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Streamlining financial operations & keeping the Oil flowing..!

Streamlining financial operations & keeping the Oil flowing..!A volatile oil price, capital intensive projects and constant change in regulation means that oil and gas companies are constantly fighting margin pressures.

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.

TouchstoneEnergy boasts an impressive client list including a new upstream E&P company, Hurricane Energy Plc.  As confidence in our ability has grown, we have also attracted new customers in the Downstream and Renewables sectors.

Customers and prospects are looking for a solution provider who is an enabler – a trusted partner who can facilitate seamless integration between your supplier base and you.

A key requirement for Hurricane Energy was ‘AFE & cost tracker analysis’ to support drilling activities. They also needed control of payments to third parties. After adopting our solution, Hurricane have achieved rapid return on investment and low cost of ownership through simple, painless user adoption. Enabling users to create new reports and workflows, has been a huge benefit.

TouchstoneEnergy leads the industry in the delivery of usable systems that help to resolve the many challenges encountered by everyday businesses.

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