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Quorum Authorization for Expenditure (AFE)™ - Software Solution

Software to manage allocation of approved capital budget funds to projects while maintaining solid financial controls 

Quorum Authorization for Expenditure (AFE)™ is a capital budget tracking software solution designed to allocate approved capital budget funds to projects while maintaining solid financial controls. 

  • Address capital budget approval requirements specific to oil and gas, renewable energy and natural resource companies
  • AFE creation from templates; electronic workflow approval with audit logs
  • Organized and streamlined capital spending approval process
  • Easily monitor what stage the AFE is at in the approval process
  • Automatic e-mail notifications for AFEs within user-defined over budget tolerance
  • Online and report review of budget to actual comparisons
  • Automated work in process reclassification journal entries into the financial system

 

Quorum Authorization for Expenditure (AFE)

        
       

 

 

 

 

 

 

 

 

 

 

Input Data

  • Budgets
  • Expenditures
  • Approval authorization
  • Project progress
  • Working Interest Owners
  • Supplemental budgets
  • Field committed
    costs
 

 

Information Managed

  • Budgets
  • Actual costs
  • Project status
  • Revisions
  • Supplements
  • Tolerances
  • Multi-stream approvals
  • Attachments
  • Audit history
  • Committed costs
  

Processes

  • Audit history
  • Work flow automation
  • Actual vs. budget variance
  • Accruals
  • Revisions
  • Multiple AFEs
  • Dry & completion budgets
  • Gross / net calculations
  • Reclassification of work in process journal entries

Deliverables

  • Timely AFE approvals
  • AFE electronic file with attachments
  • Online review capability
  • AFE approval letters for external partners
  • AFE summary and detail budget to actual variance reports
 

Output Data

  • Ad-hoc inquiries
  • Journal entries (GL)
  • Other ERP system integration

Why Quorum AFE? 

  • Energy industry forms and user-defined budget templates for any type of project
  • User-defined workflows to electronically pass the AFE through the setup and approval process
  • Quick to deploy, easy to learn, and simple to use
  • User-defined configurability - unlimited categorization and grouping
  • Accommodate multiple processes and simultaneous projects
  • Integrity of design ensures control compliance and support for audit
  • Support for variety of pre-configured and ad-hoc reports, as well as business intelligence
  • Support for integration into other relevant systems, including general ledger (GL)
  • A component of Quorum's enterprise wide energy software solution portfolio - can be deployed stand-alone or integrated with other enterprise solutions

Quorum Authorization for Expenditure (AFE) is used by various industry participants (large and small) in several sectors across the oil and gas, renewable energy and natural resource value chain.

Authorization for Expenditure (AFE) is a key function of the Capital Budget & Management business process. Quorum provides other software solutions to support this and other related business processes.

Contact Quorum Business Solutions to learn more about the Quorum Authorization for Expenditure (AFE) software solution.