When extracting records for R&D Tax Claim preparation, efficient evidence management is the key to getting the best results for your clients. However, relying on clients to send a cloud storage folder of potential R&D evidence can be inefficient. Here's why it can delay your claim preparation for FY24, whether you're using GoogleDrive, OneDrive, Dropbox, or iCloud:
1. Limited Data Structure
R&D claims have a very specific format and structure that may not align with how clients simply upload documents and data. These uploads often lack the structured format necessary for proper R&D recordkeeping. This misalignment can cause disorganisation and extra work for Consultants and Accountants who must spend significant time searching for relevant records and reformatting them to fit the unique format of R&D claims.
2. Organisational Challenges
Storing R&D records in standard cloud storage platforms can divert attention and efforts from what R&D consultants and accountants do best—optimising claims and advising their clients. The excessive time spent sifting through records and reformatting them for R&D claims can significantly slow down the claim preparation process, limiting their ability to focus on optimising returns and providing valuable advice to clients.
3. Version Control Complexity
Effective version control is vital in R&D. While cloud storage offers version history, it might not provide the granular tracking required for R&D evidence, where each change can be critical. Ensuring that every update aligns perfectly with the intricate formatting and structure ofR&D claims can be challenging without dedicated R&D management tools.
The Solution - Synnch
To have a smooth claim preparation for FY24 and keep everything in one consolidated location while addressing these challenges, use Synnch—a dedicated R&D management solution that captures records in the same format as the R&D Tax Customer portal. Synnch keeps R&D records neat and organised so you can prepare your client's R&D claims efficiently.
And even better - Synnch is free for Accountants and R&D Consultants!