The Future of Midstream Accounting is Here

The Future of Midstream Accounting

Why It’s Time for a Change 

In the energy sector, outdated systems can be anchors, holding oil and gas companies back from capitalizing on new opportunities. Every tool, especially the foundational ones like your accounting solution, should be aiding progress, not hampering it. Unfortunately, when we speak with oil and gas companies, we find that this isn’t always the case.  

As this industry faces fast shifts, it’s high time we evaluate if our systems are relics of the past or robust engines to aid future growth. After speaking with a handful of Midstream energy company leaders, these are the most common pitfalls of sticking with their existing systems .

The hidden costs of inadequate software 

The energy sector is evolving, and while technology advances, some software remains stagnant, leading to missed opportunities for growth. These systems come with hidden costs that might not be immediately apparent, but they trickle down, impacting the overall performance and decision-making capabilities of any midstream oil and gas company. Whenever we speak with a midstream company who is looking to switch to our cloud-based platform, they are typically facing these same challenges… 

  1. Legacy system lacks transparency 
    Transparency is not merely a “nice-to-have.” For decision-makers from Controllers to CFOs, it is paramount to have complete visibility into back-office systems and understand why calculations are the way they are. In most cases, it is about confidently standing behind every financial statement, every contract decision, and ensuring every division order is backed by solid, traceable data. 
  2. Legacy system has time-consuming processes and lacks efficiency 
    Efficiency is at the heart of every Controller’s and CAO’s role. They operate in a space where time is equivalent to cost. Legacy systems hinder their ability to work quickly and often requires unwarranted workarounds. This doesn’t just waste time, it erodes confidence in data integrity. 
  3. Outdated software is hard to work with and lacks quality support 
    In an industry built on contracts and partnerships, strong relationships are crucial. Challenges with software shouldn’t turn into debates between the vendor and the customer.

The power of modern accounting systems is creating a new dawn 

The complexities of the oil and gas industry demand software that’s not only sophisticated but also intuitive and adaptable. It’s not just about storing data; it’s about analyzing, predicting, and guiding. It’s not about providing a piece of software. It’s about being there and supporting at every stage of growth. 

  1. 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.  
  2. 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. And it’s not just about speed—it is about the efficiency and accuracy this speed allows. W Energy allows you to get more done with less. 
  3. A cloud-based Software as a Service (SaaS) company 
    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 are equipped with the latest updates without the hassle of periodic manual updates.
  4. Robust customer support 
    In the fast-paced energy sector, challenges need immediate attention. That’s where robust customer support comes into play. Beyond mere problem-solving, it is about building partnerships that prioritize the user’s needs.

Leveraging data for better business decisions with W Energy  

Data is the pulse of the energy sector. W Energy ensures that this pulse is strong, steady, and insightful. For Accounting leaders and others, understanding the underlying narratives behind numbers is invaluable. 

Data analytics and improved decision making 

With W Energy, midstream companies and their teams can dive deep into analytics, 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.  

In a competitive landscape, midstream oil and gas companies cannot afford to be hampered by outdated software – especially an outdated accounting system. The challenges are real, but so are the solutions. W Energy offers modern tools tailor-made for the industry’s unique needs.  Check out one of our Tourial demo today or request a personalized demo.

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