Providing services under the National Disability Insurance Scheme (NDIS) requires providers to navigate a complex web of paperwork. Invoicing customers and claiming payments back is a prime example. It’s essential to make sure invoices are complete and accurate, based on up-to-date information and formatted according to the NDIS requirements.
If you struggle to do this regularly, frequently, and, of course, successfully, then your cash flow could take a significant hit as you wait to receive your payments. However, if you can streamline this process and ensure that every invoice is accurate and complete, and all details are uploaded to the NDIS processing system in the correct format, then you can more accurately manage your cash flow and put more resources towards providing services for your clients.
Changing your business practices to account for NDIS accounting models sounds burdensome and onerous. However, it doesn’t have to be. And, with the right solution, you can actually save time and money while improving your compliance with NDIS requirements.
Streamlining workflows to save time and money
When you can streamline your workflows and even automate where possible, you can save both time and money. Time, because your workers no longer have to spend quite so much of it searching for data and checking (and re-checking) invoices. And money, because you can be assured that you’re capturing all of your services and activities for invoicing, recouping your costs, and getting paid more often.
There are three simple steps to streamlining your workflows:
- Centralise data and documents into one platform
You have lots of data about your clients, the services you provide them, external providers, and more. However, if you’re like most NDIS service providers, that data resides in a multitude of different systems including Excel spreadsheets, and it can be a real challenge to pull it all together.It’s important to use an intelligent information management (IIM) system to track all the relevant information including:
- activity logs and timesheets
- billable hours and activity statements
- budgets including amount spent versus amount remaining
- resource availability
- and more
- Automate processes
Even with all the relevant information readily available, it can still take time to identify the services that need to be charged to each client and the amounts they need to be charged, then create an invoice for them.Furthermore, you need to enter data into the government’s Provider Digital Access (PRODA) system so that you can get paid. If your data isn’t in the right format, it won’t be accepted and you won’t get paid. This can have a disastrous impact on your cash flow and bottom line.If you have a recurring billing setup with your clients, then invoicing can’t just be based on an activity log because the total amount needs to be determined based on the recurring billing setup costs for the week. Again, getting this wrong can mean you’re leaving money on the table and invoicing customers incorrectly. An IIM system from Storata can help you automatically determine and report on those recurring billings and setup costs. It will link all billing and support information to the relevant person, then automatically create an accurate and comprehensive invoice without errors. Reducing the time spent manually managing these processes means your staff can concentrate on servicing clients.
- Improve reporting
To manage your business effectively, you need clear visibility into your staff’s productivity, billings, and cash flow. Using the Storata IIM system, you can gain real-time information that helps you make smarter decisions.For example, you can help your staff members organise their work more efficiently, track their progress towards stated goals and outcomes, and identify where they may need more support or training.Similarly, by linking all relevant documents regarding an individual client, you can quickly see what support they need and how well they are being serviced by your business. This can let you identify areas for improvement, which can help avoid customer churn.Reporting more holistically can help uncover patterns and trends that you can use to improve the quality of service you provide as well as do more with the resources you have.
The benefits of streamlined workflows
By streamlining your workflows through automation and better information management, you can achieve significant benefits. These can include:
- fewer costs and better cash flow
- better insights into client and staff needs
- less time spent on compliance; more time spent on client service
- more efficient invoice processing (up to 40 per cent)
- reduced reliance on error-prone, inefficient, manual systems
- improved cash flow through more regular and frequent invoicing.
- Achieving these benefits depends on your business having access to the right IIM system configured for your unique needs.
Storata partners with leading software vendor, M-Files, to provide leading edge and affordable solutions to help you comply with all NDIS requirements. To find out more, read our blog on the role of technology in supporting NDIS compliance, or contact us today.
