A unique solution for a unique industry

Accounting for Revenue in the oil and gas industry is one of the most challenging accounting functions. In other industries, product is sold, the price is set, cash is received and the transaction is booked as a simple two-sided accounting entry – debit cash / credit revenue. The entry is rarely adjusted.

In oil and gas, booking revenue is a moving target. Volumes are restated, price calculations are composed of numerous variables that can be changed, ownership is often shared, and can be changed retroactively and revenue deductions aren’t necessarily shared equally among owners. Many of these calculations are so complex they need to be managed by highly experienced accountants in a spreadsheet. With SOX compliance requirements, calculating core value for your company in spreadsheets is a frightening proposition.

Replacing spreadsheets with automation

Built into the foundation of BOLO Revenue, the Process Workbench allows you to set up complex pricing and ownership scenarios so the system can perform the calculations that were previously done in spreadsheets. By automating these complex processes, BOLO allows skilled professionals to perform cost-saving review and analysis rather than maintain spreadsheets.

BOLO enables you to:

Record the Business

• Import revenue information into the system
• Calculate revenue based on information from the production and marketing departments
• Automate calculation of the revenue accrual process
• Automate regulatory reporting

Manage the Business

• Manage purchaser receivables
• Perform variance analysis on revenue checks
• Automatically produce reverse and rebook entries associated with ownership changes and revenue adjustments to save analysis time and increase accuracy
• Validate tax and deduction calculations from purchasers