We are thrilled to announce that Workbench International is collaborating with industry experts in the construction sector to enhance our services and meet the new regulatory requirements on trust accounts in Australia and New Zealand. These changes aim to ensure the protection of subcontractors' payment claim funds and improve financial compliance for head contractors.
Under the recent amendments in the Construction Acts of Australia and New Zealand, head contractors are now mandated to hold retention funds in trust accounts. Furthermore, specific construction projects in Australia are required to maintain project funds in dedicated trust accounts. However, managing these trust accounts can be complex and time-consuming, posing potential non-compliance risks and financial challenges for head contractors.
To address these obstacles, Workbench is actively developing new functionality that will enable head contractors to efficiently manage Project Trust Accounts (PTA) and Retention Trust Accounts (RTA). With our upcoming solution, head contractors will have the ability to easily identify and maintain separate trust accounts for each construction project, as well as for each subcontract if necessary. This will provide a streamlined process for compliance with the trust account regulations. In addition, our new functionality will empower head contractors to regularly provide retention balance reports to subcontractors. These reports will include comprehensive details of the retention transaction history and account balances. By supplying subcontractors with the necessary trust account information, we aim to instil peace of mind and foster transparency within the industry.
Moreover, our system will allow the configuration of specific General Ledger accounts for each Trust Account, facilitating seamless transaction reporting once the information is exported to the financial system. This feature will ensure accurate and efficient auditing processes, enabling easy traceability of all transactions within a project.
We are committed to keeping you informed about our progress throughout this development journey. You can expect regular updates on our blog and Release Notes. We extend our sincere gratitude to the clients who have provided valuable feedback during this process. Your input has been instrumental in shaping our solution, and we appreciate your ongoing support.
At Workbench, we are dedicated to providing innovative solutions that address the evolving needs of the construction industry. By streamlining trust account management and compliance processes, we aim to empower head contractors and subcontractors alike.