Time and expense tracking software for R&D projects
May 7, 2014
Tax credits on R&D projects constitute a significant financial source that contributes to the growth of your company. However, preparing credit application files often represents a time consuming and rather painful process both at administrative and organizational levels.
Are these issues familiar?
- Permeability between different projects: how to log the actual time against the appropriate project? Most of the time, various R&D projects are carried out simultaneously and may be related to similar tasks. Therefore, unless you have a flexible tool to manage those projects, time recording may become unreliable and tedious.
Create project templates in Abak360, duplicate them each and every time you launch a new R&D project, and assign employees to the project. Reliable data entries will be logged against the right project, by the appropriate resources. Quick and efficient!
- Everyone can log time on a project according to one’s own method (task description for instance). Quite often employees will not log their time and related expenses on a day to day basis. In the absence of a systematic input method used by all, data entries may vary depending on individuals, their attendance, and their attention to details. Thus, the information might not be realistic, nor reliable.
In Abak 360 create all the tasks and expenses types that you need. List those tasks and expenses types in your project, organize them in phases and sub phases. All employees assigned to the project will access the same list of tasks and expenses.
- Correlating time/expense entries and documentation: tax credit applications require detailed documentation in regard to the projects and the time devoted to them. In most of cases, documents and receipts are not correlated with the time/expense tracking solution.
Abak360 includes a powerful document management tool which allows storage of documents in electronic format for a given project. Centralizing all information on a R&D project including documentation will save you precious time.
- Omissions and errors regarding hours and expenses logged on a R&D project are quite common.
With Abak360 It is possible to limit the risk of errors and omissions by building phase based project architecture. Moreover automatic alerts will be triggered when a project has reached a problematic or critical situation (in regards to the budget for instance or on planned quantities). Abak360 will warn you when a project is drifting away from its boundaries.
- Managing expenses for R&D project is quite often difficult. Are all the expenses planned, have they all been approved. Are the expenses assigned to the right project?
Planning and budgeting your expenses is easy in Abak 360. Within your project tree you even can plan you expenses per phase and per sub-phase. Invoices and receipts (in electronic format) will be kept in the project file.
- Preparing an application for a R&D tax credit requires a lot of time. Very often information is scattered throughout different files.
Abak 360 standardizes and secures your project management process. Further, all the information related to the project is centralized onto one platform (time and expense entries, budget, report, documents, resources assignations, and notes on project). With Abak360, you spare a lot of time. No rush anymore to complete and send your application for tax return on time.