The Crucial Role of a Professional Bookkeeper for NDIS Service Providers

Running a successful National Disability Insurance Scheme (NDIS) service provider business involves more than just providing essential services to those in need. With a huge amount of administration required, not just for your clients but, importantly, for effective financial management, compliance with NDIS regulations and maintaining transparent financial records, it can sometimes be overwhelming to keep on top of everything.

This is where a professional bookkeeper becomes an invaluable asset to you as an NDIS service provider. But don’t just choose any bookkeeper - you need someone who knows and understands NDIS regulations at a deeper level. The great thing about choosing professional bookkeeping services over a full-time or part-time employee, for example, is that you don’t have to manage that employee, or find someone to fill in if they are absent or on holidays. And because a professional bookkeeping service usually supports a large number of clients, they are always 100 percent on top of those, dare we say, annoying, ATO and NDIS compliance issues that are constantly changing.

So let’s explore the vital role a professional bookkeeper plays in ensuring the financial health and sustainability of your NDIS service business, and how choosing professional services can actually work out to be more cost-effective than having another administrative employee.

NDIS Compliance

One of the primary responsibilities for you, as an NDIS service provider, is to adhere to strict regulatory requirements and standards. Compliance with NDIS policies and procedures is non-negotiable. A professional bookkeeper with expertise in NDIS regulations can ensure your financial records align with these standards, reducing the risk of audits, fines or penalties.

At WestBAS, we are expert in both MYP and Brevity software required in the service provider industry and have many clients we service with these applications and their full integration into Xero. We can also support you to navigate the PRODA site where you access your NDIS account.

Payroll Management

As an NDIS service provider, it’s likely you employ a team of dedicated staff who provide essential services to your clients. As a professional bookkeeping service, WestBAS can manage your payroll without you having to employ another staff member, so you never have to worry about your employees being paid accurately and on time. With a variety of employee entitlements, shift allowances and other compliance issues, you need to be confident your payroll is managed with a full understanding of the Social, Community, Home Care and Disability Services (SCHADS) Industry Award, and WestBAS can guarantee compliance in all payroll matters, with you never having to worry about staff being sick or taking annual leave.

Invoicing and Payments

Timely invoicing and payment collection are essential for maintaining a healthy cash flow in your NDIS business. As you are dealing with multiple clients and services, a professional bookkeeper can ensure that invoices are generated accurately, sent promptly and payments are tracked diligently. At WestBAS, we are fully across the intricacies of invoicing via the NDIS platform. There are very specific ways of invoicing either NDIS managed participants, plan managers or self-managed participants. Correct codes must be used to ensure the invoices are paid promptly and not rejected by the system. Working with a professional bookkeeping service that thoroughly understands the system, can greatly improve the financial stability of your business as an NDIS service provider.

Budget Management

Effective budgeting is key to the sustainability of your business. A professional bookkeeper can help you create and manage a realistic budget, taking into account the fluctuating income from NDIS participants. They can also assist in tracking your expenses and revenue, helping you identify areas for cost-saving and revenue optimisation. At WestBAS, we also understand the need to manage your participant's plans and budgets, and the importance of keeping up to date with correct information to ensure you don’t exceed those budgets. This leads to better risk management and allows you to focus on what’s important; providing excellent care services to our most vulnerable community members.

Financial Reporting

Accurate and timely financial reporting is crucial for making informed decisions and demonstrating accountability to NDIS auditors, participants and stakeholders. WestBAS’ professional bookkeeping services can prepare financial reports that provide regular and consistent insights into your organisation's financial health, enabling you to make strategic decisions and plan for the future.

Tax Compliance

Navigating the complex landscape of taxation laws and obligations can be challenging for any business, and NDIS service providers are no exception. This is where choosing WestBAS could be one of your best accounting decisions. Their knowledge and experience ensures your business complies with all relevant tax laws, minimising the risk of audits or financial penalties.

Focus on Core Services

Ultimately, the advantage of choosing to outsource your financial management to a professional bookkeeping business, like WestBAS, can ensure your valuable time and resources are used in the most efficient way; to focus on providing high-quality services to NDIS participants. This allows you to work on what you enjoy most and fulfill your mission of serving the community, while leaving the financial intricacies to the experts.

So remember, in the complex and highly regulated world of NDIS service provision, a professional bookkeeper is not a luxury, but a necessity. Their role in maintaining compliance and ensuring the financial health of your organisation cannot be overstated. By entrusting your financial management to a skilled bookkeeper, you can navigate the challenges of the NDIS landscape with confidence, ensuring the sustainability and success of your service provider business.

Call Susan at WestBAS for a friendly chat to answer all your questions, and you may discover that outsourcing your bookkeeping requirements is far more cost-effective and efficient than you ever imagined. Call today to find out more.