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EFM Solution Functionality

A fresh approach to corporate financial management with a best-in-breed solution

Division of Interest
WellPoint EFM adds tremendous flexibility to the task of creating division of interest (DOI).  By providing the ability to establish flexible, date effective DOIs and the capacity to support account-based exceptions, the EFM solution helps improve the efficiency and accuracy of your operational teams.  

Joint Venture Accounting
As an operator, the accuracy and timeliness of the joint interest billing (JIB) process is imperative. WellPoint EFM allows for the most efficient methods of recording invoice and ownership data, manages accurate ownership changes, appropriately allocates costs among wells and owners per the JOA (joint operating agreement) and ensures timely collection of Accounts Receivable balances. 

Authorization for Expenditure (AFE)
The fundamental need to control capital expenditures mandates that an accounting system has the ability to measure actual against budgeted costs on both a gross and net basis.  WellPoint EFM provides a superior level of control and automation through automatic updates and threshold warnings, establishing increased confidence in the resulting data.

Revenue Accounting
EFM Revenue is a comprehensive application for recording, tracking, distributing, and reporting sales of oil, gas, and other energy products.  The integrated module streamlines many of the challenges facing the industry such as DOI management; netting; complex tax and deduction calculations; prior period adjustments; purchaser receivables management and variance analysis.

Multi-Location, Multi-Currency, Multi-Language
Be it through organic growth or merger and acquisition activity, most oil and gas companies will eventually expand their business scope to include international operations.  EFM from WellPoint Systems facilitates compliance with local accounting and reporting requirements of the international market, while simultaneously meeting home country financial reporting standards.

Record the Business

  • Import AP invoices and financial entries electronically in multiple currencies
  • Attach images and notes to transactional data and master files
  • Book producing overhead to appropriate wells automatically
  • Accumulate costs at allocation cost centers and automatically split to appropriate billing cost centers
  • Adjust and re-process JIB and revenue as needed within a given period
  • Retain original AFE budget amounts while allowing supplements for each project
  • Record purchaser receipts and process revenue distributions

Manage the Business

  • Automatically produce reverse and rebook entries associated with ownership changes to save analysis time and increase accuracy
  • Manage purchaser receivables
  • Electronically capture invoice images and other documents for management reporting and joint venture audits
  • Manage AFE budget variances and the AFE approval process
  • Create workflows that parallel the natural processes within the organization
  • Predict cash flow needs
  • Validate tax and deduction calculations from purchasers
  • Automatically account for gross and net costs
  • Automatically email alerts and reports
  Business Benefits  
 

With Energy Financial Management (EFM) powered by Microsoft AX business software, your company can:

  • Improve capital expenditure tracking
  • Create user defined workflows
  • Achieve accurate revenue distributions
  • Eliminate use of spreadsheets for revenue calculations
  • Become a more competitive operator by generating timely JIB statements
  • Maintain gross and net books in multiple currencies
  • Create alerts to manage your business by exception
  • Optimize cash planning
 
  FAQ's