How SunSystems Cloud Powers the Accounting Needs of Oil and Gas Companies

SunSystems Cloud is an accounting software developed by Infor, a leading provider of enterprise software solutions. SunSystems is designed to meet the complex financial and accounting needs of companies in a wide range of industries, including hospitality, oil and gas, healthcare, manufacturing, financial services, and many more.

In particular, SunSystems Cloud has gained a strong reputation as the accounting software of choice for many oil and gas companies. This is due to its specialised features and functionality that cater to the unique financial and accounting requirements of the oil and gas industry.

Oil and gas companies operate in a highly complex and regulated industry. Accounting software SunSystems offers industry-specific features tailored to their needs

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Oil and gas companies operate in a highly complex and regulated industry, where financial management and reporting can be particularly challenging. SunSystems is designed to help these companies manage their financial operations more effectively, improving accuracy, efficiency, and compliance.

SunSystems is a practical accounting software for many oil and gas companies because it offers unique features tailored to the industry's needs. The solution offers a robust financial and accounting functionality specifically designed to meet the complex financial needs of Oil and Gas companies.

Read more: Learn everything you need to know about SunSystems

Some features that support the accounting needs of oil and gas firms

1. Industry-Specific Expertise

SunSystems Cloud has a strong record of serving the oil and gas industry. The solution offers robust financial and accounting. This experience allows SunSystems to offer specialised financial support and expertise to help companies navigate the industry's unique challenges.

Some features including Joint Venture Accounting, Production Accounting, Oil and Gas Revenue Accounting, and Cost Accounting allow companies to have thorough support in managing their financial activity.

2. Multi-Currency Support

Oil and gas companies often operate in multiple countries and collaborate with other companies. Therefore, the company must inevitably use and record the financial activity in different currencies. SunSystems Cloud has built-in support for multi-currency transactions, easing and managing finances across different regions.

It allows companies to manage financial transactions in multiple currencies, and able to record transactions in the currency of their choice. Moreover, the solution is equipped with multi-currency reporting capabilities, allowing companies to generate financial statements and reports in multiple currencies.

Lastly, SunSystems Cloud allows companies to consolidate financial data from multiple currencies into a single set of financial statements, essential for businesses engaging in multiple regions. This feature enables companies to get a comprehensive view of their financial position across their operations regardless of the currency the original transactions was recorded. The multi-currency support is a critical feature for companies operating in multiple countries.

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3. Integration with Other Systems

Many oil and gas companies rely on various systems to manage their operations, from production and exploration to supply chain and logistics. SunSystems Cloud can be integrated with the production system to automatically import the data into its accounting system.

This integration can be set up daily, providing up-to-date information on the company's production volumes and revenues. SunSystems Cloud is designed to integrate seamlessly with other systems, allowing companies to streamline their accounting processes and improve overall efficiency.

4. Real-Time Reporting

SunSystems Cloud offers real-time reporting by providing users with up-to-date financial information as it is entered into the system. Therefore, the financial reports can be generated anytime, providing users with an accurate and current view of the company's financial position.

This is possible with the support of SunSystems' essential features, such as Real-Time Integration, Automated Processes, Customisable Dashboards, and Advanced Reporting.

SunSystems Cloud's real-time reporting capabilities provide users with a real-time view of the company’s financial position, allowing them to make more informed decisions and respond quickly to changing market conditions.

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5. Security and Compliance

The oil and gas industry is highly regulated, and companies must comply with various financial reporting and data security standards. SunSystems offers robust security features and compliance with international accounting standards.

The compliance features of SunSystems Cloud include Tax Compliance, which could calculate, track and generate reports for tax compliance purposes, and Regulatory Compliance, which could generate reports and comply with specific regulatory requirements.

Moreover, SunSystems Cloud maintains detailed audit trails that track all financial transactions and changes to financial data, allowing companies to monitor financial activities and detect any fraudulent behaviour.

Lastly, the solution provides role-based access that limits access to financial data based on user roles and permission, therefore preventing unauthorised access and ensuring only authorised users can access sensitive financial information.

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SunSystems Cloud takes security and compliance measures seriously, thus providing companies with the features and tools appropriate to do so. By leveraging on these features, companies can ensure the integrity of their financial data.

All in all, SunSystems Cloud is one of the most popular and practical financial software for oil and gas companies due to its robust functionality, specialised features, integration capabilities, and real-time functions that are well-suited to meet the complex financial and accounting needs of this complex industry. By leveraging these features, companies can manage their financial operations more effectively, thus gaining a competitive advantage.

Gain a more up-close experience of the solution by requesting a demo today and witnessing how this flexible, innovative, and industry-specific solution can revolutionise not only your accounting team but also your business.