As a business owner, you know that an important part of your SR&ED refund is calculated as a percentage of your qualified SR & ED expenditures. And an important element within qualified SR&ED expenditures is the money spent on SR&ED eligible salaries and subcontractor fees.
To ensure your SR&ED claim is supported by accurate documentation, you’ll need a time tracking software that allows you to see how much time was spent on SR&ED activities, by each employee or subcontractor.
Here’s a list of 3 of the best time tracking softwares to help you track your SR&ED projects:
- TimeCamp
- Toggl
- Harvest
1. TimeCamp
TimeCamp is a time-tracking software that automatically tracks and records your SR & ED eligible activities. TimeCamp also allows you to manually add activities, so you can be sure that all of your eligible activities are being tracked. TimeCamp also offers a variety of reports, so you can see how much time you are spending on each activity and how your SR & ED claim is progressing.
Benefits:
- 10+ Built in reports…
- Capable of creating custom reports
- Possibility of inviting the client to view their portal
Hosting Format:
- SAAS Based (Software as a subscription)
Integrations :
Cost Structure:
2. Toggl
Toggl is a time-tracking software that offers a simple and easy-to-use interface. Toggl also allows you to track your SR & ED eligible activities in real-time, so you can be sure that all of your activities are being captured. Toggl also offers a variety of reports, so you can see how your SR & ED claim is progressing and where you may need to make changes.
Benefits:
- Multiple levels of details to view data from
- Client ready visuals,
- Reports capable of being exported.
- Scheduled reports sent to emails
- Possibility of inviting the client to view their portal
Hosting Format:
- SAAS Based (Software as a subscription), website and mobile application
Integrations :
Cost Structure:
3. Harvest
Harvest is a time-tracking software that offers a simple and easy-to-use interface. Harvest also allows you to track your SR & ED eligible activities in real-time, so you can be sure that all of your activities are being captured. Harvest also offers a variety of reports, so you can see how your SR & ED claim is progressing and where you may need to make changes.
Benefits:
- Harvest updates budgets as your team tracks time, so you can keep your projects on track and profitable.
- Ability to see which projects and tasks are consuming your team’s time and impacting costs.
- Powerful accurate reporting with possibility to export to email.
- Possibility of inviting the client to view their portal
- SR&ED Friendly!
Hosting Format:
- SAAS Based (Software as a subscription), website and mobile application
Integrations :
Cost Structure:
Here are the differences between those time tracking tools:
| Software | TimeCamp | Harvest | Toggl |
| Hosting format | Cloud Based SAAS | Cloud Based SAAS | Cloud Based SAAS |
| Reporting | 10+ Built in reports… Capable of creating custom reports Possibility of inviting the client to view their portal | Visual Reports Capable of tracking: budget, time spent on tasks, work capacity… | Multiple levels of details to view data from Client ready visuals, Reports capable of being exported. Scheduled reports sent to emails Possibility of inviting the client to view their portal |
| Integrations | https://www.timecamp.com/integrations/ | https://www.getharvest.com/integrations | https://toggl.com/track/integrations/ |
| Cost structure | Free plans available Basic plan Starting at: 6.99$/seat | Free plans available Basic plan Starting at: $10.80/seat | Free plans available Basic plan Starting at:$9/seat |
There are many different time tracking softwares available on the market, but not all of them are created equal. When it comes to tracking your SR&ED projects, you need a software solution that is accurate, user-friendly, and affordable. The 3 softwares listed above are some of the best in the business and will help you get the most out of your SR&ED tax credit.