Running a small business that supports people with disabilities under the NDIS scheme is incredibly rewarding. You get to make a real difference in people’s lives while we manage your payroll and bookkeeping for NDIS businesses. But let’s face it, the administrative side of things can feel overwhelming, especially record-keeping.
Oyster Hub understands the unique challenges faced by service providers in managing their NDIS bookkeeping. We were created by small business owners, for small business owners, who understand the importance of accounting and bookkeeping. That’s why we’re here to equip you with the knowledge and tools you need to streamline your NDIS bookkeeping and free up your time to focus on what matters most – your participants.
In this blog post, we’ll dive deep into NDIS record-keeping requirements, explore best practices, and show you how Oyster Hub, with the help of an NDIS accountant, can become your secret weapon for conquering paperwork.
Why is NDIS Bookkeeping Important?
Think of your records as the lifeblood of your NDIS business, ensuring compliance with the ATO regulations. They’re not just about getting paid (although that’s certainly important!). Accurate and comprehensive bookkeeping for NDIS serves several crucial purposes:
- Compliance: It is essential for maintaining the integrity of your NDIS service and financial operations. The NDIS Commission (NDIS) has strict record-keeping requirements. Failing to comply can lead to audits, delays in payments, and even penalties.
- Transparency and Accountability: Good records demonstrate the quality of support you provide to participants and enhance your NDIS financial management. They also ensure you can track funding allocation and show how it benefits participants.
- Funding Claims and Reviews: Ensure NDIS compliance in your financial information. Clear records are essential for accurate invoicing and smooth claims processing, ensuring you remain compliant with the ATO. They also come in handy during NDIS reviews to verify your service delivery.
- Improved Service Delivery: must be aligned with compliance requirements to ensure that you are meeting the needs of your participants effectively. Detailed records on participant progress and support effectiveness help you tailor services and achieve better outcomes in your financial management.
What Records Do You Need to Keep?
The NDIS doesn’t provide an exhaustive list, but some key records you should maintain include:
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Participant Information: This includes consent forms, NDIS plans, participant details, and communication records.
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Service Delivery: Document dates, times, locations, and types of support delivered. Include progress notes, incident reports, and feedback from participants in your NDIS bookkeeping records.
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Financial Records: Maintain invoices, receipts, staff rosters, and bank statements for accurate financial reporting and taxation purposes in your bookkeeping services.
Oyster Hub’s Top Tips for NDIS Bookkeeping Success
Embrace Digital Solutions
Streamlines your bookkeeping for NDIS businesses and enhance compliance. Your NDIS bookkeeping needs. Gone are the days of paper mountains. Invest in a secure, cloud-based record-keeping system that allows easy access, retrieval, and collaboration. Oyster Hub integrates seamlessly with popular accounting software used by NDIS providers, making NDIS bookkeeping compliant and a breeze.
Review Record-Keeping Policies and Processes
Do you have a clear policy outlining what records to keep, for how long, and who is in charge of your bookkeeping efforts? Keeping your process simple and training your staff about it is necessary for consistent and effective bookkeeping.
For example, you can consider developing templates for common documents like progress notes, payroll, and invoices. This saves time and ensures all the necessary information is captured, giving you peace of mind that your system runs by itself.
Schedule Regular Reviews
Conducting mid-yearly reviews helps you make informed decisions about your business and its unique financial information. So, set aside time to review your records and ensure they’re accurate, complete, and up-to-date.
When All Else Fails, Outsource Your NDIS Bookkeeping
Seeking additional help from a company that specialises in accounting services can be a game-changer for your business. An NDIS accountant would have experience in the intricacies of accounting and bookkeeping for NDIS and come with the following expertise:
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Understand the NDIS Funding Model: The right accountant will help ensure you’re claiming the right funding while staying ahead with NDIS compliance requirements.
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Manage Your Cash Flow: Accountants can help you forecast your business income and expenses, track budgets, and optimise financial performance.
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Prepare Accurate Claims and Reports: You can avoid delays and submission errors, keeping you away from potential issues with the NDIS and ATO.
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Navigate Audits and Reviews: An NDIS bookkeeper helps you maintain your compliance and enhance your overall financial operations.
Stop Drowning in Paperwork and Start Thriving!
Record-keeping shouldn’t be a burden. Oyster Hub offers NDIS accounting and bookkeeping services to all NDIS service providers, so they can get back to providing quality care.
Our user-friendly platform integrates seamlessly with popular accounting software used by NDIS providers. This allows you to manage participant information, service delivery records, and financials all in one place. Plus, with our network of experienced NDIS accountants, you have access to expert guidance on accounting and bookkeeping for NDIS whenever you need it.
