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Incorporating Data and Technology for a Modernized Approach to Accounting

Incorporating Data and Technology for a Modernized Approach to Accounting. PRESENTED TO: COPAS. Memphis, TN | April 24, 2019. Agenda. 01. 03. 02. 04. Introduction to Big Data in Accounting. Getting Prepared For Changes In Technology. Questions & Answers. Advances in Accounting

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Incorporating Data and Technology for a Modernized Approach to Accounting

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  1. Incorporating Data and Technology for a Modernized Approach to Accounting PRESENTED TO: COPAS Memphis, TN | April 24, 2019

  2. Agenda 01 03 02 04 Introduction to Big Data in Accounting Getting Prepared For Changes In Technology Questions & Answers Advances in Accounting Technology

  3. Introduction to big data

  4. What is Big Data? The 4 V’s • Volume. Quantities of data that are too big for traditional data management to handle. • Velocity. Data streams in at an unprecedented speed and must be dealt with promptly. • Variety. Data comes in all types of formats. • Veracity: Since big data is derived from various places, the veracity or quality of the data must be evaluated. Source: CPA Practive Advisor

  5. How Does Big Data Affect Me? • Business Analytics: • Descriptive vs Predictive vs Prescriptive • Data visualization • Data driven audits • Monitor and improve business performance • Risk identification and management Source: CPA Practive Advisor; The Pinnacle from Becker

  6. EXAMPLES OF BIG DATA IN ACCOUNTING

  7. Big Data in Revenue & Expenses

  8. Questions You Need to Be Able To Answer • How has my revenue trended over different time periods? • What was revenue last month? Last quarter? First four months of 2016? • How does data differ by production and income months? • What products were sold? • What commodity prices were realized? • What was my share of the volumes sold? • What was my NGL yield? • Were there any deductions against my revenue? • What percent did those deductions make of my total income? • Was I charged any taxes on my revenue?

  9. Accounting Insights in Land Records

  10. Questions You Need to Be Able To Answer • How much was the lease bonus? • Am I owed any lease payments? (Shut-in, delay rental, etc.) • How much lease income can we expect in the next 90 days? • Does the lease allow for post production deductions? • Is there a continuous drilling cause in the lease? • Is there a minimum royalty clause? • What is our royalty rate? • Does the settlement decimal on the check equal the decimal on the division order?

  11. Accounting Insights in A&D Data

  12. Questions You Need to Be Able To Answer • What deals did we acquire this year? • How much did we pay for a specific investment we made last year? • Who was the broker that we worked with on that deal and how much did we pay in fees? • What was the effective date of the acquisition? • How is that investment performing today? • Is it in pay? • What is the average gas priced I am receiving on that investment? • Are different properties within the deal performing better or worse?

  13. GIS in the Accounting Department

  14. Questions You Need to Be Able To Answer • Am I in pay on every well I should be in pay on? • Is there revenue in suspense? • Are there producing wells in a Unit that I am not in pay on? • How many permits are there are my properties? • When will those wells get developed? • Are there any active rigs on my properties? • How many Division Orders should I be expecting next month?

  15. Advances in accounting technology

  16. Integrated Solutions Land Management Revenue & JIB Data Regulatory Data GIS/Mapping Real Time, In Depth, Actionable Insights & Reporting Audit, Reporting & Analytics

  17. Enhanced Data

  18. Business Automation OpenInvoice Invoice automation for operators and service providers OpenTicket Field ticket digitalization for operators and service providers Oilfield Services Suite Field services management for SMB oilfield service providers Data Exchange Automated digital data exchange among operators, owners, partners and others Owner Relations Turnkey, technology-enabled Owner Relations-as-a- Service for operators Source to Shop Digital marketplace matches buyers and sellers of oilfield services, with automated collaboration to drive efficiency DX revenue ePayables

  19. Deep Audit • Combining multiple data sets to accomplish a deeper audit: for example revenue in suspense Revenue & JIB Data Land Management Regulatory Data GIS/Mapping

  20. Getting ready for changes in technology

  21. Steps to Prepare for New Technology 1 Current State Review Gather a detailed understanding of how users currently conduct their key processes (e.g. statement processing, check deposits, well creation, check reconciliation, JIB processing)

  22. Steps to Prepare for New Technology 2 Future State Interviews Interview key stakeholders to determine desired process models, system interactions, and other system capabilities. Help the vendor understand the end-state goal and list of pain points and gaps in current processes.

  23. Steps to Prepare for New Technology 3 Develop A Data Dictionary Document the fields that the client uses within a business process in the existing system so that the vendor understands how data is consumed and structured to assist in mapping the client's attributes to the new vendor's application and processes. The data dictionary is limited to only core fields that are populated as part of the business processes defined in the functional scope.

  24. Steps to Prepare for New Technology 4 Stakeholder Presentation Deliver a presentation to the key stakeholders describing the current state findings and high-level roadmap for future state implementation. Purpose is to inform the stakeholders of the current processes in a manner that provides requirements that the vendor needs to better scope the effort to move forward with implementing the new solution.

  25. Steps to Prepare for New Technology 5 Implementation Using information uncovered during the discovery phase the implementation team moves into deployment of the solution. Typically this is broken down into multiple sprints which might include data migration (and data hygiene), system configuration, system customization,

  26. Steps to Prepare for New Technology 6 Testing Prior to full deployment it’s important to perform pilot and parallel testing. In pilot testing you select a smaller segment of the business to test the new system. Parallel testing ensures that the system requirements are met. Once testing is validated, the project team is poised to shift over to release of the system.

  27. Steps to Prepare for New Technology 7 Training Start early! For example, develop an information and training strategy for users in the pilot testing group. This gives you the opportunity to address and alleviate user concerns and show users how ultimately the system will improve their workflow, gaining early support from the people who will be using the system every day.

  28. Steps to Prepare for New Technology 8 Go Live!

  29. Questions & Answers

  30. Jay Snodgrass | 512.537.9434 | jay.snodgrass@mineralsoft.com www.mineralsoft.com Let’s continue the conversation

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