Leveraging the leadership team’s deep energy industry experience and building on strong relationships with oil and gas producers in the region, Oryx Midstream is focused on developing, acquiring, owning and operating midstream assets in Texas and New Mexico. After a rigorous software evaluation, Oryx chose AcctTwo over both Sage and Quorum as a better fit for the company's business needs.
Previous Accounting Challenges
- Oryx needs a system that could scale to match the company's pace of growth.
- The company requires both sophisticated project accounting and fixed assets capability.
- Timely and accurate reporting, and the ability to consolidate entities were identified as key requirements.
- Oryx was looking for a true multi-tenant cloud-based accounting solution, a feature not available with Sage or Quorum products.
Benefits Realized With AcctTwo
- The Oryx teams now has sophisticated project accounting functionality.
- AcctTwo integrated a robust fixed assets module which saves them time with automated asset management.
- Oryx Midstream sees the real-time accurate reporting and mobile access they need to keep management and investors up-to-date.
- Automated workflows are now more flexible and configurable than ever before, and do not require IT support.
Highlighted Comments from Oryx Controller
"We were doing everything manually before, so moving to AcctTwo's automation, project accounting, and fixed assets capabilities has been a huge win for us." said Karen Russell, Controller at Oryx Midstream. "AcctTwo provided us with the knowledge and solid project management that made the implementation a great success."
- Payback Period of 5 Months
- Year One Net Benefit - $33,670
- Three Year Net Benefit - $151,810