous record-keeping and documentation of eligible R&D activities. While the tools mentioned above are valuable for various aspects of business operations, they are not optimised for managing R&D-specific records and activities. Because your clients use these tools, your R&D records can end up in a mess.
To maximise the benefits of the R&D Tax Incentive, we created Synnch, a dedicated R&D management solution designed to tidy and organise your clients' R&D records. Synnch provides instant access to R&D-specific data, streamlining preparation for R&D lodgement.
Stop wasting time trying to organise your clients mess of R&D records and use Synnch!
Click here to take a free tour.
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