Finding the Right SR&ED Consultant for Your Business

The Scientific Research and Experimental Development (SR&ED) program provides corporations with lucrative tax credits to bolster innovation within our borders. SR&ED tax credits have played a significant part of Canada’s innovation plan for decades, and there is a lot for businesses to gain from these credits and a lot of opportunity to lose if filed incorrectly. Choosing the right SR&ED consultant to assist you with your claim is essential for attaining the funding you are entitled to and can use to continue growing your business. Fortunately, Easly is here to help! Below, we will discuss some factors to consider when searching for an SR&ED consultant and how Easly can assist you with accessing your SR&ED capital sooner through Easly Advances!

Why Partner with an SR&ED Consultant?

For many businesses, especially small companies, managing your SR&ED claim on your own can be daunting as the program has strict eligibility requirements and can get complex quickly, particularly when additional government support programs are involved. Add to that the significance of the financial opportunity on the table – startup founders can find themselves engrossed in the whole process. That’s why it’s advisable to use the services of an SR&ED consultant. An experienced SR&ED consultant can assist your business in navigating the complexities of this Canadian Revenue Agency (CRA) program and help you make the most out of this valuable program.

Moreover, reliable SR&ED consultants can also break down the do’s and don’ts concerning filing an SR&ED claim, including what red flags to avoid and how to formulate a project description compliant with the law and the CRA’s expectations. In addition, a dedicated SR&ED consultant will stay on top of changing legislation that could impact your SR&ED claim and the filing process.

Factors to Consider When Searching for an SR&ED Consultant

Finding the right SR&ED consultant for your business is essential, as a rejected claim can not only be costly because of the forgone credits but may also invite further scrutiny from the CRA regarding future SR&ED claims. At Easly, our team works with trusted SR&ED consultants across Canada, so we understand some of the factors companies should be aware of when partnering with an SR&ED consultant. Some of those factors include the following:

Experience and Track Record

Like any other profession, more experience means access to better knowledge and expertise. Hence, it is critical to understand your prospective SR&ED consultant’s background, how long they’ve been providing SR&ED filing services, and, if possible, their track record of submitting successful claims and successfully defending clients through audits.

Fee Structure

For small businesses, managing cash flow can be difficult, which means when looking for an SR&ED consultant, you may want to consider one that offers flexible arrangements such as contingent pay. The downside to contingent fee structures is that they typically result in higher fees, so for some businesses, working with an SR&ED consultant that offers a flat fee or hybrid arrangements may be the best option.

Industry Knowledge

Scientific Research and Experimental Development claims are complicated tax areas involving technical industry knowledge. Due to the vastness of the field, SR&ED consultants will often have specific industries they specialize in. So, when searching for an SR&ED consultant, select one with extensive knowledge of your industry or businesses similar to yours.

Access Tomorrow’s SR&ED Refund Today!

While it’s not required that you partner with an SR&ED consultant to benefit from the program, doing so can set your business up for greater success. From larger refunds to enabling you to focus on running your business, SR&ED consultants offer a variety of advantages. As mentioned previously, Easily works with several SR&ED consultants across Canada, so if you require assistance finding one that fits your needs, we can help point you in the right direction.

In addition to helping you find an SR&ED consultant, Easly can also help alleviate cash flow issues by providing cash advances on your earned SR&ED credits. As a trusted lender, Easly offers SR&ED financing as a form of non-dilutive capital that does not require personal guarantees. Our team ensures you can get your funding quickly and simply in as little as two weeks of applying!

Learn more about Easly’s trusted SR&ED consultant partners and how financing your SR&ED credits with Easly Advances can enhance your company’s growth by contacting us today!