Production accounting system provides accurate data for daily production accounting and performance reporting. It provides reconciled data for daily, weekly and monthly reporting and provides key inputs for fiscal / revenue accounting.
The systems collects raw data performs reconciliation and creates detailed reports for in-depth analysis. Production accounting enables unified source of auditable and reliable data that helps decision makers to take informed decisions for production planning, cost optimization, asset utilization and financial management.
The main benefit of Production Accounting is the ability to rapidly identify operational issues at plant or unit level resulting in losses, identify unaccounted losses, and provide one consistent performance metrics that can be used for plant optimization as well as financial reporting.
Read further to know more about:
- Production and Oil accounting process
- Key Challenges in Production Accounting
- Applications of Production Accounting
- iOG services for Production Accounting