Energy & Mining | Financial Reporting Process Improvement

As investor expectations climb, challenges threaten the U.S. Energy and Mining sector, including escalating costs and increased regulatory obligations.

Feeling buried? During periods of rapid growth, competing priorities and an increasing volume of activity can make it difficult to deliver consistent, high-quality outputs on a timely basis. Investing the time to evaluate your systems will help identify opportunities to optimize the people, processes, and tools that drive your business – and help ensure that required timelines are met, while getting your head out of the sand.

SITUATION
  • The client, an oil & gas exploration and production company, struggled to meet mandated financial reporting deadlines due to rapid growth
  • Manual financial reporting processes did not scale to support significant increases in transaction volume and complexity
  • Time consuming, complex reporting calculations were performed and reviewed manually, increasing risk of error and adding to the length of the reporting process
APPROACH
  • Interviewed key process owners and advisers to understand and thoroughly document current state processes
  • Assessed, identified, and prioritized opportunities for improvement by leveraging customized evaluation criteria and best practices
  • Developed a Management Reporting Dashboard that provides the current status of business financials, production, and cash position to support effective and timely management decisions
BENEFIT
  • Leveraged process documentation to standardize multiple business functions processes and improve organizational performance
  • Enhanced the timeliness, quality, and transparency of reporting and enabled proactive decision making via the Management Reporting Dashboard
  • Achieved cycle time efficiency gains through the implementation of process improvements around the generation of quarterly financial reports

For More Information, please contact:   Steve Foster   |   720 341-5535   |   Email