The firm's chief executive officer, Damian Smyth, said the new software, named TaxTrax, has been built to help accountants navigate the complicated and time consuming documentation required to complete an R&D tax incentive application.
“Lack of knowledge, fears around compliance and large amounts of time taken to collate supporting evidence has kept many SMEs from taking on the process themselves, with a large number preferring to leave it to specialists or the big four accounting firms,” Mr Smyth said.
“But while the traditional application process takes at least three weeks of intensive preparation, our TaxTrax technology now completes the activity in just three steps over the course of a year, taking a total of 90 minutes.
“We’re sharing what we know and have tested [the solution] on more than 500 projects over four years and now we’re teaching accountants to become R&D tax gurus.”
Mr Smyth said the cloud-based tool is based on recent case law, rigorous tax research and is supported by a 'gold-standard' risk mitigation process. In addition, third-party review and final sign-off are provided by Swanson Reed and expert advice is available in complicated matters.
“With a cloud-based technology solution like TaxTrax there’s a certain democratisation of knowledge,” he said.
“This will help smaller firms to retain clients and grow revenue streams in what is becoming a pretty tough economic environment.”
TaxTrax includes checklists for documentation, intelligent risk assessment and three automated annual surveys which take a time-stamped snapshot of the experimental process at key stages of the project in case of an audit.
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