The 3 Best Time Tracking Softwares for SR&ED Projects

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:

Integrates with your CRM’s, Project Management Software and ERP.

Cost Structure:

• Free plans available
• Basic plan Starting at: $6.99/seat

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:

Integrates with your CRM’s, Project Management Software and ERP.

Cost Structure:

• Free plans available
• Basic plan Starting at: $9/seat

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:

Integrates with your CRM’s, Project Management Software and ERP.

Cost Structure:

• Free plans available
• Basic plan Starting at: $10.80/seat

Comparison Table

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	View integrations	View integrations	View 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

Conclusion

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.