Smarter Midstream Accounting Starts with the Right Technology
In the energy sector, outdated systems can be anchored, holding oil and gas companies back from capitalizing on new opportunities. Every tool, especially foundational ones like accounting solutions, should aid progress, not hamper it. Unfortunately, many oil and gas companies find that this isn’t always the case. As the industry faces fast shifts, it’s time to evaluate whether your accounting system is a relic of the past or a robust engine that aids future growth.
Top Signs You’ve Outgrown Your Midstream Accounting Software
Recognizing when accounting software has become a liability rather than an asset is critical for midstream energy companies. The telltale signs that indicate it’s time for an upgrade can be seen in your daily operations. Midstream companies looking to upgrade are typically facing these same challenges:
Legacy Systems Lack Transparency
Transparency is not merely a “nice-to-have.” For decision-makers from Controllers to CFOs, it’s paramount to have complete visibility into back-office systems and understand why calculations are the way they are. In most cases, it’s about confidently standing behind every financial statement, every contract decision, and ensuring every division order is backed by solid, traceable data.
Time-Consuming Processes and Lack of Efficiency
Efficiency is at the heart of every Controller’s and CAO’s role. They operate in a space where time equals cost. Legacy systems hinder their ability to work quickly and often require unwarranted workarounds. This doesn’t just waste time; it erodes confidence in data integrity. Monthly closing processes that stretch into weeks instead of days cause opportunities to slip away, and decision-making suffers.
Outdated Software is Hard to Work With and Lacks Quality Support
Strong relationships are essential in an industry built on contracts and partnerships. Software challenges shouldn’t turn into debates between the vendor and the customer. Slow support response times stall operations and create mounting frustration across the organization.
A Modern Midstream Accounting Software Built for Energy Finance Teams
The complexities of the oil and gas industry demand software that’s sophisticated, intuitive, and adaptable. Modern accounting systems should analyze, predict, and guide business decisions while providing comprehensive support at every stage of growth.
Transparent Calculation Views
W Energy provides a crystal-clear breakdown of calculations via our proprietary CalcTrace™ functionality. No more guessing or blind trust, know every number and how it was calculated. You’ll quickly strengthen both your decision-making and stakeholder confidence, as well as your customer relationships.
Swift and Efficient Performance
Gone are the days of prolonged wait times for system calculations. W Energy has turned processes, which once took days or hours, into tasks completed within minutes. Customers who previously had to get up in the middle of the night to start processes and hope for the best can now run through processes during their coffee run and analyze the results when they get back. This speed enables greater efficiency and accuracy while allowing teams to accomplish more with fewer resources.
Cloud-Based Software as a Service (SaaS) Platform
In the age of digital transformation, on-premise solutions are increasingly being overshadowed by cloud-based platforms. These models, anchored in the cloud, offer unparalleled flexibility and scalability no matter how fast your company grows. You’re equipped with the latest updates without the hassle of periodic manual updates.
Modern Measurement
Measurement integration ensures that real-time volume data flows directly into accounting workflows, reducing errors from manual entry, reconciling imbalances faster, and improving regulatory compliance. By having accurate, validated measurement data within the accounting system, operators can confidently report and analyze plant performance. W Energy’s partnership with AMP serves our customers well with an integration with Highwire, their measurement solution.
Advanced Data Analytics and Improved Decision Making
With W Energy, midstream companies and their teams can dive deep into analytics with DataView™, transforming raw data into insightful narratives that guide the company’s direction. Our platform doesn’t just present numbers; it narrates the story behind them. You can easily navigate the intricate terrains of the industry, backed by our advanced analytical capabilities.
Flexibility and Adaptability for Future Needs
The world of oil and gas is constantly changing, and static, legacy platforms will never be able to scale and change with you. Recognizing this, W Energy is built with the future in mind. Our system isn’t a fixed entity but an evolving solution, designed to scale, adapt, and modernize as industry parameters shift.
W Energy’s Midstream Oil and Gas Accounting Software Built for Today’s Challenges
Your accounting software should drive success, not hold you back. W Energy’s midstream oil and gas accounting software tackles complex reporting requirements and operational demands that define midstream energy companies. Built specifically for energy finance teams, the platform delivers transparency, efficiency, and real-time insights needed for critical business decisions.
We eliminate legacy system frustrations by providing immediate access to accurate data and streamlined processes. Our flexible, cloud-based platform adapts to unique business processes while delivering performance and reliability that operations demand.
In today’s competitive landscape, midstream companies cannot afford outdated accounting systems. Schedule a personalized demo today, and see how W Energy can transform your business operations.