Meet change with confidence.
As financial managers for oil and gas enterprises know, accounting is not an easy task when you view the world as a single market. You must manage a vast number of local variations in language, currency, and standards for doing business, staying consistent while you track purchases through the complexities of a joint venture exploration project. Your reporting and analysis requirements are daunting too.
Wave works closely with some of the UK’s leading energy companies, providing solutions to meet the complex global and local requirements for J-V accounting, reporting and planning requirements. We understand that in today’s hyper-competitive economy you need a multidimensional system that lets you leverage your existing technology investments, integrate international offices with minimal customisation and maintenance, and tap critical information about your business performance.
The Infor SunSystems Proposition for oil and gas companies:
Infor SunSystems Financials Business for Oil & Gas is used extensively in the upstream oil sector because of its ease and speed of implementation; its flexibility in determining procurement processes; and its powerful joint venture cost allocation capability. Use it to integrate general ledger, accounts payable, fixed assets, and other financial processes with your operational systems.
Infor SunSystems Financials for Oil & Gas to helps you manage all the financial processes for each of your business units, no matter how disparate in geography or function. You can configure the system for different types of businesses, such as for joint venture (JV) accounting, enabling you to capture authority for expenditure (AFE) codes for both actual and budget figures.
You can store an unlimited number of currencies within the system, providing automated currency conversion when entering a transaction. You also have access to the Global Essentials, a requirement for success in any international market, including different books for different local reporting standards and the ability to easily enter GAAP adjustments. You also gain the ability to support a transaction with at least four currencies. This is a feature that other financial systems just can’t match. In addition, deploying a single solution helps you decrease risks, improve communication, and plan more wisely across your enterprise.
Click here to review our available white papers, Including “Sea Change: Transitioning to IFRS” – How Oil and Gas E&P Companies Can Manage Upheaval in Global Financial Reporting Standards.
Please Contact us for further information.
The Infor SunSystems FMS Proposition:
More and more energy companies are implementing Infor™ FMS SunSystems. They are using the solution to improve both the visibility of their financial information and the way they use it to boost profitability.
With Infor FMS SunSystems Energy, you’ll get financial management capabilities designed specifically for energy companies. You’ll consolidate all your financial data into a single system with an open architecture. You’ll see easy interoperability with your other software solutions, as well as integrated security and an intuitive, easy-to-learn toolset.
Easily expanded and adapted to meet changing requirements, mergers, acquisitions and organisational restructuring.
Designed to be administered and maintained by finance, with little IT involvement needed.
A charts of accounts that adheres to the reporting standards, including a uniform Chart of Accounts with a parallel reporting code.
An enhanced analysis structure with departmental structures and management reporting lines.
Allocations of revenue and cost in order to establish true profitability by each revenue stream.
Web based procurement to enabling control on spend and full visibility of committed expenditure.
Budgeting & Forecasting tools to analyse seasonal trends and utilisation enabling better decisions for the future.
Proven integration to time writing, procurement and budget management systems.
Extensive reporting design capabilities to report by customer, activity, membership type, region, location, department, and more.
Automate the delivery of multilayered operational and management reports using data from a single source to address key performance indicators and government regulations.
This will aid your organisation in:
- Closing the books quickly.
- Cutting costs.
- Streamlining back-office processes.
- Boosting profitability.
- Enhancing guest satisfaction, thus increasing repeat business.
- Improving productivity.
- Adapting quickly and easily to changing business needs.