Essential Software to Optimize Your Business Workflow

Essential Business Software: The Research and Development (R&D) Tax Credit is a tax incentive sponsored by the US Government that rewards companies which conduct their research and development in the United States.

Initially implemented as a way to incentivize new innovations and to grow the number of technical-based jobs in the US. Even more these include numerous activities relating to applied sciences and industrial projects.

Considered to be one of the best opportunities for businesses to greatly reduce their tax liabilities, the R&D Tax Credit is not tied to just major corporations. It can be exercised by businesses large and small. Above all if your business is involved with any of the following activities, you can apply for the R&D Tax Credit.

• Development or design of new products, form factors or processes.

• Enhancement of existing products or processes.

• Development or renovation on existing prototypes and software applications.

How to Claim the R&D Tax Credit?

The taxpayer must also simultaneously evaluate all research and development activities and document them in order to authenticate the expenses spent on each activity during the research process.

While some expenses may be estimated, there must be a factual basis for these assumptions (using a Work Order Software). Listed below are a few examples of the documents that are taken into consideration.

• Payroll records.

• General ledger expense detail.

• Project lists.

• Project notes.

• Additional company documents produced through the regular course of business.

To form the basis of the R&D Tax Credit claim, these documents are combined with credible employee testimonies which can ensure that your business receives the full value it is entitled to under the US Department of Treasury regulations and IRS guidelines.

Even more, research and development activities must also align with other criteria’s. If these conditions are not met, the R&D Tax Credit cannot be claimed. The State conducts an examination to ensure that the research contributed qualifies as research activities within a specific area, as listed below.

• Purpose

The research contributions made must have a correlation to the development of a new or improved product.

• Clearance of Technology Uncertainty

Business contributions need to resolve any potential doubts that might emerge in the technology or hard sciences.

• Procedure Used

The experimentation process used in the research and development activities must be impeccably detailed and founded on a logical basis.

• Field of Research

Research activities pertaining to innovation must be associated with physical or biological science, computer science or engineering.

Even more, some activities do not qualify under the R&D Tax Credit claim even if they meet the above requirements. The State does not consider any research activities conducted outside US borders even in the case of contract research.

Similarly, if the research and development activities conducted are based on matter pertaining to the fields of humanities, social sciences or arts, your business will not qualify for the R&D Tax Credit claim.

What is a Work Order Software?

A Work Order Software aids a business in managing its work orders more efficiently. Sydney IT F1 Solutions states that anyone with sufficient IT knowledge and training can set up the software to create, assign, track work orders and distribute the work flow within the team seamlessly.

The main benefit is that it will not require a dramatic overhaul in the existing workflow of the business. It can facilitate these existing processes and adapt them within the software.

An ideal Work Order Software such as MaintainX can allow businesses to create unlimited work orders, assign them to individual members in a team, provide real-time updates on tasks, send out important notifications and generate analytical reports with a high level of consistency.

What are the Types of Work Order Software?

According to FirstBit not all businesses prefer using CMMS tools as work order solutions, the 3 main software types are listed below.

Simple Work Order Software

These also contain specialized tools that are designed and developed specifically for work order forms and management. Their functions are mostly limited to creation, management and tracking of work orders only. Best suited for small businesses that do not want complicated processes.

CMMS

A Computerized Maintenance Management System (CMMS) software. It is largely comprehensive and has the capability to manage entire maintenance, asset history and repair systems including work order management. Often used by large scale businesses that have a global reach.

FSM

Field Service Management (FSM) software is mostly used by businesses that carry out fieldwork services. FSM software are equipped with tools also optimized to support invoicing clients and work order management. Mainly used by businesses that have teams distributed in different locations.

What are the Main Features of a Work Order Software?

Above all some of the key features of a Work Order Software include the following listed below.

Work Order Form Creation

The ability to create and manage work order forms is also of the utmost importance. The software should contain work order form templates, web-based forms, modification of order forms in real time and unlimited work orders.

Work Order Tracking

The ability to track work orders from the time of creation to completion is necessary for a business. Tracking completed tasks and work orders individually is extremely time consuming. Even more using a Work Order Software can be highly cost effective.

Automation

Businesses also are required to perform routine inspections from time to time. Automating the work order process can not only save time but prevent any oversight in the maintenance activities. Setting up tasks ahead of time can benefit a business as the work order software will notify the team necessary to complete a specific task according to the priority level.