RSS offers the SR&ED Total Software Solution to efficiently and effectively manage the collection and preparation of both the technical and financial data required to make a SR&ED claim for investment tax credits (ITC) or refund under the Scientific Research & Experimental Development (SR&ED) program offered by the Canada Revenue Agency (CRA). The combined strengths of the ReCap science software application and the ReCoup financial software application ensure that the administrative burden of preparing a claim is absolutely minimized. By making ReCap and ReCoup an integral part of your R&D development process you will be able to maximize the ongoing benefits from the SR&ED ITC program.
ReCap Science Report Software
The ReCap Desktop is a simple, intuitive, Windows-based application that captures the critical technical information necessary to support a SR&ED claim.
ReCap guides the user through the creation of the science report component of a claim with detailed instructions and examples. The science report is broken down into distinct data entry steps, each with its own editing window with file attachment support. A separate "Journal" module provides functions for tracking the activities associated with a research project. When research requires experimental trial activities, ReCap supports the preparation of specific Experimental Trial report documentation. Various summary reports are available to track project status with html, excel and rtf output options. As the final step in the science report creation process, ReCap automatically combines each data entry component into a single science report document.
Providing evidence of a systematic investigation is a key element for a successful claim. Consistent and complete documentation of R&D activity is a critical part of this evidence. Documentation needs to demonstrate technological advancement, technological uncertainty, and a systematic investigation process to achieve these advancements and to mitigate the uncertainty. Capturing the day-to-day research activities in the ReCap Journal by documenting the "eligible" activities performed, key findings, and including supporting analytical documentation are critical elements to provide proof that the eligibility requirements of the program have been met.
ReCap addresses these documentation requirements by providing the step by step guidance and structured information input often necessary in a small and medium sized enterprise where information-gathering processes are largely ad-hoc.
The ReCap application provides support for multiple projects and multiple users, as well as simple built-in data backup and restore capability for the database. The desktop version can be upgraded to a multi-client WAN configuration allowing collaboration between separate users at different workstations. Guidance help files and information entry fields can also be customized to meet industry-specific requirements.
ReCoup SR&ED Financial Software
The ReCoup financial software is a Windows application that runs in parallel with your existing financial systems, focusing solely on collecting and managing the financial data needed for multiple SR&ED claims. ReCoup records SR&ED costs ‘by project’, as required by CRA, meaning that your primary financial systems don’t have to be project-aware. Data entry on forms that adapt to circumstances, decision support to identify needed data, and comprehensive help features — all mean that you can forget about wading through confusing CRA documentation.
CRA form T661 is the central document of an SR&ED claim. It collects SR&ED-specific financial information that may be hard or even impossible to extract from conventional business records. Enter ReCoup: it focuses solely on collecting and managing financial data related to SR&ED, and maintains its own database that runs parallel to your existing financial systems.
For example, SR&ED assets need to be handled in non-standard ways. Tax credits and cost recoveries on disposal depend on more than just price and purchase date, but also on documented SR&ED usage and your firm’s claim history. Handling of materials and contracts depends upon the status of the supplier — taxable or not, arm’s length or not — and upon other attributes as well. Most payroll systems are not set up to record SR&ED hours. For that reason, ReCoup provides its own SR&ED time sheets so that your payroll system doesn’t have to be modified in any way.
Doing SR&ED claims sounds complicated and it often is. Whether your claim is simple or complex, ReCoup provides decision-support and context-sensitive help to assist you to identify and collect all necessary SR&ED-related financial data with minimal effort.
It is usually advantageous to prepare your claim using the “Prescribed Proxy Amount” option instead of doing a detailed, item-by-item allocation of overhead to SR&ED. If you have major overhead expenses and take the trouble to enter them, then ReCoup allows you to compare the results of the two calculations at the click of the mouse.
ReCoup will print out labour summaries, project summaries, and other reports that can be especially useful when CRA chooses to do an SR&ED audit. For more detailed information visit http://reclaimsoftware.ca
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