Quorum has announced an agreement to license the full upstream suite of applications. The company will leverage Quorum Upstream Suite to manage its upstream accounting operations and commercial activities, including land management, capital budget tracking, production accounting, revenue accounting and financials (AP, AR, GL).
"There is a tremendous amount of data that must be processed and maintained in the upstream oil & gas business. Centralizing this in an ERP system enables companies to more efficiently manage their operations," said Perry Turbes, CCO of Quorum. "Quorum Upstream Suite is an industry leading, fully scalable set of applications that includes operations accounting and land management functionality which enables E&P companies to improve business processes using automated workflows resulting in better, faster, more accurate transactions."
The Quorum Upstream Suite is a set of comprehensive operations and accounting applications for the E&P industry. The suite includes functionality to manage: Authorization for Expenditure, Capital Budget Tracking, Equipment Inventory Management & Accounting, Financial Accounting (GL, AP, AR), Fixed Assets & Depreciation Accounting, Joint Interest Billing, Gas Marketing, Land Management & GIS.
Additionally, the suite is fully integrated with business intelligence and ad-hoc query and reporting tools. The recent license agreement consists of Quorum Production Revenue Accounting, Quorum ERP and Quorum Land Suite. Quorum Production Revenue Accounting forecasts supply volumes to meet marketing needs as well as owner and contract allocations for actual volumes, and also includes contracts, division order, valuation, revenue distribution, check disbursement and regulatory / tax reporting. Quorum ERP allows for the planning of how business resources are accounted and utilized throughout an organization and consists of capital budget tracking, financial accounting, authorization for expenditure (AFE), joint interest billing (JIB), fixed assets (FA) and contract management. Quorum Land Suite streamlines complicated land management processes, such as managing payments, terms and obligations of leases, surface use agreements, contracts, and fee property and easement land data.
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