Within most oil companies, there exists an interesting dichotomy between operational and accounting forces, with each laying claim to the mantle of gatekeeper to the ultimate success of the company. In most companies, this dichotomy is exacerbated by the operational access to the vital accounting data, due in large part to the constraints put in place by the Sarbanes-Oxley legislation. At V3, we recognize these forces and apply strategies to break down these barriers, creating a win-win situation.
Using Canopy and Wrangler, we can give you operational access to your accounting data in the format that makes operational decision making more fluid. We have been working with an oilfield partner to help them deliver accounting data from the Excalibur accounting system to our Wrangler interface, allowing ease of use and enhancing the decision-making process.
- Lease Operating Statement (LOS) Details – LOS Details are delivered using the Wrangler interface, allowing end users to view and manage the data as they see fit.
- Federation – Links are established from the LOS Detail to other Wrangler datasets, e.g. to accounting transaction, invoices, and production allocation systems.
- Management by Exception – the LOS Details can also be integrated into your company’s budget, allowing users to manage their LOS process using variance analysis.
- Operational Visibility – Using Wrangler as the information delivery mechanism for LOS Details allows your company to give accounting visibility to other departments within your company.