Traditional production accounting systems are frequently a source of business inefficiencies. Increased expense, lost time, lost opportunities, and delays in availability of data for senior management are a few common issues we’ve seen over the years.
Switching to a modern production accounting can reduce these inefficiencies and increase business performance. For example, effective management of deferments can mean a significant increase in revenue for a production company.
When looking to increase efficiencies within your business, here’s a list of some of the key features that your production accounting software should be providing.
Your system should be 100% configurable. All without needing to programme calculations or functionality directly into the software. You should be able to build an application to suit your assets and agreements, and update and modify this as your operation evolves.
There should be no frustrating data black boxes. In EnergySys, downloadable Excel calculation logs make it easier than ever to identify and fix anomalies. A complete audit trail and version history should be readily available whenever you need it.
Upgrades should be included without additional charge. Upgrades should be regular and not interrupt your normal operation. You should be able to log-on and use your applications as before, but with improved functionality.
You should be able to build powerful and useful ad hoc reports and dashboards. Open data standards are critical. They mean that your reporting is more flexible, offers more effective data sharing, and more choice. You should be able to work in your choice of reporting environment using your own templates. Analytics shouldn’t be a costly add-on; it should be open data combined with your preferred tool.
You must be able to access information quickly and easily. It should be available anytime from anywhere in the world.
Every change should be recorded, versioned, and traceable back to an identified individual or process.
Keep following our blog series where next week we’ll be exploring why the future of production accounting lies in cloud-native software like EnergySys.