Last week TouchstoneEnergy completed their 7th implementation of EnergyFlow

LONDON - Aug. 17, 2016 - PRLog -- Last week TouchstoneEnergy completed their 7^th implementation of EnergyFlow, the Business Process Management Platform designed specifically for the Energy Sector.

TouchstoneEnergy successfully deployed process modules: for AFE Automation & Approvals and Daily AFE Cost Tracking as well as Time and Expense tracking.

In addition to this, the client asked TouchstoneEnergy to help re-implement SunSystems to better support the needs of a rapidly growing, UK based E&P company.

The next phase of this project will see the deployment of further processes to support Joint Venture Cutback and other general office functions.

Oil and gas joint venture accounting requires accurate allocation of costs to partners and creation of Joint Venture Interest Billing statements and invoices for cost recovery.

Constant changes in equity creates complexity for the JV accounting function. With TouchstoneEnergy's automated cutback system, companies can make ownership adjustments quickly and easily, with a full audit trail, enabling fast and accurate reporting to partners.

TouchstoneEnergy's Cutback automation process generates all of the necessary accounting entries, taking caps and carries into consideration along with equity changes with none of the limitations of traditional accounting systems.

Learn more about TouchstoneEnergy and Business Process for the Energy Sector: https://touchstoneenergy.co.uk/