The Leading Trust Account Management Software for Head Contractors
Trust Account Management Software for Head Contractors
In the ever-evolving construction industry of Queensland, staying compliant with statutory trust requirements as per the BIFOLA Act is paramount. As head contractors or builders, managing trust accounts can be a daunting task. However, with BuildTrust, the leading project trust account management software for head contractors, you can streamline this process efficiently. This blog will delve into how BuildTrust helps builders in Queensland meet the upcoming statutory trust requirements, making trust account management seamless and stress-free.
Understanding the Statutory Trust Requirements
Building Industry Fairness (Security of Payment) Regulation 2018 mandates the administration of statutory trust accounts for head contractors on construction projects based in Queensland. The Queensland Building and Construction Commission (QBCC) will be regulating these new statutory trust requirements to protect subcontractors and suppliers. These requirements mandate that head contractors and builders maintain project trust accounts and retention trust accounts for specific projects (above $3 million wef 1st of March 2025 and above $1 million wef 1st of October). Failing to comply can result in severe penalties, making it essential to adopt a robust trust accounting system.
Why BuildTrust is the Best Trust Accounting Software for Builders
BuildTrust is designed specifically for head contractors and builders, offering a comprehensive solution for managing trust accounts. Here’s why BuildTrust stands out:
- User-Friendly Interface :
BuildTrust offers an intuitive and user-friendly interface that simplifies the complexities of trust account management. Even if you’re not an accountant or tech-savvy, you’ll find it easy to navigate through the software, ensuring that your trust accounts are managed efficiently. All you have to do is upload or enter subbies details and payment schedules and Build Trust will keep .aba files ready for you to upload on the pay day.
- Compliance with QBCC Project Trust Accounts:
BuildTrust will ensure full compliance with QBCC project trust account requirements. It will automatically update with the latest regulatory changes, so you never have to worry about falling behind on compliance.
- Automated Financial Management :
One of the key features of BuildTrust is its automation capabilities. It automates various financial management tasks, such as tracking deposits and withdrawals, creating journals as per double entry accounting system, generating financial reports, and reconciling accounts. This automation reduces the risk of errors and saves you valuable time. BuildTrust is an accredited CDR recipient for Open Banking to automatically download bank transactions for you.
- Secure and Reliable :
Security is a top priority for BuildTrust. Build Trust is cloud-based and employs advanced encryption technologies to protect your financial data, ensuring that your trust accounts are secure and reliable. It also meets ISO 27001:2022 requirements. 100% of your data remains in Australia. It is built by the same group that is a pioneer in statutory trust accounting for tax practitioners in Australia (TrustEasy).
- Comprehensive Reporting :
With BuildTrust, you have access to detailed trust accounting reports and financial reports in one place. This probably is the only platform today that produces financial reports like P&L, Trial Balance, and General Ledger for financial reporting purposes and transactions reports, General Ledger and Trial Balance for trust accounting purposes.
Key Benefits of Using BuildTrust for Trust Account Management
- Streamlined Processes
BuildTrust simplifies the process of managing trust accounts, making it easier for you to focus on your core construction activities. The software handles all the intricate details, ensuring that your accounts are always in order. It comes with a construction industry-specific chart of accounts, subcontractor types, automatic generation of receipts
- Enhanced Accuracy
By automating financial management tasks, BuildTrust minimizes the risk of human error. This accuracy is crucial for maintaining the integrity of your trust accounts and avoiding compliance issues. As soon as the user enters the payment schedule, BuildTrust creates automatic journal entries and all the corresponding reports are generated in the background.
- Time and Cost Savings
Managing project trust accounts and retention trust accounts manually can be time-consuming and costly. BuildTrust reduces the administrative burden, allowing you to save time and reduce operational costs. This efficiency translates to better project management and improved profitability.
How to Get Started with BuildTrust
- Free Software Demo
To experience the benefits of BuildTrust firsthand, we offer a free software demo. This demo allows you to explore the features and functionalities of the software, giving you a clear understanding of how it can streamline your trust account management.
- Easy Integration
Integrating BuildTrust into your existing systems is seamless. Our team provides comprehensive support during the setup process, ensuring that you can start managing your trust accounts efficiently without any disruptions.
- Continuous Support
Our commitment to your success doesn’t end with the software installation. BuildTrust offers ongoing support to address any queries or issues you may encounter. Our dedicated AI-based support team is always ready to assist you, ensuring you get the most out of our trust accounting software.
Conclusion
In conclusion, managing trust accounts is a critical aspect of construction projects in Queensland. With the QBCC’s stringent statutory trust requirements, it’s essential to have a reliable and efficient system in place. BuildTrust, the leading trust account management software for head contractors, provides a comprehensive solution that ensures compliance, accuracy, and efficiency.
By automating financial management tasks, enhancing accuracy, and providing detailed reporting, BuildTrust simplifies the complexities of trust account management. The software’s user-friendly interface, advanced security features, and continuous support make it the best trust accounting software for builders.
Don’t wait until compliance becomes an issue. Schedule a free demo of BuildTrust today and see how our software can revolutionize your trust account management. Click here to schedule your demo now!
