Top 11 Benefits of W Energy for Accountants

When oil and gas accountants see W Energy for the first time, they breathe a sigh of relief. Legacy oil and gas accounting software, big-box ERP systems, and cookie-cutter financial solutions often make the lives of those who use them more difficult and stressful. So, when accountants see W Energy’s upstream or midstream accounting solutions, they realize just how much easier their job will be. Our intuitive screens, lightning-fast processing, and features built by energy accountants for energy accountants give teams exactly what they need to optimize their workflows.

Why Oil & Gas Accountants Are Ready to Move On From Legacy Software

Settlements Are a Heavy Load to Lift

Month-end settlements consume excessive time and resources, forcing teams to work overtime just to meet deadlines.

Processes Are Unreliable and Time-Consuming

Systems crash frequently and take hours to run critical calculations, leaving oil and gas accountants waiting instead of working.

Disconnected Workflows Create Data Silos

Information gets trapped in isolated systems, making it difficult to get a complete financial picture across operations.

Black Box Calculations Force Duplicate Effort

Without visibility into how numbers are calculated, accounting professionals must recreate work in Excel to verify results.

Why Oil and Gas Accountants Choose W Energy

From upstream financials and production accounting to midstream accounting and plant settlement, W Energy software accelerates accounting workflows, creates transparency, and gives your team more of their day back for high-value projects. Here’s how W Energy delivers:

#1 DataView™

According to a 2020 survey, 85% of respondents leverage advanced analytics for their oil and gas operations. DataView™ transforms raw data into actionable business intelligence (BI), specifically designed for oil & gas operations. Our powerful BI capabilities provide real-time insights into financial performance, production trends, and operational metrics all within the same platform. DataView gives oil and gas accounting teams the analytics they need to make informed decisions quickly and confidently.

#2 Calculation Trace

#3 Asset Builder and Allocation Networks

Helping accountants rapidly understand the flow of revenue across allocation networks is W Energy’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.

#4 High-Performance Computing

Processing intensive settlement calculations often run overnight with legacy oil & gas solutions, or worse fail and require users to constantly coddle accounting processes. W Energy is a true, native SaaS application that harnesses the full power of on-demand cloud processing. Run complex allocations and owner distributions with complete confidence in just minutes.

#5 Association Graph

A change to a single formula can have a ripple effect across hundreds of contracts. W Energy’s Association Graph lets you instantly see the impact of a change on associated rates, formulas, contracts, meters, and wells. No need for special reporting packages or manually running queries against databases. All the answers are at your fingertips in context with your accounting workflows.

#6 Easy Data Import and Export

Got a bolt-on acquisition? W Energy 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 for further, detailed analysis.

#7 Strong Audit Capabilities

Black box calculations only allow you to see the data that goes in and out, but obscure visibility into the methods that generate a result. W Energy 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 tracked at the field and user level to document who made a change and what changes preceded or followed it.

#8 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 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.

#9 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 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 costs.

#10 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’s algorithms intelligently identify the allocations that require running and, most importantly, the correct order.

#11 Unified, Purpose-built Platform for Upstream and Midstream

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 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.

Ready to Upgrade to W Energy?

It’s time to experience accounting software for upstream and midstream that works as hard as you do. W Energy has helped hundreds of companies leave behind the frustrations of legacy systems and discover what modern cloud-based technology can do for their accounting operations. Our comprehensive accounting solutions deliver real results: settlements in minutes instead of hours, complete visibility into calculations, and seamless data flow across your entire operation.

Let us show you why oil and gas accountants across the industry are making the switch to W Energy. Request a demo today and see the difference for yourself.