TouchstoneEnergy’s Joint Venture accounting module automates joint venture cost allocations, streamlining approval and billing workflows. It makes cost recovery a quick and easy process giving both internal stakeholders and JV partners confidence that the figures presented are accurate.
EnergyFlow Joint Venture accounting and Cutback Automation will generate all the necessary accounting entries for businesses involved in joint venture projects based on the agreed partner share.
The module is designed specifically for the upstream Oil & Gas sector and those companies who find that their core finance system is unable to handle complex joint venture accounting.
As with all EnergyFlow applications, our Joint Venture accounting module integrates seamlessly with all major accounting systems, integrating data and streamlining workflows. The system is fully configurable, and our experienced team will work closely with you to configure the system according to your specific business needs.
Users define partner share and automate cost allocations based on rules defined for each JV project. Automated processes then control adjustments and keep allocations accurate throughout the cutback process. We also enable users to set the cap-out value, the carry amount, still enabling ownership and equity changes.
The system’s easy-to-use web-based reporting capabilities provide a full and transparent audit trail of all transactions allowing users to track every detail in real time. This in turn enables fast and accurate reporting to partners and generation of JV billing statements following approval.
Streamlined workflows save time and speed up cost recovery, with JV billing statements and invoices generated by the system, following automated user-defined approval processes before release.
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