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

Information Managed

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

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.

Tags: E&P Solutions, Oil & Gas Software