Understanding Project Trust Accounts
In a bid to strengthen the security of payments to subcontractors, a new Project Trust Account framework was introduced in Queensland in 2021, initially for government projects valued at $1 million or more.
The mandate has since expanded to include private sector projects exceeding $10 million and its likely similar laws will apply in other states in coming years.
Understanding the importance and complexity of managing PTAs, Access Coins developed an in-built solution to simplify the way construction companies meet the legislative framework.
Visit our guide outlining practical and strategic ways to navigate and thrive within the PTA regulatory changes.
Compliance is Key in Construction
CIP Constructions’ Chief Financial Officer, Cici Zhang said PTA compliance was a big deciding factor in switching to the Access Coins ERP platform.
“One thing we were mindful of was the trust account legislation requirements, and if an ERP system would be able to produce the reports and the data needed for the QBCC audit requirements,” she said.
“Initially QBCC were quite flexible with all the systems unable to comply with the new reporting requirements, but the regulation isn’t going away. I see more states introducing it.
“So, it’s quite important we have a system that can cater for the PTA reporting requirement so we can consistently comply with audits required by QBCC and the Queensland Government.
“With Access Coins having something that’s readily built within the system for PTA compliance, we are taking a big step forward to adopt that,” Ms Zhang said.
Simplifying Compliance with Construction Management Software
Alex Boury, General Manager at Access Construction, said compliance is a key driver for construction companies to modernise their business systems.
“The Australian construction sector has complex regulatory requirements and ERP software that is engineered specifically for the industry can provide huge business value by easing administrative burdens and meeting compliance,” he said.
Get in touch with our construction experts today to find out more on how Access Coins construction-specific ERP software can transform your business.
