The Hoops escaped relegation to the second tier on the final day of last season and have been quick to improve their squad.
Manager Mark Hughes has recruited six players so far this summer, with Manchester United's Park Ji-sung the latest and greatest name to join the west Londoners.
While Fernandes, who took over the club less than a year ago, thinks most of the good work has already been done, he admits as many as three new faces could still arrive at Loftus Road.
"It is ironic, this time last year I had one week to do it all," he told Press Association Sport.
"Now I've had the best part of two months and I think a lot of great work was done.
"We have never said this before but the moment the Man City game [on the final day of the season] was over, we started working.
"There was one night of celebration and then the guys started working on the squad.
"That is why we've hit the ground running, been able to make six signings and renew Adel [Taarabt's contract].
"It's good as it gives Mark a lot of time to gel the squad as obviously there are a lot of new faces that haven't played with each other.
"It is not going to be perfect to start off the season but we seem to be doing the right things there.
"Maybe two or three more signings are left and then we're done - and, I think, done for a while actually because we would then have a good nucleus for a long time.
"The work then has to start on the academy and bringing through kids, who started at QPR at 11 and go all the way up.
"That has been a poor end of QPR as we haven't had many players progress from the academy to the club itself."
QPR, who today embark on a 12-day pre-season tour of Malaysia and Indonesia, are keen to avoid the struggles that saw them almost relegated last term.
Fernandes expects this season to be far more straightforward and believes the acquisition of experienced players like Park, Ryan Nelsen and Andrew Johnson could be the catalyst.
"I think we have done it quietly without anyone really realising it," he said.
"We've picked up a really good level of young players and good level of experience, which I think we lacked last season and Mark highlighted.
"Mark showed me graphs of how many games our players had in the Premier League and it really wasn't a lot.
"It is the toughest league in the world and I think we have a good balance.
"Phil [Beard, chief executive] and me were SMSing each other while brushing our teeth this morning talking about the squad and I think we both have big smiles on our face.
"We have got a bit of work to do still, but it is looking positive."