The Top 10 Reasons Accountants Love W Energy Software
By Harrison Bedford
UPDATED: June 23, 2021
| 4 min read
The Top 10 Reasons Accountants Love W Energy Software
From upstream financials and production accounting to midstream accounting and plant settlement, when accountants see W Energy Software for the first time their eyes always light up. Old legacy software, big-box ERP, and cookie-cutter financial solutions all too often make the lives of those who have to use the technology more difficult and often stressful. Settlements are always a heavy load to lift, processes are unreliable, crash, and take hours, disconnected workflows create data silos, and black box calculations force accounting professionals to duplicate effort in Excel. So, when accountants see W Energy Software’s upstream or midstream accounting solutions, they instantly connect the dots and realize just how much easier their job will be, maybe even fun. They fall in love with our intuitive screens, lightning-fast processing, and features built by energy accountants for energy accountants.
Your energy software should accelerate accounting workflows, create transparency, and give your team more of their day back for high-value projects. Here are just 10 ways W Energy Software does that.
#1 Calculation Trace
CalcTrace gives users confidence in their numbers by showing, in plain language, how revenue and tax results were calculated. Click through to the contract and rates linked to the calculation. This greatly reduces the time spent finding and fitting all of the scattered data and formula puzzle pieces together so you can move on to your next task faster. CalcTrace also lets users test different “what if” business scenarios. For example, business development can see the impact of changing or adding a new fee for existing or new contracts.
#2 Asset Builder and Allocation Networks
Helping accountants rapidly understand the flow of revenue across allocation networks is W Energy Software’s Asset Builder. Easily visualize complex allocation networks for either upstream or midstream use cases, including production accounting, plant accounting, and terminal management. Asset Builder taps into meters and measurement data to allocate losses vs. measured volumes and what was delivered.
#3 High-Performance Computing
Processing intensive settlement calculations often run overnight with legacy oil & gas solutions, or worse fail and require users to constantly Cottle accounting processes. W Energy Software is a true, native SaaS application that harnesses the full power of Amazon Web Services on-demand cloud processing. Run complex allocations and owner distributions with complete confidence in just minutes.
#4 Association Graph
A change to a single formula can have a ripple effect across hundreds of contracts. W Energy Software’s Association Graph lets you instantly see the impact of a change on associated rates, formulas, contracts, and wells. No need for special reporting packages or manually running SQL queries against databases. All the answers are at your fingertips in context with your accounting workflows.
#5 Easy Data Import and Export
Got a bolt-on acquisition? W Energy Software makes it easy to rapidly onboard your data with powerful importing tools that logically map spreadsheet tabs with accounting screens, providing “all or nothing” imports that enforce master data standards and validate entries with detailed feedback on the specific cells that need attention. Plus, export data to CSV from any screen, filter, or view to take to other applications.
#6 Strong Audit Capabilities
Black box calculations only allow you to see the data that goes in and out but obscures visibility into the methods that generate a result. W Energy Software provides complete clarity into system calculations as they change over time, enabling your team to track changes to formulas and rates and understand when and where they happened. Changes are chained and tracked at the user level to document who made a change and what changes preceded or followed it.
#7 No More Excel Workarounds
Whenever we replace a legacy oil & gas accounting package, we always end up replacing dozens of spreadsheet workaround solutions, nearly a hundred in one case. W Energy Software deploys robust accounting tools that offer flexible formula editing similar to Excel. As a result, users can set up any calculation, no need to take data outside your system of record to external sheets where the potential for human error and compliance risk await.
#8 One-Step Payment Processing
Think of the time and energy your team puts into getting interest owners paid every month with different runs for checks, ACH, and wire. W Energy Software simplifies and accelerates payment processing for owners, vendors, and customers by automatically doing the heavy lifting for you and creating a single processing dataset and all the required vouchers, across companies and payment types. At a glance, see how much you owe and view open payments. Perfect for processing payments through banks or cutting thousands of checks internally while giving your team new tools to go completely digital and slash division order costs.
#9 Smart Multi-tier Allocations
If your team needs to net back both sales volumes and costs for joint interest billings, you know just how much of a fire drill it can be. Legacy accounting software isn’t smart enough to understand the correct order of such complex allocations and trying to allocate in Excel is a nightmare. W Energy Software’s algorithms intelligently identify the allocations that require running and, most importantly, the correct order.
#10 Unified Upstream and Midstream ERP
Last but certainly not least of the reasons accountants love W Energy Software is our single platform approach. Finance and operational accounting are part of a larger team and workflows don’t take place in a vacuum, even though legacy oil & gas software and one-off solutions force users to work that way. W Energy Software eliminates all the data silos with a unified software architecture and a single version of the truth spanning accounting, division order, land, production, and tax. Upstream and midstream seamlessly flow together in the cloud, along with transportation, storage, processing, and marketing.
W Energy Software isn’t just something accountants love – there are reasons for everyone in your organization to love our solutions too.
Author: Harrison Bedford, Product Marketing Manager, W Energy Software
Harrison Bedford is the Product Marketing Manager for W Energy Software. He has over 10 years of experience working with customers leading multiple implementation projects, working with internal and external stakeholders on building multiple modules of the W Energy platform and working with customers to ensure that the W Energy platform is tailored to their business needs. Harrison is very involved with the University of Tulsa, where he earned a degree in MIS and Accounting.