Here are some benefits that explain how energy accounting software can empower employees to optimize financial operations: Stores scanned versions of invoices so they can be routed and approved.
These are usually presented in a dashboard interface. Generates line graphs, pie charts and and other visual representations of data entered in the system. Stores everything you need to know about a particular well, including its lifting and status codes. May also include cost avoidance analysis to see potential solutions, as well as weather data to its impact on costs. Streamlines energy procurement decisions using detailed data from loadshapes and special energy reports to create well payout profitability reports.Ĭompares utility billed rates to alternative rate schedules, including those of competitors and other markets. Also includes the ability to estimate job costs and manage service contracts, inventory and purchasing through the dispatch management feature. Provides schedule and dispatch maintenance/repair workers information needed to optimize their routes by skill/location to improve efficiency and quality of service. Also keeps you updated on legal issues to support development and delivery of relevant, accurate compliance reports. Helps manage lease documents and receipts. Manages lease obligations like rentals and renewals and provides automatic notifications for payments or lease expiration. Includes modules all businesses rely on to manage finances, including a general ledger, tracking accounts payable (A/P) and accounts receivable (A/R), bank reconciliation and fixed assets.ĭefines tracts of land nationwide and documents the ownership and lease terms from initial offer to signing. Larger-scale companies might require additional features, such as multiple currency options.Įnergy accounting systems typically include standard features in addition to a number of industry-specific functions that buyers should be aware of. It can also track the status of leases and share it throughout a company while automatically posting land payments to the general ledger.Ĭompanies can also monitor the financial positions of each general or limited partner. Oil and gas accounting software focuses on tracking energy projects and partnerships, including the acquisition and development of land leases for natural resources. Keep reading if you’re interested in finding out how the right software solution can help your energy company become more lean, productive and profitable.Ĭommon Features of Oil and Gas Accounting Softwareīenefits of Oil and Gas Accounting SoftwareĮvaluating Oil and Gas Accounting Software The technology we’ll discuss automates tedious tasks so staff can focus more of their efforts on delivering excellent services and products to customers. In this guide, we’ll break down the energy software tools available in today’s market to help business leaders make decisions and identify trends in the company’s finances. Because of these demands, they need a user-friendly and effective accounting system that meets the field’s unique needs. Our Oil and Gas Merger Management Tool Kit captures our insights from supporting the industry’s largest mergers over the past 20 years and covers integration boot camps, day-one checklists, draft integration plans, and value-capture opportunities.Executives in the oil and gas industry are responsible for monitoring a wide variety of financial operations to ensure profitability in addition to overseeing different kinds of regulatory filings at the state and federal levels.Our Overhead Benchmarking Initiative is based on data from more than 1,000 companies and enables clients to draw comparisons across general and administrative functions.Our Upstream Workforce Benchmark helps companies compare their technical and operational headcount against that of peers to inform transformation planning.Our International Upstream Production Performance Benchmark includes data from 200 assets globally and provides objective comparisons of a company’s performance across multiple metrics, including production efficiency at an asset level.For senior executives, we offer focused learning and personal development through our Change Leaders Forum, national oil company executive program, Enterprise Agility Forum, and Executive Transitions Master Class.
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