Streamlining financial operations & keeping the Oil flowing..!

10. 07. 17 Marcus Kelly

Inefficient financial processes are also common to many companies, and this has become a significant area where organisations can both cut costs and operate more efficiently.

With operational efficiency goes control and compliance – companies need to know what they are buying, from whom and at what price. Lower operating margins mean the price you pay is under even more scrutiny from senior management.

In most cases, a large percentage of the workforce operates remotely. This can result in delays in approvals leading to strained internal and external relationships.

“TouchstoneEnergy provides solutions that enable oil and gas companies to quickly address inefficient financial processes and help cut costs whilst meeting industry regulations and standards” says Peter Davis, Business Unit Head, TouchstoneEnergy.

We offer a full suite of cloud-based financial accounting, spend management, budgeting, forecasting and business process management applications, all deployable on an integrated CLOUD platform.

Our systems make it easy for customers to gain better visibility and control over every process in their organisation, improving compliance and introducing the potential for costs savings in all areas. This is a completely different approach to that of our competitors who mainly attempt to satisfy elements of the financial accounting or purchase-to-pay process.

Our applications provide a platform for tracking and managing all types of business processes, including time-writing, JV accounting, AFE approval and tracking daily drilling costs. There are processes to track PO approval and invoice payment tracked to the AFE and budget.

TouchstoneEnergy’s financial management platform gives senior management real-time visibility of AFE expenditure vs budget by phase, duration and depth; cash requirements and forecasts; and automated JV Cutback & billing.

TouchstoneEnergy gives users the tools to deliver advanced reporting and analytics. Our solutions run natively on mobile devices meaning we can enable field personnel to approve processes and documents keeping information speeding around the business.

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Marcus Kelly

Written by:

Marcus Kelly

Marketing & Business Development Manager