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.