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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...

Four Queries Every P2 Land Customer Should Be Using

Four Queries Every P2 Land Customer Should Be Using
04/09/2019
Confession … I own a minivan. And you know what convinced me to sell my sweet, 300-horsepower, all-wheel-drive SUV to buy one? Data. I looked at a side-by-side comparison of all my options and decided it best met my family’s needs. So, what does buying a minivan have...

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...

The Importance of Production Data Across the Organization

The Importance of Production Data Across the Organization
02/20/2019
Almost every discipline, department, and system in an upstream oil and gas company relies, to some extent, on access to current and historical production data. This makes it one of the most valuable resources and requires that it be validated, reliable, and consumable in the formats that each...

10 Oil & Gas Conferences You Should Attend in 2019

10 Oil & Gas Conferences You Should Attend in 2019
02/14/2019
Attending conferences is a great way to get up to speed on the latest and greatest in the oil and gas industry, no matter which area you work in – accounting, data, land, or production. Conferences are the best resource to learn new skills, get inspired from industry...

Why Oil & Gas Professionals Should Utilize a Commenting Tool

Why Oil & Gas Professionals Should Utilize a Commenting Tool
02/12/2019
In this article, we’ll discuss important benefits that efficient collaboration can bring to your field and back office teams – and your oil and gas company as a whole. Good communication and collaboration between the field and back office simply drives better decision making. Many decisions that need...

Increase Your Operational Efficiency with Better Data Visibility

Increase Your Operational Efficiency with Better Data Visibility
02/05/2019
Just as important as keeping a steady flow of oil and gas on every well, the same goes for production data. Individual and collaborative decisions rely on each discipline having access to that data. Production data is the lifeblood of every oil and gas company. Providing the ability...

Management by Exception

Management by Exception
01/30/2019
When oil prices are low, operators naturally turn their focus to reducing lease operating expenses (LOE). However, during the recent uptick in prices, conversations in production operations are focused on not forgetting lessons learned and continuing that focus on managing LOE. An immediate contributor to increased LOE is...

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...