When it comes to R&D claims, maintaining accurate records has always posed a challenge for claimants. I see R&D Tax Consultants as the Michelin Star Chefs in aiding companies in accessing non-dilutive capital government funding. Just like how chefs skilfully handle their ingredients (R&D Records) to craft exquisite dishes (R&D claims), R&D consultants excel at the art of preparing and lodging claims.
However, the effectiveness of R&D Consulting and Accountants heavily relies on the quality of records provided by their clients. In this article, we'll dive into the significance of maintaining high-quality R&D records and explore how Synnch, a state-of-the-art solution, aims to elevate and streamline this process.
The Problem with Inadequate R&D Records
The problem that most R&D claimants face when creating R&D records is that they don't keep records at all. An industry standard we have seen, particularly during review or audit, is where R&D claimants expect their consultant to "give them or create" R&D records for them, and this isn't how the largely self-assessed R&D tax incentive scheme was designed to work.
It is common practice for clients and consultants to jump on a video at the end of the financial year and try to retrospectively recall the R&D they have undertaken throughout the reporting period. This results in vague, inaccurate, and often non-compliant records of R&D activity.
In the event of an audit, how could a client substantiate those records? And at the end of the day, who will the client blame for a failed audit and lost expenditure/fines?
The Importance of Quality R&D Records
Have you ever spent countless hours chasing up R&D records from clients, only to receive subpar information? It's a common frustration among R&D Consultants and Accountants that I have spoken to in recent years.
You might be thinking, cut to the chase Evan! "Why are “R&D Consultants like Michelin Staff Chefs?”
Imagine being a Michelin star chef given expired, mouldy, and low-quality ingredients to prepare an expensive dish. Would you serve such a meal to your guests? Definitely not! As a chef, you would demand only the freshest and highest quality ingredients.
So here’s my stance: The quality of R&D records determines the quality and value a R&D consultant can deliver.
The Solution: Synnch's Approach to Improving R&D Records
Good ingredients are essential to creating something truly great, but to execute efficiently, chefs require the right knives and tools to confidently get there. Just like chefs, R&D Consultants and Accountants require the right tools to meticulously prepare their R&D claims effectively.
That’s why adding Synnch to your tool belt will significantly help you receive contemporaneous, accurate, and compliant data to do what you do best. Synnch is a cutting-edge platform that adeptly tackles the problem of inadequate R&D records head-on (did you see what I did there?). Here's how it helps enhance the quality of records and subsequently, your R&D claim preparation.
- Contemporaneous Records: Synnch encourages clients to maintain contemporaneous records, capturing real-time R&D activities, eliminating the last-minute scramble to recall past events.
- Seamless Integration: With our Xero Integration, Synnch pulls staff timesheets and operational expenditures, accurately apportioning regular R&D expenditure from general business costs.
- Data Architecture and Customer Portal: Synnch's data architecture aligns with the R&D Customer Portal, streamlining the process for R&D consultants.
- Data Export: Synnch allows Accountants and R&D consultants to easily export high-quality records for any specific time range, simplifying data extraction for claims.
- Expert Support: Synnch offers tailored scoping and recordkeeping workshops, personally educating clients to ensure they maintain the highest quality records.
- Regular Check-ins: To maintain record quality, Synnch provides monthly recordkeeping check-ins to support clients effectively.
For our full list of features, click here.
Our Passion for Innovation
We live and breathe innovation and want to do anything we can to support the R&D claimants pushing the boundaries of what is possible and support the advisors that help them accessing the funding to continue driving innovation.
How can we help you?
With the significance of quality R&D records established, Synnch aims to revolutionise the process of recordkeeping for R&D Consultants and Accountants. If you want to elevate your practice and optimise R&D claims for your clients, check out the resources we have tailored to assist you on your journey.