What is the most time consuming part of your current R&D tax credit study process? I asked this question to more than 130 tax professionals who joined my co-sponsored webcast with one of our major pharmaceutical manufacturing clients: Automating R&D Tax Credit Management. Of the respondents, 50% said that scheduling, conducting, or documenting interviews through narratives was the most time consuming part of their current process. This leaves less time to analyze your data to maximize your credit results. On the webcast, we discussed how utilizing automation tools result in efficiency, consistency, and more time for data analysis. We also discussed how these time-consuming manual activities and process inefficiencies can increase costs around the R&D tax credit study.
The themes discussed in the webcast tie in with our latest whitepaper, The Ripple Effect of an R&D Tax Credit Study’s Real Costs. After seeing manual process inefficiencies in organizations time and time again, we decided to highlight in detail how manually conducting an R&D study, especially the interview and narrative process affects your R&D credit in obvious and less obvious ways. Missed credit, wasted internal staff time and credit sustainability are some of the areas affected when the process is manual and not standardized. We then provide reasons how automating the process can benefit your company.
We want to hear from you! Tell us what the most time consuming and costly part of your R&D Tax Credit Study is.
Look out for more R&D whitepapers coming soon!