AFE Manager
Today's E&P companies require the use of practical and efficient systems to handle their individual work processes. Approvals for Expenditure (AFE) are critical for cost control, project management, achieving planned ROI and key internal and partner communications. Using spreadsheets can result in significant time investments, lack of repeatability and lack of proper audit and cost information controls.
PetrisWINDS AFE Manager™ is feature rich and can be easily learned in a few hours. AFE Manager is aimed at managing the AFE workflow process and capital budget management. Users can create an AFE in minutes, electronically route it to each team member, with automated notifications, based on the company’s approval process, manage partner interests and have a complete audit trail of the AFE. The automated approval process helps to ensure that the corporate approval procedures are maintained and that the proper people are involved based on their budgetary approval authority.
AFE Manager can be configured to integrate with your accounting system to provide effective CAPEX and OPEX budget tracking. This is achieved by tying the system in via cost centers and accounting codes. The AFEs can also be easily grouped to track budgeted, actual and estimated costs based on geographical regions, departments, status, etc. When integrated, it is possible to capture the interim field estimates as well as the final cost data.
Features
Complete management of the AFE workflow process including:
- Creating, routing, updating, controlling and reporting
- Incorporates official approval process policies
- AFE revisions and supplements
- SOX level controls for auditing the AFE
- Capture AFE field estimates and actual cost data
- Integration with commercial General Ledger (GL) systems
Benefits
- Configurable to your workflows, your cost codes, your ownership rules
- Transparent daily tracking of costs and variables
- Consistent practice between projects, divisions, and entities
- Timely approval using your email and communication systems
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