WellPoint Releases New O&G Accounting System

WellPoint Systems has released its WellPoint IDEAS 5.0. IDEAS is an oil and gas accounting system specifically developed to accommodate the unique requirements of multi-national oil and gas operators. IDEAS is currently deployed at over 200 sites in more than 60 countries around the globe.

"The delivery of a new release for our IDEAS product line is a demonstration of WellPoint's commitment to our long-time, loyal IDEAS customers who form the foundation of the WellPoint family, as well as our desire to offer the most current solutions necessary to support future growth of our business," said Michael Weiss, Senior Vice President - Products and Technology of WellPoint. "IDEAS 5.0 incorporates new features allowing customers to better comply with local accounting and reporting requirements of any country in which it is being used, while also meeting home country financial reporting standards."

IDEAS Release 5.0 includes enhanced functionality and reporting capabilities allowing customers greater flexibility to manage process and analyze financial and operating information. Along with the system being updated to Visual Basic 6, the standard system reports have been upgraded to take advantage of the new features of Crystal Reports XI, including a data navigator and additional export options. A new Report Wizard is available giving significant flexibility for individual users to create customized reports of cross application information formatted, sorted and filtered for ease of analysis. The new Advanced Authorization for Expenditure (AFE) module provides for project management, commitment tracking, AFE approvals, time writing and AFE reporting. Also, a selective Audit Trail feature allows customers to track activity at the file level for selected modules giving them the ability to see how records were changed, when and by whom.

"IDEAS Release 5.0 is the result of our continuing effort to maximize the benefits of our products to customers. Customers have contributed heavily to the concepts and best practices embedded in IDEAS which have resulted in a market leading solution. We believe that customers will find the new features and capabilities in IDEAS Release 5.0 to be of significant value," stated Peter Beasley, Vice President & Product Manager responsible for the IDEAS product line.