5 Reasons Why Your NDIS Business Needs An Accountant
Running a successful NDIS business involves juggling numerous responsibilities, from providing quality care to managing finances. While you may excel in caring for individuals with disabilities, the financial aspects of your business can be equally demanding.
This is where an accountant can be your greatest asset. In this blog, we’ll explore five compelling reasons why having an accountant for your NDIS business is not just beneficial but often essential.
Role of NDIS Business
NDIS businesses or providers serve as key touchpoints for NDIS participants. While the NDIS provides funding for essential services to those with disabilities, it’s the NDIS businesses that deliver these specific services and support.
As per the data for Q2 2023, more than 610,000 Australians are currently receiving support through the National Disability Insurance Scheme (NDIS). The data indicates that participants are enjoying greater choice, control, and community engagement opportunities within the NDIS framework.
However, it’s crucial to note that NDIS businesses must adhere to specific standards set by the NDIA. These standards include not only the delivery of quality services but also compliance with tax and regulatory requirements to ensure the integrity and effectiveness of the NDIS.
The top 5 benefits of hiring an accountant for your NDIS business
Here are 5 advantages that NDIS businesses can reap by hiring dedicated accountants:
NDIS compliance and regulations
The NDIS industry operates under strict rules that can change over time. Keeping up with these changes can be challenging. Experienced accountants are experts in understanding and following NDIS guidelines. They help NDIS organizations comply with the law, avoiding costly penalties and maintaining the trust of their clients.
Tax planning and Financial management
Accountants are experts at making sure your NDIS business pays the right amount of taxes. They figure out smart ways to reduce the taxes you owe and create a money-savvy financial plan. This clever tax planning can help your business have more money to invest and stay financially strong. Plus, accountants are really good at handling your money and making sure it flows smoothly, which is super important for your NDIS business to stay strong in the long run.
Payroll and BAS management:
NDIS businesses often have to handle large payrolls and ensure timely Business Activity Statement (BAS) lodgements. Managing payroll and BAS can be time-consuming, but an accountant can streamline these processes. They can ensure that your staff are paid accurately and on time while also taking care of BAS lodgments, reducing the risk of non-compliance and penalties.
In-depth financial reporting:
Accountants possess the knowledge and tools to prepare comprehensive financial statements and tax returns for NDIS organisations. Accurate financial reporting not only keeps the organisation in compliance with regulatory authorities but also provides valuable insights into its financial health. This information can be instrumental in making informed decisions and setting strategic goals.
Asset protection and risk management
Asset protection and risk management are essential for the sustainability of NDIS businesses. These businesses often possess valuable assets like buildings, equipment, and investments. Accountants are instrumental in developing strategies to safeguard these assets and minimise potential risks. They may recommend insurance plans, legal structures, and other protective measures.
Additionally, accountants help optimise the financial structure of the organization, ensuring that financial resources are allocated efficiently. This, in turn, enhances the organisation’s long-term stability and ability to continue providing critical services to the NDIS community.
Accounting tips for NDIS business
- Make sure to write down and organise every financial action your business takes, like sales and purchases. This record-keeping helps you see exactly how much money is coming in and going out, which is crucial for smart decision-making.
- Plan how you’ll spend your money and keep an eye on it. Think of it like making a spending plan. This way, you won’t run out of money when you need it.
- For NDIS businesses, the selection of accounting software is crucial. Thriday, Xero, and MYOB are viable options, boasting features like invoicing, expense tracking, project management, and the ability to customise workflows. These attributes empower NDIS businesses to manage their finances and operations efficiently.
- Know and follow the tax rules for your business. It’s like following the rules of a game. Getting advice from a tax accountant like Max Marfin Accountant can help you manage your money better and be ready for tax payments.
How can MaxMargin accountant help NDIS business in accounting?
MaxMargin Accountants, based in Melbourne, is your dedicated partner in simplifying accounting for NDIS businesses. We recognise the unique challenges faced by NDIS business owners, including long working hours and demanding schedules.
Our extensive range of services, such as company registration, GST registration, company setup, GST consulting, tax planning, and business valuations, is meticulously designed to streamline financial processes.
Our in-depth knowledge of the NDIS Disability Support sector allows us to alleviate concerns related to bookkeeping, taxation, and compliance. We go beyond the basics, offering expert guidance on income tax minimisation, asset protection, and strategic planning.
As registered tax agents, we efficiently manage ATO interactions, optimising deductions and ultimately saving both time and resources. At MaxMargin Accountants, we’re committed to simplifying the financial aspects of NDIS businesses, allowing them to focus on what they do best.
An accountant for your NDIS business is not just an asset but a necessity. Their expertise in managing financial complexities and ensuring compliance is a game-changer. If you’re based in or around Melbourne, consider seeking professional assistance from MaxMargin Accountants, With our tailored support, you can fortify your financial foundation for a meaningful impact where it’s needed most. Contact us today to get started.