Yes, you have the option of capitalising software development costs if they meet particular criteria for intangible assets as per the accounting standards.

In order to decide on capitalization, you need to consider if the software is internally developed, identifiable, has potential future benefits, and can incur prominent costs.

It is commonly seen that no Saas company expenses software development costs as they occur because of the ongoing nature of cloud-based product development.

It is generally seen that research and development costs are usually expensed as they have uncertain future benefits. Note that you need to consult an accountant for guidance with regard to your R&D project.