Leading construction company CIP Constructions is mastering the challenges of Project Trust Account compliance with help from Access Coins ERP software.
The nation-wide commercial and industrial construction business was faced with the mammoth project of updating its Enterprise Resource Planning (ERP) system when its previous platform didn’t meet business requirements across multiple departments, especially with project trust account legislative changes in Queensland.
In 2021 the Queensland Government initiated the phased rollout of Project Trust Accounts (PTAs).
Currently, PTAs are mandated for Queensland state government, and hospital and health service projects valued at $1 million or more, and local government and private sector projects exceeding $10 million.
With similar changes expected to be rolled out in other states in the future, Access Coins recognised the value of having a ready solution to help construction companies maintain Project Trust Account compliance.
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 [Queensland Building and Construction Commission] 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.”
The ability of Access Coins to support the company’s expansion was also vital, Zhang said.
“CIP Constructions continues to experience strong growth, fuelling new projects and new teams, so we need a system that can support that capability, and one that is able to grow with us.
“With the old ERP system we were using there were several challenges faced by different departments throughout the business.
“The technology was becoming outdated, and it was not originally designed to cater to an Australian market. The integration capabilities were very limited, and it didn’t work with a lot of critical applications that we require for the business, like expenses and automations.”
So, the decision had to be made to change ERP systems for a better solution, Zhang said.
“Using Access Coins will give us more confidence with our reporting and confidence that the data can be utilised in a way our management team is satisfied with.
“With Access Coins we have one platform that integrates across the business.”
The expert knowledge and support provided by the Access Coins team was another huge deciding factor, Zhang said.
“With the previous system implementation, there was not enough support from the software provider, throughout and post-implementation,” she said.
“The communication with the Access Coins teams has been fantastic. There are regular meetings to provide updates on how the progress is tracking and roadmaps throughout the whole implementation system.”
Access Construction general manager Alex Boury said compliance was 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.
“Construction companies are looking for functionally rich systems that can manage their core business in one platform and that has the capability to scale as they grow.
“Access Coins is developed only for construction to help companies improve project, finance and operational management, so construction leaders can be confident they are investing in technology that will help their business thrive.”
Get in touch with Access Coins construction experts today.
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