Simplifying Project Trust Account Management

Project Trust Accounts (PTAs) are fundamental in safeguarding subcontractor payments within Queensland’s construction sector. Mandated by the Building Industry Fairness (Security of Payment) Act 2017, PTAs ensure that project funds are segregated and managed according to strict compliance standards. BuildTrust® offers a groundbreaking software solution designed to streamline PTA workflows, reduce errors, and improve regulatory compliance. With BuildTrust®, managing a project trust account becomes a seamless process, empowering contractors to focus on delivering exceptional projects.

Key Benefits of BuildTrust® PTA Software

• Automated Payment Handling: From invoice scanning to generating .aba files, BuildTrust® ensures swift and accurate payment processing.
• Error-Free Reconciliation: Automatically matches payments and invoices to maintain balanced ledgers.
• Compliant Reporting: Generates audit-ready trust ledgers, reconciliation statements, and financial reports, such as Profit & Loss and Trial Balance, to meet PTA and legislative requirements.

Unlock Compliance with BuildTrust®

BuildTrust® helps construction businesses handle PTAs with precision and efficiency. By integrating advanced features such as automated reconciliations, compliance-ready reporting, and proactive error correction, this software enables businesses to maintain accurate and trustworthy project trust account records. Features such as bank feed automation, integration with platforms like Procore, and major accounting software, as well as ISO 27001-certified data security, further elevate its utility.

Simplify QBCC Trust Requirements with Experts

Navigating QBCC trust requirements can be complex and time-consuming, but it doesn’t have to be. With the right experts like BuildTrust® by your side, you can streamline compliance, avoid costly mistakes, and focus on what matters most: growing your business.

• Trust Record Management: Automates ledger creation and transaction recording, ensuring compliance.
• Legislative Compliance: Meets BIF Act standards with balance-ready ledgers for audits.
• Audit-Ready Reports: Provides detailed, compliant trust and financial reports.

Streamline your processes with BuildTrust® and ensure accurate trust accounting in line with QBCC trust requirements. Contact us today for a demo and experience seamless trust management.

Effortless QBCC Reporting Software for Builders and Contractors

Managing trust accounts can be complex, but BuildTrust® simplifies it with its innovative QBCC reporting software. Designed to align with the BIF Act, this solution automates trust ledger management, ensures timely reconciliations, and provides audit-ready records. Whether handling beneficiary interests or managing GST inclusions, we ensure accuracy and compliance at every step. Stay ahead of regulatory demands and experience hassle-free trust account management.

What Is a Retention Trust Account?

A retention trust account is a secure financial tool designed to protect subcontractors and ensure fair payment within construction projects. With new regulations in Australia, particularly in Queensland and New South Wales, managing retention money properly has become a legal obligation. But beyond compliance, a well-managed retention trust account can enhance transparency, build stronger business relationships, and reduce financial risk.

Who Needs a Retention Trust Account?

The following stakeholders are often required (or strongly advised) to use a retention trust account:

• Licensed builders working on commercial projects

• Developers managing multiple subcontractors

• Project managers overseeing contract payments

• Construction companies dealing with large-scale projects

If you're managing retention money, regardless of your project size, it's best practice — and in many cases legally required — to keep those funds in a dedicated trust account.

What Is Online Accounting Software and Why It Matters

Online accounting software has transformed the way small businesses handle finances. Unlike traditional desktop applications, cloud-based accounting tools offer flexibility, automation, and real-time access to your financial data from anywhere. This is especially beneficial for businesses looking to simplify their bookkeeping and improve cash flow management.

With online accounting software, business owners can track expenses, issue invoices, manage payroll, and generate financial reports—all in just a few clicks. If you’re still relying on spreadsheets or outdated systems, switching to a modern solution like Build Trust’s financial management platform could save you time, money, and errors.

By leveraging BuildTrust®, companies ensure they are fully compliant with Queensland’s project trust account regulations while simplifying their administrative burden. Contact us today to discover how BuildTrust® can transform your PTA management!