If you’ve ever faced a QBCC MFR suspension you know the amount of stress that being in that situation can cause. Often, business owners are faced with what could have been an avoidable situation, simply because their advisors and accountants are not specialists in the particular MFR (Minimum Financial Requirements) regulations of the QBCC.
Our client, Gary Scott tells his story in this case study and discusses how working with our team of specialist QBCC accountants helped to solve his MFR issues and ultimately resolve his QBCC suspension.
Gary Scott is the director of Creative Construction Services, a company that specialises in renovations. He loves the satisfaction of transforming rundown houses into immaculate projects. However, as his business grew, he encountered a problem with his accounting that caused him a lot of stress and even resulted in a two-week suspension from the QBCC.
Here is how working with the specialist QBCC Accounting team at Xact Accounting saved his business:
Gary’s business started to encounter difficulties when he moved up into a new QBCC category. His accountant at the time wasn’t competent enough, and didn’t have the specialist QBCC knowledge, to deal with the transition.
Gary started having problems dealing with the QBCC, and his situation snowballed from there. His accountant kept submitting incorrect information to the QBCC, and Gary thought everything was being taken care of when it wasn’t. In the end, he received a two-week QBCC suspension because of the incorrect information submitted by his accountant, meaning he could no longer undertake any business.
Gary knew he needed a new accountant who was familiar with QBCC regulations. A friend recommended Xact Accounting, and Gary got in touch with our founder and CEO, Michael Renton.
From the first meeting, Gary felt much calmer with our professional team taking control. Mick, along with Xact Partner and Client Director Joshua Robertson, quickly identified what went wrong with the previous accountant’s submissions and were able to resolve the issue within just a few weeks, allowing Gary to get back to building and looking after his clients.
The Xact Accounting team were able to align QBCC’s MFR requirements to Gary’s new QBCC category, assist him in communicating clearly with the QBCC and ensure his business is structured for optimal future success.
As a specialist QBCC accountants, Xact Accounting is familiar with the regulations that govern the construction industry in Queensland. We ensure that your business is compliant with all regulations, reducing the risk of costly mistakes and penalties.
Xact Accounting is an expert in building and construction accounting – and because of our deep knowledge in the sector, we provide expert advice and assistance across all aspects of your accounting. With our specialist accountants taking care of this side of your business, you can focus on your core business operations.
In addition to our core accounting and tax services, Xact Accounting can provide you with professional advice on the commercial side of your business, such as budgeting, cash flow management, job costing, and margin analysis. This advice will arm you with the knowledge and information you need to make better business decisions and ultimately, improve your financial performance.
Gary’s experience shows the importance of having a specialist QBCC accountant team, like Xact Accounting, for your construction business. If you’re struggling with accounting or dealing with QBCC regulations, working with us can help you save time, reduce stress, and avoid costly mistakes.
We offer a free QBCC Accountant Consultation to help you take that first step.
To find out more about how we can help you, contact us today.
