Inspiration for Change
Legacy Accounting Software
With a long heritage of operating across US basins, Rosewood Resources had licensed a legacy oil & gas accounting solution for more than twenty years. Over time, the product took a different direction, focusing innovation and enhancements on the needs of midstream companies and leading to decline in upstream users. Rosewood Resources wanted to replace its legacy solution with modern software purpose-built for the unique needs of upstream companies.
Accounting Complexity for Operated and Non-op Assets
The monthly closing cycle at Rosewood Resources was increasingly complex and time consuming given the number of assets it had acquired and new wells it was drilling. The company also faced a mounting accounting challenge to track an extensive number of non-operated wells in multiple states. And with working interests in its own wells, Rosewood Resources needed to process dozens of joint interest billings per month.
Creating Ad Hoc Reports
Constrained by the limitations of its legacy accounting software, staff at Rosewood Resources resorted to manually creating custom report types. The company also uses a third-party financial reporting package, which required staff to manually export, format and import data to perform routine financial analysis.
Benefits of W Energy Software
Modern Upstream Accounting on the Cloud
After evaluating two other leading software vendors, which were not selected due to lack of innovation and pricing, Rosewood Resources chose W Energy Software’s full Upstream ERP suite. Top reasons for selecting W Energy Software include its high level of sustainable innovation, reputation for customer service, and unified ERP platform built on the cloud that seamlessly integrates revenue accounting, division order, AFE management, JIBs, and financial accounting in one workspace.
Closing the Month Faster than Ever
W Energy Software’s Upstream ERP suite accelerates the monthly accounting cycle at Rosewood Resources by streamlining revenue disbursement, joint interest billings, and accounts payable workflows in one cloud-based platform that shares a common and consistent dataset. As a result, a small team of accounting and operations staff can easily track the company’s operated and non-op assets, cut checks to interest owners, process JIBs, and approve invoices in less time.
Powerful, Self Service Reporting
W Energy Software provides Rosewood Resources with an extensive library of out-of-the-box tools for creating custom reports, including an easy to use grid view that enables users to slice and dice accounting data any way they choose. To support the company’s financial reporting workflow, W Energy Software provides the producer with direct, read-only access to Rosewood Resources’ accounting data securely stored in the cloud, enabling users to perform ad hoc SQL queries and streamline financial analysis in other applications.