In oil and gas accounting, tracking Authorizations for Expenditure (AFEs) and budgets efficiently helps ensure cash flow for capital-intensive projects, such as exploration and production. The ability to view real-time data supports informed financial decisions that prevent cost overruns and delays.
Tracking AFEs and budgets in real time requires the latest digital tools, including specialized petroleum accounting software.
Leveraging software to gain immediate insight into Budget vs. Actuals helps energy companies forecast accurately, assess risks effectively, and minimize financial surprises. Automating workflows, approvals, and reporting eliminates data silos and disconnects, improving communication and collaboration.
Replacing error-prone manual processes and generic spreadsheets also helps ensure precise financial data and clear audit trails. Furthermore, data-driven budgeting insights and automated financial controls enhance oversight, powering financial performance.
Instant Calculations
While acting as a single source of truth, the platform must securely store financial and operational data in one place. As invoices are entered and posted, actual costs should be automatically charged against the AFE budget, providing an instant comparison of Budget vs. Actuals.
Seamless Connectivity
To get a true real-time picture, data must flow continuously from the field to the back office. That way, field personnel can submit estimated costs and reports from mobile devices, delivering immediate insights into AFEs, budgets, and project status.
Intuitive Dashboards
The software should allow fiscal decision-makers to configure their dashboards to display role-specific information. Once configured, the dashboards can then generate and distribute scheduled reports automatically.
Automated Alerts and Approvals
The platform should let you set financial thresholds that trigger alerts when spending exceeds predefined limits. It should allow you to create automated approvals for AFEs and spending to ensure capital controls and fiscal policies are enforced.
Stakeholder Engagement
The tools must facilitate remote and mobile access to the AFE and budget tracking system for designated users. It should also streamline the sharing of financial updates for all stakeholders, informing them about changes promptly.
Seeing the big financial picture doesn’t have to be difficult. PakEnergy’s oil & gas accounting software delivers smart integration and automation, permitting natural, real-time data entry for financial operations through task-specific screens. While serving as a single source of truth, our powerful platform scales to your business, creating precise reports and full audit trails that enable you to budget and forecast with pinpoint accuracy.
Ready to discover the PakEnergy difference? Schedule a free demo today and take the first step towards achieving next-level financial performance.
Unclaimed property audits in oil and gas are escalating and so are costly penalties. Watch our 'Audit Storm Ahead' webinar to understand audit triggers, what to expect if you’re targeted, and tips to reduce exposure.