The number of NDIS participants across Australia has been rising for a while now, but the number of registered NDIS providers is also growing steadily. Over the last quarter, over 9,000 active providers served people with disabilities.
However, some NDIS businesses are doing much better than many others. If you want to make your business stand out, too, here are some mistakes you need to avoid.
Treating an NDIS Business as A Business Like Any Other
A business may be about following your passion and showcasing a skill, but at its core, it’s there to make a profit. But NDIS businesses are distinctly different; they need to be centred around the idea of helping people with disabilities—the profits are a by-product, achieved by providing the best possible support and services.
So, the biggest mistake you can make with an NDIS business is treating it as a money-making scheme. This also backfires because, unlike most regular businesses, NDIS businesses involve some specific challenges, risks and complexities. As a closely regulated industry, the NDIS sector has several layers of mandatory compliance requirements, and businesses that fail to acknowledge this may incur devastating losses early on.
Not Leveraging Bulk Claims
Many NDIS businesses are making several payment-related mistakes without realizing them. One of the most common of these is failure to make the most of bulk claims. The NDIS portal allows you to create bulk payment requests. This feature is incredibly helpful for NDIS providers since it saves time and effort while reducing human error.
Generally, the more expansive an NDIS business, the more participants it’ll have. Each participant may have multiple support or service requests in a month. Submitting a separate invoice for each of these requests would make your business’s processes very slow and inefficient.
Thinking of Auditors as Consultants
The audit process is necessary for any NDIS business that hopes to become registered. However, many businesses fail to prepare well before the audit process, wrongly believing that the auditor will guide them.
An auditor’s job is limited to a few tasks involving checking and analyzing your business and systems and whether they comply with NDIS standards. They will also test your experience and knowledge as an NDIS provider, but they can’t give you any sort of consultation or suggestions for improvement.
But you know who can help you with that?—Ace Biz!
At Ace Biz, we offer business advisory services and our professional accountants can help you with everything you need to know about setting up and running an NDIS business. Give us a call, and let’s discuss this further.