Are You Getting the Most Value out of Your BOLO Solution?03/27/2015
BOLO 13.0’s new enhancements help simplify many important accounting and land tasks
It’s been estimated that software users, upstream oil and gas professionals included, use just 20 percent of whatever software it is that they have.
That’s a lot of untapped features and functions. And that’s exactly what this post is about.
In December 2014 we released BOLO 13.0, which includes 24 new enhancements and tons of time- and headache-saving functionality.
Today, upstream teams are being asked to do more with less, and we want to make sure you’re getting the most value out of your BOLO solution.
Included in BOLO 13.0’s new system structure are better code isolation, third-party interoperability data isolation, improved SOX compliance and audit processes, better speed, enhanced administrative access and control, a common delivery process for both Windows and Linux, and an upgrade planning website – all of which make the solution easier to deliver, support, and use.
On the Accounting front, here are some new additions that you can expect to see the next time you fire up BOLO 13.0:
- Mass Pay Code Change Authorization (LD1331): This process requires an approved authorization before money can be released or suspended, simplifying your SOX compliance and audit processes.
- Authorized Mass Pay Code Changes (RV2331A): This feature changes the pay code on unpaid revenues and provides a pre-process report that displays pay codes as they currently stand and a post-process report that shows what those pay codes changed to.
- Accounts Payable Import (AP4301): If you need to upload multiple invoices, the Accounts Payable Import allows you to attach each of the invoices to a separate voucher. The voucher is then auto-submitted and auto-approved, saving you hours of extra work each month.
- AP Open Invoice Report (AP3313): AP3313 lets you download a report that includes all of your open invoices and quickly flag which ones need to be paid and which ones should be overridden. This saves you from having to manually flag all of those invoices.
Now let’s talk about what’s new in Land:
- Land Lease Import Process (LD4211): With this tool, upload base lease data from spreadsheets directly into the system. This process eliminates duplicate work and makes your data-entry efforts much more time-friendly and cost-effective.
- Lease Payment Forecast Report (LD3231): This report presents one lease per line as opposed to the traditional one page per lease, giving your managers and lease analysts a quick snapshot of the company’s rental position.
- Payment Types Lookup (LD3231): Also included in LD3231 is a Payment Types Lookup option that lets you select your payment type, be it minimum royalty, delay rental, shut-in, surface lease payment, or anything else.
These new enhancements were guided by customer feedback, and we’ll be talking more about them and the others at our next BOLO User Group on Thursday, April 16, at the Denver Athletic Club. A customer advisory board will take place directly before the user group.
If you have any questions in the meantime, don’t hesitate to reach out to me directly. You can also contact one of our Support staff at 1-844-REACH-P2 (1-844-732-2472) or BOLOSupport@p2energysolutions.com.
Want to Learn More?
Be sure to check out this webinar to learn more about BOLO 13.0 and its new enhancements.
About the Author
Steve Tanabe, a Director of Product Management at P2, is our resident BOLO aficionado. Steve has 30-plus years of upstream oil and gas experience and more than 10 years of BOLO experience. A member of AAFP (Accounting And Finance Professionals), Steve studied Accounting at Metropolitan State University of Denver. If you’ve ever talked to Steve, you know he’s passionate about golf and classic cars. But he’s equally as passionate about the BOLO solution … and that’s saying something.