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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...

Land Management Systems: Efficiency

Land Management Systems: Efficiency
06/28/2019
In order to increase their overall efficiency, many upstream oil and gas organizations are turning to land management software. Land management systems might seem like an obvious solution to help a company become more organized, but they also have a positive impact on efficiency and productivity. All companies...

Land Management Systems: Accuracy

Land Management Systems: Accuracy
06/18/2019
There’s no cutting corners when it comes to data accuracy in the upstream oil and gas industry. Successful organizations know that accurate data is the key to success. How can a company increase the accuracy of their data and maintain it through all the conversions and different software...

Integrations: The Strength of Land Systems

Integrations: The Strength of Land Systems
06/11/2019
The oil and gas industry is continuously evolving and changing. As upstream oil and gas systems get more sophisticated, the software used to track and manage those systems continues to evolve. Integration between different core functions within an upstream oil and gas organization has become increasingly important. These...

The History of Land Management Systems

The History of Land Management Systems
06/04/2019
Across all facets of the oil and gas industry, professionals have had to adapt to changes to arrive where we are today. For a moment, imagine a time in which you managed all your leases and provisions via mailed-in punch cards and waited days to get your acreage...

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...