Revolutionize Your Oil & Gas Accounting
W Energy’s Stream+ software revolutionizes oil and gas accounting by addressing industry-specific challenges such as manual errors, legacy software inefficiencies, reporting difficulties, and lack of system transparency, thereby enabling accounting teams to improve data accuracy, speed processing, enhance regulatory compliance, and support strategic financial decision-making.
The Power of Unrivaled Data Transparency and Faster Processing Speeds
Business accounting is never simple, but for oil and gas organizations, it can be exceptionally complex. From reserves accounting to revenue recognition, joint venture accounting to hedging transactions, exploration and development costs to DD&A, and regulatory compliance—accounting teams face an abundance of unique challenges and responsibilities.
With those challenges, however, comes opportunity. Accounting leaders are in a prime position to impact many of the organization’s most critical business metrics. Far from just managing invoices, accounting underpins the company’s ability to make strategic financial decisions, improve partner and customer trust and satisfaction, and control costs. The only catch: your accounting group is unable to achieve these effects without the right tools and processes.
Strategic Solutions to Accounting’s Biggest Challenges
W Energy is a niche player committed to serving the oil and gas industry with the Stream+ integrated product offering. To build a software platform that delivers the functionality that Midstream and Upstream accounting teams need most, W Energy gained a deep awareness of what keeps CFOs, CAOs, VPs of Accounting, and Controllers up at night. According to customers, accounting teams’ struggles include:
- Manual, error-prone processes leading to issues gathering accurate data, incorrect spreadsheet calculations, prior period adjustments (PPAs), and client and partner mistrust.
- Legacy software limitations slowing down processes and requiring manual interventions, resulting in clunky, inefficient workarounds.
- Reporting issues arising from lack of integration across multiple databases, the difficulty of manually tracking and reconciling data, and always-evolving regulatory standards.
- Lack of system transparency resulting in hours spent verifying calculations, researching questions, and providing other teams with detailed what-if scenarios.
- Building trust with partners and customers is slow, especially with a history of data inaccuracy or lack of transparency.
- Data silos between teams leading to duplication of data efforts and lack of insights into the business as a whole.
Overcoming these obstacles requires more than throwing more time and resources at the problems. To simplify, streamline, and speed up accounting processes, CAOs need a partner and a platform they can trust.
Three Must-Haves for Fast, Accurate, Transparent Accounting
W Energy Stream+ delivers three critical factors to transform your accounting experience:
- 1.Radical data transparency
- 2.Exponentially faster processing times
- 3.The power of a single, robust system
The platform’s key capabilities bring these tenets to life and translate to tangible benefits for accounting teams and the business as a whole.
W Energy Capabilities: Enabling Accounting to... So the Business Can...
-
Up to 150x faster batch processing speeds compared to legacy systems
- Generate monthly results faster, allowing for quicker review and reduced PPAs
- Improve customer satisfaction and cut administrative friction by minimizing PPAs
- Perform on-the-fly analysis to identify cost variances and proactively find opportunities for cost reduction
- Control costs more easily, efficiently, and effectively
- Gain more productivity and value from team members with more time to focus on strategic projects
- Reduce the amount of time required to complete end-of-month processes
-
Industry-first, technology-forward functionality
- Use business-focused reporting like DataView™ to support reporting and dashboard needs
- Quickly and easily connect information across the business to enable decision making
- Easily see how revenue and tax results were calculated, step-by-step, complete with purchaser details, to verify contract compliance and slash PPAs via CalcTrace
- Make faster, more informed business decisions with complete data transparency
- Use the automated Asset Builder to view allocation networks graphically, understand where products and costs are flowing, and ensure accurate payment to producers and interest owners
- Use the Association Graph to see how and where rates and formulas are used throughout the system
-
A unified solution that integrates seamlessly across the W product suite and external data sources
- Produce accurate and timely financial reports by pulling data from every location into one interface
- Ensure regulatory compliance with full data transparency—no more black box
- Eliminate data silos across and within departments and the spreadsheet workarounds that go with them
- Cut costs and decrease administrative burden by consolidating into a single, powerful accounting solution
- Create customized workflows to automate repetitive tasks
- Improve employee satisfaction and productivity
- Use DataView to reach all corners of your business data
- Save time creating Business Intelligence to keep you moving forward
-
The industry’s only fully cloud-native platform
- Eliminate painful, expensive upgrades and guarantee the latest functionality with automatic upgrades
- Out-perform the competition by always running innovative, secure, up-to-date software
- Ensure process and data continuity, regardless of internal or external market conditions
- Control costs by scaling up or down as needed based on business or industry fluctuations
- Get instant analytics with DataView without needing a team of experts
- Get advanced analytics without struggling with overly complex data
To provide the greatest value to the business, Accounting Leaders require data that they can easily see, understand, analyze, manage, and trust. Manual processes and outdated software will never meet that imperative—but W Energy can. For industry-leading transparency, speed, and accuracy, only the W Energy Stream+ suite adds up.
Trusted by leading upstream and midstream energy companies.
Related
Transforming Oil & Gas with Stream+
W Energy’s Stream+ platform revolutionizes oil and gas operations by unifying upstream and midstream workflows into a single connected environment that eliminates manual data handoffs, accelerates processing speeds up to 150 times faster than industry norms, and provides real-time visibility across all operational layers to overcome inefficiencies caused by legacy siloed systems.
Top Lessons for Improving Plant Accounting and Energy Back-Office Operations
The article highlights how outdated legacy plant accounting systems hinder energy controllers by forcing manual processes and costly workarounds amid increasingly complex upstream and midstream operations, and presents W Energy’s integrated platform as a solution that streamlines data entry, enhances connectivity, and enables faster, more accurate financial decision-making.
Introducing Stream+ – The Future of Oil & Gas Software
Stream+ by W Energy is a fully integrated software platform designed to unify upstream and midstream oil and gas operations—including accounting, land management, production, and field service—into a single intelligent system that eliminates data silos, automates workflows, and provides real-time business intelligence for improved efficiency and decision-making.
How to Optimize Operations with Midstream Oil and Gas Software
Midstream oil and gas software like W Energy’s Stream+ platform optimizes operations by automating complex production allocations, centralizing contract management, accelerating revenue distribution, consolidating reporting, and replacing fragmented legacy systems with a cloud-native solution that enhances processing speed, transparency, and scalability for gathering, processing, and transportation companies.
Upstream Platform Integrated Benefits
The article highlights how W Energy’s Stream+ integrated platform streamlines upstream oil and gas operations by consolidating disparate data—particularly in accounting functions like revenue and production accounting—resulting in significant time savings, improved data accuracy, enhanced productivity, and faster, more insightful financial and operational analysis.
How Midstream Accounting Software Transforms Financial Operations
Midstream accounting software revolutionizes financial operations by automating complex volume allocations, reducing reliance on error-prone spreadsheets, centralizing vast operational data for improved accuracy and transparency, and streamlining intricate contract-specific pricing and reconciliation processes, thereby minimizing manual effort and enhancing strategic decision-making in midstream energy companies.