NDIS Funding Management for Personal and Business Growth

NDIS funding management
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Getting your head around NDIS funding—whether it’s for your own plan or your business can feel a bit like trying to sort out a messy desk. But it’s super important to get it right. When it’s for you, it means your plan gets you the support you need, exactly when you need it. If you’re running a business, knowing your NDIS funding stuff well is key to giving great service and helping your business shine.

This guide gives you clear, no-fuss info to manage NDIS funds like a pro. We’ll help you cover:

  • Understanding your NDIS plan
  • Choosing the right providers (or becoming one!)
  • Keeping track of your spending

Our aim? To help you feel confident with your NDIS business or funding. That way, you can focus on smashing your goals or growing your awesome business. 

Free up your NDIS focus. Let's get your finances sorted.

Understanding your NDIS plan

Think of your plan as your personal roadmap from the National Disability Insurance Agency (NDIA). It lists the supports the NDIA has funded for you. It also shows your total funding, breaks it down into different ‘support categories,’ and tells you exactly how much money is in each.

Usually, your plan and its funding last for 12 months, though this can vary a bit. Your plan will have clear start and end dates, and the money is generally meant to be used in that timeframe. So, it’s smart to get familiar with these dates and the amounts in each support category.

Your NDIS funding is usually split into three main budgets (you might see them called ‘support budgets’):

Core Supports

This budget helps with daily living activities. It’s often the most flexible budget, allowing funds to be used across its four sub-categories (Consumables, Daily Activities, Social & Community Participation, Transport).

Capacity Building Supports

This budget focuses on building independence and skills. It covers areas like improved living arrangements, increased social participation, finding and keeping a job, improved relationships, health and wellbeing, lifelong learning, choice and control (including support coordination), and improved daily living skills (like therapy). Funds usually need to be spent within the specific sub-category they are allocated to.

Capital Supports

This budget is for higher-cost items like assistive technology, equipment, home or vehicle modifications, or Specialist Disability Accommodation (SDA). This funding is less flexible and usually for specific items or purposes, often called ‘stated supports’ because they’re clearly listed.

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Your NDIS plan details the supports and budget for each category. You can view your plan specifics, like amounts in each part and remaining balances, on the NDIS participant portal (myplace) or the NDIS mobile app.

Choosing your management option

With the NDIS, you’re in the driver’s seat – not just with your supports, but also with how you manage your funding.

You’ve got three main ways to handle the money in your NDIS plan:

  • NDIA-managed funding: This is where the National Disability Insurance Agency (NDIA) looks after the financial side for you.
  • Plan-managed funding: You get a plan manager to help you with the NDIS money matters.
  • Self-management: You manage your NDIS funds yourself, giving you more direct control.

And guess what? You can even mix and match these options for different bits of your plan.

Picking the right way to manage your funds is a biggie, as it really shapes how you can use your NDIS money for supports. So, think about what works best for you – like how much time you have, and how comfy you feel with the money side of things. Each option comes with its own mix of freedom and things you’ll need to keep an eye on.

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NDIA-managed funding (agency-managed)

With NDIA-managed funding, the NDIA pays your chosen NDIS providers directly on your behalf. This option offers the least administrative burden for the participant. However, it limits your choice of providers to only registered NDIS providers.

The NDIA handles all payments and record-keeping associated with your funding agency-managed support. NDIS pricing is subject to price limits. This can be a good option if you prefer not to handle invoices or financial administration.

Plan-managed funding

Your plan manager is a registered NDIS provider, and their services are paid for by your NDIS plan (it’s usually in a part called ‘Improved Life Choices’). Their main job is to handle the money side of your plan. Think of them as your NDIS money helper – they’ll pay your invoices, keep an eye on your spending, and sort out the financial reports for the NDIA.

One of the best bits about having a plan manager? You get more choice in who you use for your supports – you can pick from NDIS registered providers and those who aren’t registered. Your plan manager sorts out all the admin, like paying any GST, so you can chill and focus on getting the support you need. Plus, they can give you handy tips on budgeting and help you keep track of how you’re using your plan funds.

Self-management

Keen on having the most freedom and say over your NDIS money? Self-management could be for you.

With this option, the NDIA sends the money straight to your bank account. Then, you’re in charge of paying your providers, keeping your budget on track, and making sure you have good records of everything. That means holding onto all your receipts and invoices for anything you buy with your NDIS funds.

A big plus for self-managing is that you can choose any provider you like – whether they’re NDIS registered or not. You might even be able to chat about prices and get better deals.

But, it’s good to know that this way does mean more paperwork and organising on your end. You’ll need to spend time keeping tabs on your spending and making sure you stick to all the NDIS rules. So, while self-management gives you top-level choice, it also means you’re taking on the biggest share of responsibility compared to other ways of managing your funds.

Here’s a comparison:

Feature

NDIA-Managed Funding

Plan-Managed Funding

Self-Managed

Provider Choice

Registered NDIS Providers only

Registered & Unregistered Providers

Any Provider (Registered or Unregistered)

Invoice Payments

NDIA pays providers directly

Plan Manager pays providers

Participant pays providers

Record Keeping

NDIA manages records

Plan Manager manages records

Participant manages records (including keeping receipts)

Budget Management

Monitor via portal/app

Monitor via portal/app & Plan Manager reports

Participant directly manages budget

Flexibility

Lower

Higher

Highest

Admin Effort

Lowest

Low (Participant chooses providers)

Highest

You can discuss these options with your Local Area Coordinator (LAC) or NDIS planner to decide which suits you best. Remember, you can change your management option at your next plan reassessment or by requesting a plan variation if your circumstances change.

Talk to our Sydney based team today

Creating a budget

Budgeting your NDIS funds is key, no matter how you manage them. A good budget helps you:

  • Plan where your NDIS money will go for all your supports.
  • Make sure you have enough cash for essential services throughout your plan.
  • Avoid running out of funds before your plan ends.
  1. List your supports and their costs:
  • Jot down all supports listed in your NDIS plan.
  • Note their estimated costs – check your plan for the funding amounts for each part.
  • Remember to include both regular supports (like weekly therapy) and occasional needs (like respite care or tech maintenance).
  1. Allocate your funds:
  • Decide how much money to set aside for each support.
  • Think about what’s most important and how often you’ll need it.
  1. Choose your budgeting tool:
  • Use what works for you: a spreadsheet, a budgeting app, or even just pen and paper can help you map it out.
  1. Review and adjust regularly:
  • Keep checking your budget against what you’re actually spending.
  • This is the best way to stay on track with your NDIS funds.

Finding and choosing service providers

Picking the right NDIS providers is a big step towards kicking your plan goals! Who you can choose often depends on how you manage your NDIS funds:

  • If you’re plan-managed or self-managed, you can usually pick from NDIS registered providers OR those who aren’t registered.
  • If your funding is NDIA-managed, you’ll need to stick with NDIS registered providers.

Doing a bit of homework can help you find providers who are a good fit. Here’s how:

  • Think about what you need: What experience should they have? Are they qualified? Where are they based, and how do they like to work with people?
  • Ask around: Chat to friends or other NDIS participants for recommendations.
  • Look online: Check out reviews and see what others are saying.
  • Check their NDIS registration: If it’s important for you, you can look up a provider’s registration details on the NDIS Provider Finder tool (you’ll find it on the NDIS website).

It’s a smart move to have a service agreement with your chosen providers. This is just a clear written agreement that spells out things like:

  • What supports they’ll give you.
  • How much it will cost.
  • When and where you’ll get the supports.
  • Who’s responsible for what.
  • How you’ll sort out any worries if they pop up. Having this written down helps make sure everyone knows what to expect and avoids any mix-ups.

Don’t be shy about chatting with potential providers – you can even ask if you can try out their service. Finding someone you click with is really important for getting the best support.

Got a support coordinator in your NDIS plan? They’re awesome at helping you find and connect with providers who are right for you.

Keeping track of your spending

Keeping an eye on your NDIS plan spending is something you’ll need to do regularly. It’s the best way to make sure you stick to your budget and have enough funds to last your whole plan. How you do this will change a bit depending on how your funds are managed.

If you self-manage your funds

When you’re self-managing, keeping good records is super important. This means:

  • Holding onto receipts for everything you buy with your NDIS funds.
  • Logging your expenses as you go. You’ll also need to send payment requests through the my NDIS participant portal to get the money from the NDIA to pay your providers.

If you have a plan manager

Got a plan manager? They’ll handle most of the payments and claims for you. They should send you regular updates (like statements) showing what you’ve spent and what’s left. Even so, it’s a good idea to also check your spending yourself using the my NDIS participant portal or the NDIS mobile app. This helps you make sure everything’s on track and manage your budget well.

If your funds are NDIA-managed

When your funds are NDIA-managed, the NDIA takes care of paying your providers. But it’s still smart for you to keep an eye on your budget. You can use the my NDIS participant portal or the NDIS mobile app to check how much money you have left and see how your spending is tracking against your plan. This helps make sure your funds are used well throughout your plan.

Dealing with changes and challenges

If your needs change a lot, or your current plan just isn’t cutting it, you can ask for a plan reassessment (that’s like a review). To get ready for your reassessment chat:

  • Pull together any info or evidence that shows why your needs have changed.
  • Have a good think about what changes you reckon you need in your plan. A reassessment might mean changes to your total funding or how it’s split up between different support areas.

Dealing with surprises

Sometimes, unexpected things pop up – maybe a provider suddenly stops their service, or your assistive tech needs urgent fixing.

  • If you can, try to keep a little bit of ‘just in case’ money in your budget for these surprises.
  • If something major happens, don’t stress – get in touch with your Local Area Coordinator (LAC), support coordinator, or the NDIS folks directly.

Just a heads up – things like getting compensation money (say, from workers’ comp or a car accident for your disability) can sometimes affect your NDIS funding. It’s good to be aware of how these might play together with your plan.

Also, if you get ‘in-kind’ supports (these are things government agencies provide directly, like some types of special housing or supports if you’re in residential aged care), it’s helpful to understand how these fit into your NDIS plan too.

Making the most of your funds

Good NDIS fund management isn’t just about watching your spending – it’s about getting the best possible value from your budget. This means thinking smart about how your supports can team up to help you smash your goals. It’s worth looking into choices that could give you better results or save you money in the long run.

Smart ways to use your funding types

Think about how different types of support can work together:

  • Building your skills for the future: Sometimes, using funds for ‘capacity-building’ supports (like therapy to learn new skills) can mean you need less ‘core support’ (like help with daily tasks) down the track. For example, therapy could help you do more for yourself, meaning less need for daily help.
  • Tech to boost your independence: Investing in assistive technology (that’s a ‘capital support’) can often mean you gain more independence and might need fewer hours of personal care.

Exploring different ways to get support

Don’t forget to check out different ways to get your supports:

  • Group vs. one-on-one: For some goals, group therapy or programs could work just as well as individual sessions and might even save you some NDIS funds.
  • Tap into community resources: Using free or low-cost community activities and services alongside your NDIS supports can make your plan go even further.
  • Living supports: If it fits with your goals, look into options for things like Specialist Disability Accommodation (SDA) or other living supports.

Keep checking in on your supports

Make it a habit to check if your current supports are still the right fit for you and what you want to achieve. Ask yourself: Are these supports actually helping me get the results I hoped for? If something’s not hitting the mark, don’t be afraid to look into different NDIS providers or try a new approach. It’s your plan, after all!

Planning for the future

Thinking ahead is your secret weapon for getting the most out of your NDIS funds! Your NDIS journey includes regular plan reviews, usually once a year. Think of these as a friendly check-in point. They’re a great chance to look back at how you’re going, check if your goals are still the same, and tweak your support plan for the next 12 months.

Here’s a handy tip: throughout the year, make a few notes about:

  • What supports have been awesome and really worked for you.
  • Any hurdles or tricky bits you’ve faced.
  • Any changes in your life or what you want to achieve. This info is gold when it’s time for your plan reassessment meeting. If you’ve got clear examples and know what you want to ask for, things will go much smoother.
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Don’t just think about the next 12 months – dream big! What are your goals for further down the track? Chat about these bigger dreams during your plan reassessment. This helps make sure your NDIS plan can keep up with your changing needs and help you get where you want to go in the long run.

Getting help with NDIS funding management

Let’s be honest, figuring out NDIS funding can feel like a lot sometimes. But the good news is, you don’t have to do it all by yourself! There are heaps of people and resources out there ready to lend a hand. Knowing who to call on makes a big difference.

Here are some of the main folks who can help you out:

  • Your Local Area Coordinator (LAC) or Early Childhood Partner: These guys are often your first port of call. They can help you get your head around your plan and how the NDIS works, and give you tips on managing your funds.
  • Your Support Coordinator: If you’ve got funding for a support coordinator in your plan, they’re a real lifesaver! They can help you put your plan into action, find and connect with providers, and make sense of your budget.
  • Your Plan Manager: If you’ve chosen to have a plan manager, they’re your go-to for all the money admin and keeping track of your budget.

If you’re self-managing, the NDIS website has heaps of useful guides and info. Don’t forget, disability advocacy groups can also offer independent advice and support if you need it.

NDIS funding can get messy; Let’s keep it simple with Sleek

As an NDIS provider, you’ve got enough on your plate! Juggling NDIS financial management – from billing and claims to compliance, planning, and budgeting—is a massive task.

That’s where Sleek comes in. Our expert accounting services take the stress out of your NDIS finances. We handle the tricky stuff like financial statements, NDIS claims, and keeping up with all the rules. This means you get clear, compliant books and can focus on what you do best: delivering quality support. All with no jargon, no guesswork.

Ready to get your NDIS financial management sorted, so you can breathe easier? Let’s do it – fast, accurate, and NDIS-ready. Contact us today.

Talk to our Sydney based team today

Conclusion

Do you want to be successful in NDIS funding management? It’s totally doable and gives you real control over your supports! Here’s how to make your NDIS plan work best for you and help you achieve your goals:

  • Know your plan: Get clear on what’s in it and decide how you’d like to manage your funds.
  • Budget wisely: Keep a good eye on your spending.
  • Choose your team: Find NDIS providers that suit you and use service agreements.
  • Use your supports: Don’t forget helpful people like your LAC, support coordinator, or plan manager.
  • Stay informed: Check the NDIS participant portal or app to track your funding.

When you actively manage your NDIS funding, you ensure your plan helps you kick your goals and live life more independently.

FAQs about NDIS funding management

NDIS funding management is how your NDIS plan money is looked after. The NDIS gives eligible people funds to pay for supports. These supports help them live better lives. You can choose how your funding is managed. There are a few options.

  • NDIS Managed: The NDIA pays providers directly.
  • Plan Managed: A plan manager helps you with invoices and payments. They also give you budget advice.
  • Self Managed: You handle all the payments and paperwork yourself.

Plan management gives you more choice and control. You can use registered and unregistered providers. A plan manager takes care of the paperwork. This lets you focus on your business and participants.

Plan management can save you time and stress. You don’t need to chase payments. Your plan manager handles the invoices and payments. This helps with your cash flow. It also means less admin work for you. This frees you up to grow your business.

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