ProStream PA / FA / LAND: Production Accounting, Financial Accounting & Land
There are three modules within the ProStream PA/FA/LAND product:
1. ProStream PA (Production Accounting):
Reward your accountants with tools developed for, and by, major producers, where reputation and efficiency are critical.
- Production volumes and composition are imported and validated effortlessly, regardless of the data source
- Validated volumes and composition are mapped to the correct measurement location, saving hours of manual input
- Dynamic product flows during the month determine the linkages and facility processing order
- Workflow management tools guide you through business processes unique to each area or facility
- Gathering and processing services billing and equalization are integral to the functional unit product flows
- Monthly production accounting is acknowledged as the benchmark, defining standards for production audit and internal controls
- Process efficiencies are realized from the collaboration of field, plant, marketing, engineering, and accounting users
- Regulatory compliance and audits are easily managed with extensive reporting and analytical tools
- Your company is recognized as a trusted leader by producers, joint interest partners, and regulatory agencies
Simplify Production Accounting Tasks
User-friendly workflows and configurable workflow guides simplify your PA tasks.
Product & Sales Allocations
The ProStream PA / FA / LAND solution provides a monthly process status at a glance, for any accountant or team-lead, allowing you to manage all sub-processes and reports from a single screen.
Revenue, Royalty, Tax & Accounting
The ProStream PA / FA / LAND solution takes you through six menu-driven steps to complete the monthly production accounting process.
2. ProStream FA (Financial Accounting):
Imagine a financial system designed specifically for the industry that is so versatile that it is used by all oil & gas industry disciplines, often with virtually no accounting training!
Business transactions are consummated every day, resulting in financial and joint-interest accounting implications that must be classified and recorded as a key element of the internal control scheme of any business.
No Downtime. There’s essentially no downtime for users in any department, even during the accounting month-end process. Have you ever tried to estimate the cost of users being unable to use the system for a couple of days each month?
Instant Updates. Notice of assignment and global interest updates are performed by system processes in minutes. What is it worth to your reputation to keep contracts, rights, property, inventory, and other asset ownership records up-to-date, effortlessly?
Easy Handling of Unexpected Adjustments.Retroactive adjustment of partner shares on any project, for any period, can be processed in minutes, including the accounting entries and joint-interest billing adjustments. How often have you been caught by the timing of an unexpected change in participation, after closing several month-ends?
End-Period Versatility. Every month and quarter-end has the same multi-close versatility that you expect at year-end. A very helpful feature when you want to distribute joint-interest billings, while waiting for accounting adjustments before the final close.
Local Flexibility. The solution is configurable to handle regional sales, value added taxes (VAT), and other local taxes at the transaction level, and prepare the remittance to local authorities. ProStream PA / FA / LAND can also maintain any number of currencies in parallel with the functional currency. Local transactions are handled in the local currency, and official financial reporting is delivered in the functional currency.
3. ProStream LAND:
- Description of rights and obligations
- Full title history
- Multi-purpose reminder calendar
- Producing / Non-producing properties
- Investment to date
- Renewal forecast and notice letters
- Environmental / abandonment plans, requirements, and performance
- Source documents at your fingertips