P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

07/27/2020
P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

P2 BOLO is the upstream oil and gas industry’s leading accounting software designed to achieve greater value for complex accounting operations. It was built by oil and gas accountants for oil and gas accountants. Features, benefits, and integrations abound, but a key differentiator for P2 BOLO is that it’s a mature and robust oil and gas accounting solution that meets the requirements of all types of operations and regions in the U.S. It is battle-tested and proven to cover edge solutions through deep, embedded functionality that newer solutions do not possess. No other upstream oil and gas accounting software compares in terms of product breadth and depth.

P2 BOLO By The Numbers

Because of its ability to reduce risk and provide complete accounting automation, oil and gas companies continue to rely on P2 BOLO for full visibility into their financial performance.

  • P2 BOLO possesses an active user base of over 270 oil and gas companies and 3,000+ users
  • P2 BOLO processes over 1.3 million payments monthly
  • P2 BOLO embodies the market standard in oil and gas accounting (20 years and counting)
  • P2 BOLO can be implemented in 90-180 days through our proven implementation process

Current – And Improved – Capabilities

P2 BOLO processes more transactions every day than most of our competitors process in a year. It has vast capabilities that serve our user community, and we continuously develop the software to meet shifting market demands. Further, to truly help oil and gas accountants do more with less – less staff/manpower, time, and budget – we’re highlighting some of our current features and functions that increase efficiency and save time and are important for current P2 BOLO users.

  • Pad allocations
    • The ability to allocate capital costs to wells or other reporting cost centers that share the same pad

Pro tip: When you build a pad, COPAS AG-29 recommends treating it like a facility, but a lot of companies don't do that. They treat each individual pad as a cost center. As they add wells to that cost center, they reverse previously allocated costs all the way back out and then reallocate them back to the wells associated with the pad so that the new wells share in the pad costs. With P2 BOLO’s pad allocation process, you can reverse out all costs and reallocate them to all wells in a simplified process.

  • Regulatory
    • Better support for North Dakota regulatory exchanges
    • Enhanced support for ONRR regulatory functionality
  • Mass void check process
    • Annually, producers are required to release minimum suspense payments. Out of this process, a large number of checks are returned. This process enables users to easily handle the return checks.
  • Complex revenue distribution from a single division of interest which eliminates the need to set up multiple division of interest decks
    • The ability to disburse revenue by standard division of interest percentages, complex contract provisions, and tiered component exemptions
    • The ability to apply different and complex cost and pricing strategies, by owner, so every owner can receive the benefit of their unique business objectives
    • The ability to accurately reflect what was produced and sold by the well, disposition, and component, so the owners of record are paid in a timely and accurate manner
    • The ability to quickly apply a revenue distribution profile from one property to other properties, or wells within the same pad or lease, for prompt and accurate payments
  • Interoperability with P2 iLandMan for names and addresses, checks and invoices
  • Improvements to the LOS through the P2 Reporting module
  • Improvements to budget and forecasting through the P2 Reporting module

What’s in Store: The P2 BOLO Vision

P2 BOLO version 14.0 is on the horizon and with it will come significant performance enhancements to help users more efficiently and effectively use their software and accomplish everyday tasks. In other words, accelerated performance is the end goal. Additionally, P2 BOLO DataStream is a new solution that provides real-time data replication through SQL Server, providing immediate visibility into your operations. On the automation front, P2 BOLO is now offering enhanced manual GL approval processes and working on automating ownership changes. For more details on P2 BOLO’s next release, please contact P2.

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