Riverbend’s Partnership with W Energy Aids Business Expansion

Riverbend, founded in 2003, encountered issues with portfolio size and slowing down, leading them to turn to W Energy as a key part of all processes. They desired software to push and pull data from other solutions into their centralized data hub. Riverbend preferred the financial accounting module in W Energy over their legacy system due to its ease of navigation and the ability to filter and search for data. This partnership allows Riverbend to expand their business into new verticals and they are quick to recommend W Energy in the energy sector.

Video Transcript

Riverbend was founded in two thousand and three and we’re focused on all aspects of the traditional energy business, as well as energy transition enterprises, and we’re seeking opportunities in the power generation grid. But today, are very focused on the unconventional plays that are driving US production growth and supplying the world with energy resources to magnify GDP and the betterment of human lives.

A couple of years ago, we, in our accounting system, really ran into a point with the portfolio being so sizable. We were slowing down. We were not being as effective from a week to week, month to month standpoint, and had a lot of capabilities around the organization were being slowed down relative to underwriting and engineering and commercial aspects. So we did turn to a new process and really that led us to W Energy. Our experience with W Energy has been, at first exploration, and then we adapted, and then we collaborated with W to get to a point now where W is a key part of all of our processes, which link to other parts of the organization even though it represents the hub of the accounting system that makes Riverbend a high performance vehicle.

So as we think about new solutions and software, we want software that allows us to open the back end, to push data in, to pull data out to our other solutions. We have a centralized data hub called Rforce, and our old systems were not allowing us and our team to be cross pollinating from our accounting. And so we really look for a solution that would give us that capabilities and grow our system, and that’s when we turn to W Energy.

In W Energy, me as the as the reviewer of the accounting group, I favor the financial accounting module because that’s where I, you know, I get in. I can see all the AP items. I can see the AR items. I can see the journal entries, the trial balance. So I live mostly in the financial accounting module, which is very easy to navigate. So our legacy system was very difficult to navigate to get information into and out of, to search for transactions. W Energy, with the Excel based, look and feel of it, it’s very easy to filter data, to search for data.

Some of the other benefits benefits that we’ve seen from utilizing W Energy is just the ability to expand our business as we think about new verticals inside the energy sector. Riverbend is definitely a leader when it comes to the data driven approach to the energy sector. We get a lot of questions on how we’ve built our proprietary systems and solutions. With that comes our accounting system. So we’re quick to recommend W, and I think it’s something we would encourage other upstream companies or inter-transition companies to consider.

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