Business management platform MYOB has launched an update to MYOB Advanced Construction Edition, making it easier for Queensland-based construction businesses to comply with the mandatory trust account framework being rolled out by the state government.
The Queensland Building and Construction Commission’s trust account framework is already in place for projects over $10 million in value. Legislation is set to impact projects from $1 million the year after next, at which point it will affect many construction businesses for the first time.
Valantis Vais, MYOB Enterprise - Head of Product, says the legislative change, introduced as a part of the Building Industry Fairness (Security of Payment) Act 2017, highlights the need for robust solutions that can adapt to the changing demands of business owners.
“The trust account framework came into effect in March last year, with the roll out to continue over the coming years. While the changes will increase security and provide transparency around payments, they also add a layer of complexity for business owners as well as their accountants and bookkeepers.
“With the legislation for these new requirements looming, our platform offers a comprehensive solution to help businesses comply with the Queensland trust account framework. MYOB Advanced Construction Edition provides functionality to assistwith meeting requirements from the legislation, easy automation and reduced legal risk, from within their existing platform,” explained Valantis.
MYOB Advanced Construction Edition now enables users to create project trust accounts and assign beneficiaries, and trigger mandatory notifications for key events. It automatically creates trust ledger transactions when paying or receiving payments and contains new reporting features to show trust account movements.
The construction sector is Queensland’s second largest employer and the third largest sector in terms of economic output, contributing $27.3 billion to the state’s economy in 2019-20.1
“The construction industry in Queensland is booming, with stimulus packages supporting residential builds and demand for housing under the HomeBuilder scheme far exceeding expectations. Plus of course, all the migration to the sunshine state that’s increased significantly over the past few years,” Mr Vais said.
“From project bank accounts to record keeping and reporting, MYOB Advanced will help busy construction business owners stay compliant so they can spend more time focusing on their projects and their teams.”
For more information on MYOB Advanced Construction Edition, visit myob.com/au.
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.
About MYOB Enterprise
Scalable to meet the needs of growing businesses (from 20-1,000+ FTEs), MYOB Enterprise offers an integrated, all-in-one business management platform that helps mid-market businesses achieve their ambitions by connecting critical workflows through Enterprise Resource Planning and Customer Relationship Management, Payroll, and Workforce Management solutions – all backed by world-class software tailored specifically for the Australian and New Zealand markets. MYOB Enterprise also offers leading practice management solutions for Professional Services businesses. MYOB’s award-winning Advanced Business platform (powered by Acumatica) has been rated 4.5/5 stars by mid-market customers across Gartner’s Digital Market brands (Capterra, GetApp and Software Advice), and is named as a shortlist recommendation and 2021 category leader across the sites. MYOB Advanced has also been independently recognised as a leader in innovation through the global SaaS Awards and name an ABA100 Winner in The Australian Business Awards 2022 for ERP Innovation and Cloud Innovation.