FI Group UK is proud to release its best company and professional practice spotlight. Its Business Development Team has chosen these companies as examples of great R&D setups that stand out across all innovation-focused sectors.
‘The company using R&D most productively is Odore Limited. They’re developing a data-driven approach towards sampling, and their development is quite expensive.
Cash runway is very important to founders and they appreciate constantly understanding the distance from needing to fundraise. That’s why they actually close their accounts twice per year. They appreciate being able to receive their benefit twice a year and dedicate their R&D claim to development costs. Development costs are the highest of their costs, so creating a cycle of funds is how they best ensure that development isn’t affected.’
”Whilst I was in discussion with the MD of a software company, he explained that his accountant by then advised him that his company was undertaking “standard” work in their industry. The accountant said the costs of appointing a third-party R&D company to do this for them, would outweigh any potential claim they could make, not to mention a potential challenge from HMRC.’‘
When respectfully informed the MD that this wasn’t the case when working with a reputable R&D service provider. We undertook a thorough ”no risk” review, which resulted in a two-year retrospective claim worth around £180,000 for the client!’‘
”Sometimes, the best outcomes stem from a willingness to implement learnings gained as a result of a different approach. Using our real-time methodology where R&D activities are recorded quarterly not only gave better visibility and improved short term forecasting for a multi-national client but also helped them to understand where they could make improvements to their internal invoicing processes enabling them to better align their business across different regions.‘‘
”Recently, I encountered a company that impressed me. From the get-go, I knew it had a great system in place. The whole company was always alert. Currently, it claims with its accountant (who is also its CFO). It tracks and constantly updates its R&D activity and spends in real-time via an online sheet throughout the year, so they do not miss anything. It is always on top of fundraising, so it always has a good period of burn rate ahead and, to date, have £650,000; a great sign of their expected growth is their ambition to raise between £2-4mn in the next nine months.”