Imagine the rewards when…
- Production volumes and composition are imported and validated effortlessly, regardless of the data source
- Validated volumes and composition are mapped to the correct measurement location, saving hours of manual input
- Dynamic product flows during the month determine the linkages and facility processing order
- Workflow management tools guide you through business processes unique to each area or facility
- Gathering and processing services billing and equalization are integral to the functional unit product flows
- Monthly production accounting is acknowledged as the benchmark defining standards for production audit and internal controls
- Process efficiencies are realized from the collaboration of field, plant, marketing, engineering, and accounting users
- Regulatory compliance and audits are easily managed with extensive reporting and analytical tools
- Your company is recognized as a trusted leader by producers, joint interest partners and regulatory agencies.
Simplify Production Accounting Tasks
- Easy to use, workflow display shows process status at a glance
- Workflow guide is configurable for each facility and producing area
- Internet accessible: remote users can be consulted as required
The Monthly Process Covers:
Field Data Capture: 3 steps for more timely and accurate data
1. Import field data
The Field Data Capture module provides the structure and tools to capture, import, and validate measurement data from any source.
The process was designed to streamline the data collection challenge by taking advantage of current computing and internet capability.
- System generates standardized electronic input templates to replace manual input sources
- Identifies missing producer data immediately, before trying to balance the facility
- Offers alternatives when the producer data is not available
2. Validate your data
The Quality Assurance process validates all imported data so errors can be caught and corrected at the beginning of the cycle:
- Easily see which meters have/have not yet reported
- System gives warnings when imported data includes new measurement locations, not set up in the allocation module
The calculated meter step is run after external data validation is complete, and all measurement data is then uploaded to the correct input locations.
3. Facility Balance
The facility balance provides a preview of monthly production and meter differences, and tools to identify and make adjustments before finalizing volume and composition for the period.
- Identify ‘beyond tolerance’ meter differences and causes right away
- Evaluate 5-month trend at any measurement point, instantly
- Ensure data is reasonable before proceeding with sales contract allocations
Product and Sales Allocations
Monthly Process Status at a Glance, For Any Accountant or Team-Lead
- Monthly process workflow is dynamically organized based on product flows
- Audit control reports are generated at every step, and archived for future reference
- Manage sales contract allocations across multiple delivery points
Monthly process: Manage all sub-processes and reports for each facility from a single screen.
Revenue, Royalty, Tax, and Accounting
6 menu-driven steps complete the monthly production accounting process
- Perform monthly regulatory reporting
- Apply the contract price and deductions to allocated sales volume / energy
- Perform the revenue calculation
- Perform the royalty calculation
- Verify the results with the Revenue and Royalty previewer
- Export the transactions to financial accounting
…all done via the workflow templates that provide step-by-step guidance.
Central data repository guarantees all departments timely access to the information they need
The best thing about the Vertex system is it gives information to anyone in the office right when they need it. There’s no waiting for someone to run a spreadsheet to get the information.
- Locke McPherson, President, Nycan Energy Corp
Complimentary Consultation
The benefits of the single integrated solution for production management will be substantial, and are not always quantifiable. Vertex staff can share the results of cost/benefit analyses associated with this approach, done by large, sophisticated producers. Contact us for details.
Read about how the Vertex system allowed a large midstream operator to improve customer service for producers.