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Knowledge Base / Project Execution / Guidelines for Executing WBSO Projects / Documentation and Record Keeping

Proper Documentation and Record Keeping for WBSO Projects

Q: Why is documentation important for WBSO projects?

Proper documentation and record keeping are critical for demonstrating compliance with WBSO regulations and ensuring that all reported expenses and activities are properly documented. This helps in maintaining transparency and preparing for potential audits.

Q: What types of records should be maintained for WBSO projects?

Maintain detailed records of all R&D activities, including project plans, progress reports, technical notes, time tracking, expense documentation, and compliance reports. Ensure that all records are accurate, up-to-date, and readily accessible.

Q: What is the difference between hourly and project administration for WBSO?

Hourly administration involves tracking the time spent on R&D activities by each team member, while project administration focuses on documenting the overall progress of the project, including milestones, challenges, and changes in scope. Hourly administration must be updated within 10 business days, whereas project administration can be updated over a longer timeframe.

Q: Is there a required format for documenting WBSO activities?

There is no strict format for documenting WBSO activities. You can use Excel files or other forms for record-keeping. However, an integrated solution like <a href='/'>Traqqie</a> offers an easier way to maintain compliance with WBSO regulations and update records efficiently.

Proper documentation and record keeping are critical for WBSO projects. Here are the key points to consider:

Maintain Detailed Records: Keep detailed records of all R&D activities. This includes project plans, progress reports, technical notes, and any changes to the project scope or objectives.

Hourly Administration: Accurately track the time spent on R&D activities. Maintain timesheets or use time-tracking software like Traqqie to record hours worked by each team member on the project. According to WBSO regulations, hourly administration must be updated within 10 business days to ensure compliance. It is essential to track who worked on which project and the exact time spent on each R&D task.

Project Administration: In addition to tracking time, project administration involves maintaining detailed records of the project's progress. This includes recording the milestones achieved, challenges encountered, and changes in the project scope. Unlike hourly administration, project documentation can be updated periodically, but it is important to ensure that these updates are thorough and align with the reported progress.

Expense Documentation: Document all expenses related to the R&D project. This includes labor costs, material costs, and any other project-related expenditures. Keep receipts and invoices for verification and ensure that all expenses are aligned with the R&D project and its milestones.

Forms and Compliance: For both hourly and project administration, use standardized forms or Excel sheets to document records. There is no strict requirement for the form, but you must ensure that it meets compliance needs. Alternatively, using an integrated approach like Traqqie offers a streamlined solution, making it easier to update and maintain records according to WBSO regulations.

Audit Preparation: Be prepared for potential audits by maintaining organized and comprehensive records. Ensure that all documentation is readily accessible and can be provided upon request. Proper documentation of both hourly and project administration is essential during an audit.

Example 1

A company uses Traqqie to track time spent on R&D activities. They maintain detailed records of project progress, expenses, and milestones. This thorough documentation ensures compliance and prepares them well for audits.

Example 2

An organization meticulously documents all R&D activities, tracks expenses, and maintains compliance reports. Their organized records help them smoothly navigate an audit, validating their WBSO eligibility.

Negative Example 1

A company fails to maintain detailed records of their R&D activities. They do not track time or expenses accurately, leading to difficulties during an audit and potential disqualification from WBSO benefits.

Negative Example 2

An organization does not use any time-tracking software and relies on memory for tracking R&D hours. Poor documentation practices result in missing critical compliance reports and facing challenges during an audit.

Frequently Asked Questions

Why is documentation important for WBSO projects?

What types of records should be maintained for WBSO projects?

How long can hourly administration be outdated?

What is the difference between hourly and project administration for WBSO?

Is there a required format for documenting WBSO activities?

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