Complete visibility from initial estimate to final cost
AFE
Key Features
Providence AFE delivers a comprehensive suite of tools for building, managing, and monitoring project budgets with precision and efficiency.
- Accurate cost tracking: Capture and report all project costs from spud to completion with real-time updates that ensure no expense is missed.
- Pre-budget cost capture: Track expenses incurred before approval so early costs are never lost or manually reconstructed.
- Integrated systems: Seamlessly connect with Accounts Payable, JIB, and General Ledger for end-to-end financial visibility.
- Flexible budget structures: Build and revise budgets, manage multiple versions, and track primary, secondary, and sub-category budgets for granular detail.
- AFE approvals and cost sharing: Generate AFEs by investor share, complete with approval tracking and signature blocks.
- Workflow automation: Automatically post expenses based on predefined cost relationships to ensure accuracy.
- Budget vs. actual analysis: Compare budgeted and actual costs with detailed variance reporting, available both in dollars and percentages.
- Customizable reporting: Generate standard or user-defined reports tailored to management and operational needs.
- 8/8ths basis tracking: Manage full property ownership and detailed cost allocation.
- Integrated financial controls: Automatically post costs to AFE balances and well histories for consistent accounting.
Benefits of AFE
With Providence AFE you have clarity, control over every project budget, ensuring you maintain compliance, reduce cost overruns, and operate with full accountability.
Smarter cost management
Gain complete visibility into project spending with real-time updates to prevent overages.
Stronger financial integration
Eliminate manual reconciliation and ensure consistent data across AP, JIB, and GL to maintain clean, auditable financial records.
Faster decision-making
Access accurate, real-time budget reporting and identify issues early with variance alerts to support informed operational decisions.
Increased operational efficiency
Automate cost posting and approvals to reduce administrative workload, consolidating all AFE data in one system.
Enhanced compliance and transparency
Maintain complete audit trails, tracking approvals and signatures to ensure regulatory and internal policy adherence.