Solutions for the Financial Accounting Process

Financial Accounting (GL, AP, AR) - business process

General ledger (GL), accounts payable (AP) and accounts receivable (AR)

Financial accounting is a fundamental back office process that includes general ledger (GL), accounts payable (AP) and accounts receivable (AR). The energy industry incorporates certain business processes with specific accounting procedures that have been adopted and endorsed. Financial accounting processes for energy must incorporate and comply with endorsed industry-standard procedures (e.g. COPAS).

Financial Accounting Processes and Systems

Processes and systems to efficiently manage financial accounting are crucial to success. Key elements include:

Manage general ledger (GL) with financial controls and procedures, including energy industry standard guidelines (e.g. COPAS)
Manage accounts payable (AP), including vendor payments, aging, reconciliations, journal entries, tax reporting, etc.
Manage accounts receivable (AR), including invoices, receipts, aging, reconciliations and journal entries
Facilitate multiple payments, types, receipt types and journal entries
Consolidated financial reporting, ad-hoc reporting and online query
Automated workflow processes to enforce control requirements
Support either elected accounting method - successful efforts (SE) or "full cost" (FC)
Compliance with regulations and guidelines (e.g. GAAP, FASB, SOX, SEC, etc.)

Financial Accounting Software Solutions

Quorum has experience in the Financial Accounting process in design, implementation and support of configurable, sustainable, scalable information technology solutions to manage business activities efficiently and cost effectively. In addition to consulting services, we provide a full range of software solutions specific to the Financial Accounting process, including: