Post-WBSO Year-End Processing: Hours and Documentation

After the WBSO year ends, it's important to process the worked hours and ensure all documentation is in order. Here's how to handle this process effectively, considering the differences between solo entrepreneurs and companies with employees:

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.

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.

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.

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.