Accurate accounting for oil & gas companies with NetSuite Joint Interest Billing by Rand Group
Rand Group has partnered with companies in the oil and gas industry for over two decades and is familiar with the unique accounting needs of the industry. We have developed a custom Joint Interest Billing (JIB) solution, created specifically for NetSuite, to enable companies to manage and allocate costs & revenues among stakeholders efficiently. With Rand Groupโs industry experience combined with our expertise in implementing and supporting tailored NetSuite solutions, your organization can simplify JIB processing, accurately track ownership allocations, and streamline reporting for complex projects.
Drive efficiency and transparency in oil & gas with Joint Interest Billing
Rand Groupโs custom Joint Interest Billing (JIB) functionality, designed for NetSuite, addresses the specific needs of the oil and gas industry. This robust solution enables operators to accurately divide and report expenses and revenues among joint venture partners based on predefined agreements, supporting clear ownership tracking, flexible expense allocations, and a comprehensive JIB history. With capabilities to manage multiple wells, decks, and owners, oil and gas companies gain real-time insights into project finances and maintain transparency in all partner transactions.
As an Oracle NetSuite Alliance Partner, Rand Group specializes in implementing and supporting industry-specific solutions that drive operational efficiency. With extensive experience in the oil and gas sector, our team tailors NetSuite to include JIB functionality, ensuring smooth processing, precise revenue allocation, and reliable tracking. We offer ongoing support and consulting to help clients continually meet the evolving demands of joint venture operations.
Well and property asset management
Efficiently track and manage all well and property records directly within NetSuite. Gain a comprehensive view of each assetโs financial performance to support informed decision-making across projects.
Flexible allocation decks for precise expense sharing
Easily assign owners to multiple decks and connect decks to multiple wells, enabling flexible and accurate revenue and expense allocations. This adaptable structure allows for seamless cost distribution among joint venture partners.
Comprehensive JIB history for complete transparency
Access a full history of all JIB transactions, providing accountability and transparency. This detailed recordkeeping provides clarity for every well, property, and partner, enhancing trust in shared financial operations.
Featured Video
See our custom JIB solution in action
Rand Groupโs custom Joint Interest Billing (JIB) solution for NetSuite simplifies cost allocation, automates billing cycles, and enhances financial reporting for oil and gas companies managing joint ventures. With over two decades of experience working with the industry, our JIB solution helps operators improve accuracy, transparency, and efficiency in their financial operations. Watch the video demo to see how our solution can transform your JIB processes.
Enhanced owner assignment and tracking
Easily assign and manage ownership details to streamline revenue and expense allocations among all partners. With Rand Groupโs custom JIB solution for NetSuite, operators gain a centralized, accurate record of owner assignments across multiple properties, allowing for efficient and error-free tracking of interests.
- Centralized owner records: Maintain a single, accurate record for each owner, preventing duplication and ensuring consistent data across projects.
- Multiple ownership assignments: Associate owners with multiple wells and decks, streamlining the management of complex ownership structures.
- Real-time ownership updates: Instantly reflect ownership changes to ensure accurate billing and reporting for all stakeholders.
Efficient processing of Joint Interest Billing
Rand Groupโs custom JIB functionality for NetSuite simplifies the generation and management of joint interest billing statements, allowing operators to efficiently report costs and revenue to each partner. This capability accelerates billing cycles and reduces potential errors, resulting in transparent, timely, and accurate billing.
- Automated billing cycles: Reduce manual entry with automated JIB processing, ensuring accurate and timely billing for all joint ventures.
- Customized billing statements: Generate tailored billing statements that meet partner-specific requirements, enhancing transparency and satisfaction.
- Streamlined reconciliations: Quickly verify and reconcile JIB transactions, reducing the risk of discrepancies and simplifying audits.
White Paper
How to choose an ERP solution for your oil & gas business
From fast-changing regulations to fluctuations in international markets, oil and gas businesses need enterprise resource planning (ERP) software that is flexible, efficient, and amenable to an ever-changing landscape. In this whitepaper, our industry experts will walk you through the process of defining ERP requirements, identifying the necessary modules for your business, and finding a partner to implement the solution.
White Paper
How to choose an ERP solution for your oil & gas business
From fast-changing regulations to fluctuations in international markets, oil and gas businesses need enterprise resource planning (ERP) software that is flexible, efficient, and amenable to an ever-changing landscape. In this whitepaper, our industry experts will walk you through the process of defining ERP requirements, identifying the necessary modules for your business, and finding a partner to implement the solution.
Comprehensive reporting and billing history
Rand Groupโs JIB solution for NetSuite provides robust history functionality, maintaining a transparent, accessible record of all past transactions and enabling operators to review and audit previous billing cycles. This feature supports accuracy, compliance, and trust among joint venture partners through detailed historical data.
- Detailed transaction records: Access a full history of JIB transactions, including individual expenses and allocations, to ensure accountability and transparency.
- Enhanced audit capabilities: Simplify audits with easily retrievable billing data, reducing the time and effort required to verify past transactions.
- Insightful reporting tools: Generate comprehensive reports on historical billing activity to assess financial performance and identify trends across projects.
Integrated solutions for oil and gas with NetSuite
NetSuite is a powerful solution that empowers oil and gas companies to scale seamlessly and streamline critical processes. With comprehensive tools designed to meet industry needs, NetSuite ensures that businesses can adapt and grow efficiently. Hereโs an overview of NetSuite solutions tailored for the oil and gas sector:
ERP
NetSuiteโs ERP system provides a complete suite for managing your business, from financials and inventory to supply chain and warehouse management.
CRM
With NetSuiteโs CRM, gain a 360-degree view of customer interactions, covering everything from leads and sales to support, helping you manage the entire customer lifecycle.
Analytics
SuiteAnalytics, NetSuiteโs real-time analytics solution, offers embedded insights across the platform, removing the need for external data tools and enabling clear, integrated reporting.
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