Raising efficiency to new levels

The fact that a majority of property costs are shared by working interest parties complicates accounting for costs in an oil and gas company. As an operator, the accuracy and timeliness of the joint interest billing (JIB) process is imperative. This process should take into account the most efficient methods of recording invoice and ownership data, managing accurate ownership changes, appropriately cost allocations among wells and owners per the JOA (joint operating agreement) and timely collection of accounts receivable balances.

BOLO enables you to:

Record the Business

• Import AP invoices electronically
• Scan invoice images and attach to transactional data
• Book producing overhead to appropriate wells automatically
• Accumulate costs at allocation cost centers and automatically split to appropriate billing cost centers
• Increase efficiency by using template invoices for repetitive charges
• Tighten controls on data entry to eliminate keying errors

Manage the Business

• Automate manual processes performed in spreadsheets
• Issue uncluttered JIB invoices by eliminating offsetting AP and GL accounting entries
• Automatically produce reverse and rebook entries associated with ownership changes to save analysis time and increase accuracy
• Prepare cost variance analysis for timely verification of expenditures
• Control expenditure approval by tying invoice input to company approval authorization
• Track vendor insurance certificates and initiate notification letters for expiring certificates
• Use Document Management to electronically capture invoice images for management reporting and Joint Venture Audits