Blog | Oil and Gas Accounting

Benefits of Using a Workflow Tool Across Your Business

Benefits of Using a Workflow Tool Across Your Business
08/06/2019
Business process automation tools that automate business workflows give users crucial time back from laborious, error-prone manual and repetitive tasks. Think about being able to do all the work that often goes undone. Imagine the results that could come from performing critical analyses that move a business forward...

Critical Time- and Cost-Saving Measures by Way of Journal Entry Automation

Critical Time- and Cost-Saving Measures by Way of Journal Entry Automation
07/23/2019
By definition, automation is “the technique of making an apparatus, a process, or a system operate automatically” (Merriam-Webster) . In other words, eliminating the most tedious and time-consuming work for an individual, group, or department. When applied to oil and gas accounting, automation means employing a process that...

Integrating Distribution & Approvals with Intelligent Finance Workflow

Integrating Distribution & Approvals with Intelligent Finance Workflow
05/29/2019
Revenue is a complicated and process-heavy, yet important part of upstream oil and gas accounting. To ensure proper revenue management, you’ll need time and resources. Here’s a list of items that can go into just one month of managing revenue management: Correcting decks Booking all new sales and...

Not All Revenue Systems Are Created Equal

Not All Revenue Systems Are Created Equal
03/05/2019
The purpose of this blog is to understand the depth of functionality needed in a revenue accounting system; distribution, accruals, escheat, and regulatory reporting that not all revenue accounting systems might have. People may feel that revenue distribution functionality is the same across upstream oil and gas accounting...

To Net, or Not to Net

To Net, or Not to Net
02/26/2019
What is netting? Derived from the terms and conditions in the operating agreement, revenue netting is the deduction of joint interest billing (JIB) expenses that are owed to the operator from the revenue distribution check that is sent to the working interest owners. When operating a well, the...

Create Efficient & Effective Authorization for Expenditure (AFE) Management

Create Efficient & Effective AFE Management
01/15/2019
Authorizations for expenditure (AFEs) are the means for communicating and tracking final approval of expenditures for proposed projects in the oil and gas industry. They also help customers monitor project spending by providing insight into real-time expenses and comparing the spend to the approved budget. Often managing numerous...

Six Benefits of Workflow Automation in Upstream Oil & Gas Accounting

Six Benefits of Workflow Automation in Upstream Oil & Gas Accounting
12/19/2018
In upstream oil and gas accounting, the pursuit of efficiency is never ending. Manual processes lead to wasted time, forgotten actions, and miscommunication. With an automated workflow, however, your accounting department can streamline many processes and all but eliminate time challenges. Join us as we discuss six benefits...

The Benefit of Replacing Manual Processes with Workflow Automation

The Benefit of Replacing Manual Processes with Workflow Automation
11/29/2018
Is your back office tied up in tasks that take away from their core responsibilities? Are they spending hours sifting through spreadsheets in search of information only to find errors in data? Leave those days behind with an automated process from P2 Workflow. In this OilVoice article, “...

Unlock the Value of Accounting Data with Oil & Gas Business Intelligence

Unlock the Value of Accounting Data with Oil & Gas Business Intelligence
11/13/2018
Are you working in an upstream oil and gas accounting department that relies heavily on spreadsheets for your reporting needs? Do you find the manual processes that bring together data from different sources time consuming and error prone? Maybe you’re relying on other people to build reports which...

How Manual Processes & Workarounds Are Costing You Money

How Manual Processes & Workarounds Are Costing You Money
11/06/2018
We all know the saying, time is money. What manual processes and workarounds are you currently using at your upstream oil and gas organization that are costing you time, therefore money? Are you even aware of them? In this article we’ll go through a couple examples of manual...