DMS’s accounting solutions for Oilfield Supply businesses includes Accounts Payable, Accounts Receivable, General Ledger and Fixed Assets. These modules support multi-currencies, multi-companies and are GAAP and IFRS compliant. Users can access historical data and re-create a month balance using Discovery’s state of the art “Point in Time” drill into financial analytical tools.

One of the key advantages of Discovery’s accounting Oilfield software is that the transactional modules are completely integrated to the accounting systems. This supports Discovery’s strategy to reduce manual Journals by letting the software make the entries. This improves user efficiency and gives you confidence with your financial data.

Accounts Payable

✓   Streamline approval process
✓   Automate vendor-related tasks
✓   Simplified vendor quick pay process
✓   Partnership with major e-invoice companies

Accounts Receivable

✓   Improve cash flow
✓   Enhance customer satisfaction
✓   Streamlined collections process
✓   Control of invoicing process

General Ledger

✓   Quick access
✓   Easy manipulation of mission critical data
✓   Process inter-company transactions
✓   Establish flexible accounting periods and budgets
✓   Customizable Reports

At a high level, DMS’s Oilfield ERP accounting software delivers the following functions:

  • Accounts Payable has a purchase variance module that provides a 3-way match between purchase orders, receipts and vendor invoices.
  • Accounts Receivable supports Oilfield transactions such as parent companies who pay for their subsidiary’s invoices and customers who are also vendors.
  • Fixed Assets depreciates your rental and traditional assets and supports transactions to dispose and sell your assets. Simple right clicks move rental assets to inventory that is then to be sold to your customer.

Cash Management

✓   Quickly and accurately reconcile all Bank Accounts
✓   Perform accurate Bank Transactions
✓   Automatic Cash Transactions
✓   Secure Recordkeeping

Purchase Orders

✓   Monitor purchase of consumables, inventory, buyouts and fixed assets
✓   Review late and short shipments by Vendors
✓   PO Variance Report streamlines operations and improves cash flow

Multi-currency Management

✓   Unlimited number of currencies
✓   Exchange Rate Schedules
✓   Updated Daily Exchange Rates
✓   Post Realized and Unrealized gains or losses due to currency fluctuations

ACCOUNTING: Discovery’s accounting modules are GAAP and IFRS compliant and provide “Point in Time” drill into financial analysis tools.