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Knowledge Base / Audits / Preparing for an Audit / Documentation and Records

Preparing for a WBSO Audit: Documentation and Records

Q: How should I prepare documentation for a WBSO audit?

To prepare for a WBSO audit or control, maintain comprehensive project documentation, including detailed plans, progress reports, and technical notes. Ensure accurate time tracking with tools like <a href='/nl'>Traqqie</a>, and document all related expenses with invoices and receipts. Regularly update compliance reports that summarize your R&D activities and expenses.

Q: What types of records are important for a WBSO audit?

The key records for a WBSO audit include detailed project documentation (e.g., plans, technical reports, progress updates), timesheets or time-tracking logs, expense documentation (e.g., receipts, invoices), and compliance reports summarizing R&D activities and costs.

Q: How often should I update my records for WBSO compliance?

Records should be updated regularly to ensure compliance with WBSO requirements. Time tracking must be updated within 10 business days, while project documentation and expense records should be maintained throughout the project. This helps prepare for audits and ensures accuracy.

Proper documentation and accurate record-keeping are vital for successfully passing a WBSO audit or control. The Netherlands Enterprise Agency (RVO) requires companies to maintain clear and organized documentation that supports their WBSO claims. Here's how to ensure you're fully prepared:

Maintain Comprehensive Project Documentation: Keep thorough records of all R&D activities. This includes detailed project plans, technical notes, progress reports, and any updates or changes to the scope and objectives of your R&D projects. Ensure every development is documented to demonstrate the progression of your innovation efforts.

Accurate Time Tracking: Ensure precise tracking of the hours worked by all employees involved in R&D. Utilize timesheets or time-tracking tools like Traqqie to record time spent on eligible R&D activities. Time entries should be updated regularly, ideally within the WBSO-required 10 business days, to ensure compliance.

Document R&D Expenses: Keep detailed financial records of all costs related to your R&D projects. This includes receipts, invoices, and other supporting financial documentation. Ensure that all documented expenses are directly linked to eligible WBSO R&D activities. Costs related to materials, equipment, and labor should be properly itemized.

Prepare Compliance Reports: Create periodic compliance reports that summarize your R&D activities, hours worked, and associated expenses. These reports should provide a clear overview and ensure alignment with WBSO requirements. Compliance reports help streamline audits by demonstrating that your projects meet the necessary criteria.

Audit Preparation: Be proactive by regularly reviewing your documentation and ensuring it aligns with WBSO audit requirements. In the event of an audit, having a well-maintained system in place will make the process smoother and reduce the risk of penalties or rejected claims.

By adhering to these best practices, you will ensure that your company is audit-ready and compliant with WBSO regulations, helping secure valuable tax benefits.

Frequently Asked Questions

How should I prepare documentation for a WBSO audit?

What types of records are important for a WBSO audit?

How often should I update my records for WBSO compliance?

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Preparing for a WBSO Audit: Documentation and Records

Frequently Asked Questions

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