Traqqie to record the hours spent on R&D activities by each employee. Ensure that the timesheets are accurate, up-to-date within 10 business days, and reflect the actual time spent on eligible R&D tasks. In case of audits, this will ensure compliance with WBSO requirements.
Cost Documentation: Keep comprehensive records of all costs incurred during the R&D project. This includes invoices, receipts, and other supporting documents for labor, materials, equipment, and other eligible expenses. Ensure that the costs align with WBSO criteria for eligible expenses.Expense Reporting: Prepare detailed expense reports summarizing the total costs for each category of eligible expenses. Include explanations and justifications for each expense to ensure transparency and compliance during audits.Project Administration: Besides hourly tracking, maintain project-level documentation outlining the project’s progress, milestones, and any deviations from the original plan. Ensure that the administrative reports align with the reported hours and expenses.Frequently Asked Questions
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