Posted: 24 January 2024 ![Research and Development – time for implementation!](https://www.essbiztools.com/images/zoo/blogs/bas-updates/BASU2024/basp250124.jpg) # Research and Development – time for implementation! #### Business Advisory Services Update We have identified that it is a myth that R&D is only for large businesses. We have also mentioned how being proactive in advising SME companies on R&D can be a **‘mainstream service’** for Accountants and Bookkeepers. It is now time for your client to implement the actual R&D processes. As the Accountant or Bookkeeper, you can assist your SME clients to ensure that the documentation is being prepared so that the reports required by AusIndustry are prepared in a way that will substantiate the claiming of the R&D expenditure and ultimately the R&D Tax Offset. **ESS BIZTOOLS** has developed a flowchart to assist in ensuring that each step complies with the legislation, but also contributes to the company safeguarding the investment being made in the Intellectual Property! The work process includes: Contracts with contractors and professional advisers relating to the work brief and assignment of intellectual property and confidentiality. Allocation of **‘task codes’** to facilitate documentation relating to substantiation of expenditure. Appropriate time recording systems for team members to complete identifying the task codes. Supporting documentation for other expenditure that relates to R&D activities. Preparation of cost summaries each month. Possible briefing of patent attorney. Systematic progression of work: - experiments conducted - observations/evaluation/conclusions - prove or disprove the hypothesis - what are the logical conclusions - review of the results By communicating with your clients and prospects that you can assist them with the requirements for the documentation of R&D, you are opening an opportunity to assist your clients on the first stage of the **‘Innovation Journey’**. **ESS BIZTOOLS** has also developed the **Research and Development Product Package** to assist Accountants and Bookkeepers to offer R&D advice to SME clients. To find out more, contact us on 1800 232 088 or email [](https://www.essbiztools.com/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/)[](https://www.essbiztools.com/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/) to arrange a **complimentary initial consultation** via Zoom. #### ESS BIZTOOLS Blogs ### Recent Posts... 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