5 types of tools that weren't designed for R&D recordkeeping

5 types of tools that weren't designed for R&D recordkeeping

Here's why your client's R&D records are always a mess.

Evan Barker
Synnch CEO
5 types of tools that weren't designed for R&D recordkeeping

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.

The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.

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