Financial Management and Reporting
“ofsERP Financial Management maintains system-wide-accounting controls & provides powerful, flexible financial reporting for oil field service companies.”
The financial management needs of oilfield service companies align very easily with Microsoft Dynamics General Ledger and Financial Reporting features.
The Dynamics NAV General Ledger provides a powerful, flexible financial analysis and reporting tool that can enables management to monitor the most essential elements of their business on a real time basis. These reports can be used to efficiently monitor the health of the business and provide valuable input for the business decision makers. Profit and loss statements can be quickly seen for any segment of the business, at any level of detail, and for any time period. The unique and powerful Dimension feature enables profitability analysis by such as Dimensions such as Basin, Field Office, Division, Job Type, Job, Equipment Type, Customer, Site/Well/Lease/Rig, Truck, Driver and more …
There’s a myriad of General Ledger Software packages available today and at first glance many oil field service companies follow the logic that most will work just fine for their business. Heck, Quick Books is cheap and it sure has an impressive looking demo, so why not use it to run your financials?
The flaw with this logic is that your General Ledger is the heart of your entire ERP system and it should establish all the accounting controls required for every other part of your entire operational system.
Without system-wide controls in place, your are more exposed to fraud, your financial statements are not as trusted (by potential investors, banks, etc.), and it is extremely expensive and cumbersome to support your case in the event of an audit.
Dynamics Financial Management with ofsERP at a Glance:
- Profit and Loss at many different segments of the business: by Service, Equipment Type, Job, Basin, Revenue Stream, Field Office, Job Type, Customer, Well/Site/Lease/Rig, etc.
- Cash flow forecasting
- Fixed Assets
- Multiple currencies
- Electronic Payments
- Bank Reconciliation
- Multiple company consolidations
- Intercompany postings
- And more …