Efficient, Scalable Portfolio Management
MacFarlane Company, like many family offices, manages mineral and royalty assets across several operating companies. Additional complexities arise from their working interests, requiring careful tracking of joint interest billings. The manual input of revenue data from check detail statements and JIBs necessitated hiring a full-time employee to handle the influx of revenue and expenses. In addition, significant senior staff time was invested in verifying data and posting to the general ledger due to archaic accounting software and manual processes.
Further complexities stemmed from their extensive physical collection of land and well files. These were challenging to search and link to revenue, creating hurdles in intergenerational knowledge transfer. Scalability issues with their existing accounting software and the physical nature of asset document management added further cost and complexities.
Streamline and Accelerate Non-Op Accounting
To facilitate decision making and enhance operational efficiency, MacFarlane Company adopted MineralSoft®, an Enverus mineral management software platform. This solution provided a centralized hub for managing mineral, royalty, and working interest portfolios. It offered robust reporting for quick trend analysis, user-friendly GIS for property mapping, and tracking of wells in suspense, adequately addressing the company’s expanding asset base. Critically, MineralSoft eased estate planning, facilitating knowledge transference, thus securing the company’s legacy for future generations.
To streamline non-operational accounting, MacFarlane Company also opted for EnergyLink®. This solution automates revenue and joint interest billing delivery, replacing the need for manual data entry. It digitally transfers interest owner statements via a data exchange, while EnergyScan processes PDF and digitized revenue data statements from out-of-network operators. Consequently, MacFarlane staff could rely on digital solutions for receiving operator statements, further enhancing the automation and efficiency of operations.
The EnergyLink® and MineralSoft® Advantage
Coupling these solutions together empowered MacFarlane Company to seamlessly combine revenue data from multiple sources to enable:
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