June 27, 2022
Have you ever used the assistance of an accountant?
If you have, you’ll know just how convenient and important they are when it comes to your personal finances.
Usually tasked with the job of preparing your tax return, they ensure that your taxes are paid properly and on time, while giving you effective strategies and best practices on how you can manage your money. They’re also on hand to identify any potential issues you might encounter with your tax and finances.
What many people don’t realise, is that engaging a plan manager is a lot like having a personal NDIS accountant. While a plan manager won’t file your tax return, they’re able to handle all the nitty gritty financial tasks associated with your NDIS plan – saving you time, money and stress.
In this blog, we explore the ways our experienced and professional plan managers at Disability Plan Services can act like your personal NDIS accountant.
Much like an accountant for a business, a plan manager receives the various invoices issued by your providers and pays them on your behalf. They’ll also be tasked with the job of filing any paperwork associated with these bills, to ensure everything is accounted for in case of an audit. When you engage Disability Plan Services for plan management, you’ll save time and stress knowing your providers are being paid the correct amount, on time, and that all paperwork is being filed and stored properly.
One of an accountant’s main priorities is to balance the books and ensure a person or business is not overspending or underspending. It’s a difficult job that requires a lot of planning and foresight to ensure spending is justified and reasonable. If you choose to self-manage your funding, without a plan manager, you’ll need to be fully accountable for all spending within your NDIS plan.
Thankfully, our plan managers offer individual assist NDIS finance management to ensure your budget is being utilised to its full potential. Much like an accountant, they’ll give you the heads up when you have some money remaining in a particular budget that you have not used throughout the year. They can also negotiate prices with your providers on your behalf, so you’re getting the most out of your budget and not spending too much on a particular service.
Accountants help individuals prepare for tax season by compiling a range of documentation and evidence to give people the best financial outcome possible. Similarly, a plan manager can help you prepare for any upcoming plan reviews to ensure you’re getting the right funding for the plan ahead. For example, if your plan manager notices you’re consistently maximising parts of your Core Support budget, but have under-utilised any of the funding available in some of the categories in your Capacity Building Supports budget, they can issue recommendations when it’s time for you to have a plan review.
Now that you can see how a plan manager acts as your own NDIS accountant, here are some of the beneficial ways a plan manager doesn’t act like a traditional accountant –
When you choose Disability Plan Services to manage your plan, you’re getting expert NDIS support from people with years of experience in this industry. The insights and individual assist NDIS help we can offer is second-to-none. When you utilise our plan management services, we ensure you unlock the full potential of your NDIS plan and preferred providers, giving you financial peace of mind. To learn more about our plan management services, contact us today!
Disclaimer: Utilising the services of an NDIS-registered plan management provider like Disability Plan Services does not mean you’re receiving the financial services of an actual accountant. While plan managers track your NDIS budgets, pay the invoices associated with your plan on your behalf and help you prepare for planning reviews, they’re not authorised or qualified to give you personal financial advice.
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