Project Bank Accounts – COINS Software is Ready
The Queensland Government recently announced the next stages of the Project Bank Account (PBA) system are proposed to roll out from 1 July 2020, with the legislation set to apply to all Queensland building projects valued above $10 million from 1 July 2021 and those above $1 million from 1 July 2022.
COINS has already developed and installed specialised PBA functionality within its construction industry-specific software to allow customers to easily manage payments, taking the headache out of complex administrative tasks and significantly reducing the risk of non-compliance.
The cloud-based software allows customers to manage end-to-end PBA processing obligations in a logical and efficient manner, starting with the creation of a contract and activation of PBA control functionality to ensure funds are managed and distributed to a PBA account when required, rather than a general bank account.
It delivers the efficiency to manage PBA legislation compliance seamlessly, removing arduous manual processes which reduces the risk of human error. This helps customers save considerable processing time, reduces costs and most importantly, effectively meets compliance obligations.
By using a single system in which all financial data is stored, a construction enterprise can manage growth while reducing risk, by accessing the key performance information needed to make timelier and more informed commercial and financial decisions.
For more information on how COINS software solutions can help you prepare for the management of PBA legislation, contact COINS Australia Client Relationship Manager Joff Johnson.