Managing your finances as a National Disability Insurance Scheme (NDIS) business can be overwhelming if you don’t have the necessary help navigating the numerous complexities surrounding NDIS accounting.
As such, it is important to have a reliable NDIS accountant in your corner so you can keep track of the numerous compliance requirements and ensure you maintain steady cash flow and profitability. But your decision shouldn’t be taken lightly; choosing the right accountant is an important decision to make as an NDIS business owner.
Let’s take a look at why this is important and what kinds of things you need to consider:
Common Problems We Have Encountered
As an experienced NDIS accounting service provider, we here at Schofields Accountants have seen firsthand what kind of problems NDIS businesses face. Having the right financial support is crucial, and these common problems highlight the need for a reliable NDIS accountant.
Problem 1: Rapid Scaling Without Foundation
We have frequently seen how NDIS businesses scale up too quickly without having the necessary financial structures in place. Fast growth can be exciting, but if not properly planned and strategised, it can lead to significant challenges.
Your financial systems need to be properly equipped to handle the increased demand and strain on your cash flow. Without this, you will end up with disorganised finances, leading to instability and missed opportunities.
Problem 2: Cash Flow Leaks
Cash flow leaks can be an alarming problem, leading to the business encountering serious instability and threatening its ability to continue delivering quality service. Clients that struggle with cash flow are frequently plagued by the inability to identify where their money is going, caused by a lack of oversight and control. This can cripple any business. Avoiding this downward financial spiral is crucial and can only be made possible with a professional NDIS accountant to help you.
Problem 3: Tax Uncertainty
Tax obligations are a common source of confusion for many NDIS businesses. We have frequently seen how a failure to understand how to maximise deductions, apply GST, and report income correctly can undermine otherwise successful NDIS businesses.
We have seen so many businesses struggle with this aspect that it has become apparent that only an experienced NDIS accountant can ensure that this doesn’t undermine your business’s prospects.
Problem 4: Poor Business Structure
When a business is not well structured and appropriately set up, it can result in higher than necessary taxes, which can limit growth potential.
We have seen how inadequate business structures can have long-lasting consequences and have helped numerous NDIS businesses improve their financial efficiency by realigning their NDIS business structures to better reflect their growth aspirations and industry requirements.
Problem 5: Lost Opportunities
NDIS businesses are eligible for a number of valuable tax concessions and grants, which can seriously limit costs and boost profitability. But many NDIS businesses miss out because they aren’t clued up about how to take advantage of them. An experienced NDIS accountant can provide the necessary financial guidance to help your business identify opportunities and take advantage of them, saving you money and enhancing your business’s financial health.
6 Things to Consider When Choosing an NDIS Accountant
As we’ve illustrated, there’s a lot at stake when running an NDIS business, and so choosing the right NDIS accounting services provider is of paramount importance. Here are some things you should look for:
1. NDIS Experience
Arguably the most important factor when choosing an NDIS accountant is that they have a proven track record with NDIS businesses. This is important for understanding the unique challenges and opportunities inherent to the sector. Our team at Schofields Accountants continue to help countless NDIS providers with all their accounting and bookkeeping needs, keeping them compliant and confident that their finances are in good hands.
2. Qualifications and NDIS Compliance Knowledge
Trusting an accountant who is not properly qualified will lead you into trouble. Therefore, you must ensure that your accountant has the necessary qualifications. When it comes to NDIS accounting, they also need to have a deep and specific understanding of NDIS compliance requirements.
This kind of expertise can ensure your business is able to meet regulatory obligations and avoid unnecessary penalties.
3. Clear Communication And Transparent Fee Structure
Unclear communication and a poorly understood fee structure can be frustrating. When you hire an accountant to help you with your NDIS financial matters, you need someone who can explain the complexities involved without burying you in a mountain of jargon.
This person should clearly convey your current financial circumstances so that you can budget more effectively and avoid unwelcome financial surprises.
4. Acts in Your Best Interest
Your NDIS accountant should not just be someone who crunches the numbers. They should act as a trusted advisor whom you can rely on to act in your best interest. This means caring enough to take the time to understand your NDIS business’s unique needs and goals in order to provide relevant advice tailored to your specific situation and industry.
When you work with Schofields Accountants, you can be confident that we work with you and put your business first. We love helping NDIS businesses grow and with our expertise in NDIS as well as business accounting and tax planning, we can ensure your business is heading in the right direction.
5. Tailored Financial Advice
A good NDIS accountant will understand that every NDIS business is different and that a one-size-fits-all approach doesn’t work. You need to have customised financial advice that can help your business find bespoke solutions to unique problems and take full advantage of the opportunities presented within your branch of the NDIS sector.
6. Proactivity
It’s important that your NDIS accountant takes a proactive approach to managing your finances, anticipating potential issues or opportunities before they arise and taking action to address them without being asked.
Choose An Experienced NDIS Accountant
If you’re looking for an excellent NDIS accountant to support your business, then contact Schofields Accountants today. Our expert NDIS accounting services will ensure your finances are well managed so that you can focus on delivering excellent care to your clients.
