Press

TouchstoneEnergy helps oil and gas companies with Joint Venture Accounting & Spend Management Reporting


Improving Oil and Gas Joint Venture Accounting with Automation

Oil and gas joint venture accounting requires accurate allocation of costs to partners and creation of Joint Venture Interest Billing statements and invoices for cost recovery.

Constant changes in equity creates complexity for the JV accounting function. With TouchstoneEnergy's automated cutback system, companies can make ownership adjustments quickly and easily, with a full audit trail, enabling fast and accurate reporting to partners.

TouchstoneEnergy's Cutback automation process generates all of the necessary accounting entries, taking caps and carries into consideration along with equity changes with none of the limitations of traditional accounting systems.

Key features and benefits:

Maintenance of Venture data including equity share
Automated JIB production
Automated calculation of cutback, review & journal posting
Seamless integration with SunSystems ledger
Optional workflow approval of equity changes and cutback journal
Online real-time reports & enquiries
Full transaction history & audit trail

Click Here to Read an Industry Specific Success Story



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://touchstoneenergy.co.uk

Touchstonejoint ventureAccounting2017 Oil industry PredictionsexplorationExploration and ProductionData ProcessingData ManagementAutomationUnited KingdomUnited StatesAfrica

More items from marcuskelly


How a reactive and predictive maintenance strategy improved results for a Midstream Oil and Gas company

Better tracking and recording of spend against budget was a key success factor for this Enterprise Asset Management project in the Midstream Oil and Gas Industry. In addition to this success, incorporating inventory management, planned, reactive and predictive maintenance was also part of the proj ...

Marcus Kelly - TouchstoneEnergy


Posted 1 month agoPress > Asset Managementasset management systemMaintenance and inspection +6

7 steps for implementing reliability-based maintenance for Oil and Gas companies

Modern Enterprise Asset Management (EAM) solutions help maintenance teams in the oil and gas industry step up their processes and make effective asset management part of the overall enterprise strategy. Here are seven ways modern solutions help maintenance teams: 1. Reliability. Reliable oper ...

Marcus Kelly - TouchstoneEnergy


Posted 4 months agoPress

Managing the transition from legacy to modern systems in Oil & Gas

Legacy IT Systems, either software or hardware that were commissioned between the 1980's and early 2000's, are a significant obstacle in any Oil & Gas organisation's drive towards modernisation. Whilst the age of these systems is not necessarily an issue, continued product support is a challenge f ...

Marcus Kelly - TouchstoneEnergy


Posted 4 months agoOpinion > OilandGasE&P SoftwareBusiness Process +8

Why Oil and Gas companies need to consider an Enterprise Asset Management solution

You may well already be using some form of asset management system, it may work well for you, so why would you need to look at anything else? At TouchstoneEnergy we firmly believe that in order to have the edge over your competition, you need to be looking forwards as well as back. It is all very ...

Marcus Kelly - TouchstoneEnergy


Posted 5 months agoOpinion > Asset Managementasset management systemOilandGas +4

Asset Management in Oil and Gas London Event: A Masterclass in Maximising Operational Efficiency.

Infor EAM is best-in-class asset management software that can help you digitise and optimise your maintenance operation to reach new levels of efficiency. Unlike niche solutions that simply can't grow with you, or ERP add-on products that require extensive customisation, Infor EAM is a purpose-b ...

Marcus Kelly - TouchstoneEnergy


London   England   GB 12 Mar 2019


Posted 6 months agoEvent > LondonAsset Managementasset management system +3
All posts from marcuskelly