Quorum Cost Accounting™ (JIB, AFE, FA, DD&A)


Quorum Cost Accounting (JIB, AFE, FA, DD&A) is a comprehensive software system to manage the full range of capital and expense cost accounting activities

  • Manages all aspects of capital costs and expenses
  • System is specifically tailored to oil & gas, renewable energy, and natural resource companies

System Elements

Quorum Cost Accounting software is comprised of 5 elements that can be deployed together or individually over time

  • Joint Interest Billing (JIB) – platform for operators to manage joint interest billing (JIB) and joint venture (JV) accounting activities, including distribute costs among partners
  • Authorization For Expenditure (AFE) – manage capital budget approval process, including automated workflow and electronic approval process for AFEs
  • Capital Budget Tracking – brings together yearly forecasts, AFE actuals and budgets, and updated projections for an enterprise-wide capital expenditure outlook
  • Fixed Assets (FA) & Depreciation Accounting (DD&A)control accounting for fixed assets over the entire lifecycle from acquisition / depreciation and revaluation to disposal
  • Equipment Inventory Management & Accountingmanage and account for lease, well, and yard inventory, including purchased goods, material transfers and inventory management

Benefits

icon_check_blue Efficient/ Intuitive – quick to deploy, easy to learn, and simple to use; automated workflow

icon_check_blue Configurable – user configurable attributes throughout the system; integration into other relevant systems

icon_check_blue Compliant – support for regulatory reporting requirements; financial reporting standards (SOX, etc.); audit

icon_check_blue Scalable – used by majors & smaller regionals; proven capability with large transaction volumes

icon_check_blue Cost Effective – affordable total cost of ownership

Regular product upgrades incorporating new features and industry best practices – as directed by an active client user group

icon_qcloudQCloud hosting available as an alternative to on-premises deployment