Turn your royalty income into working capital.

With distinct allowable time limits to legally collect, it does not take long for royalty revenue to become a write-off. royaltyITS places your royalty interests under a microscope and turns your royalty income into working capital.

The Royalty Income Tracking System (royaltyITS) identifies missing receivable revenue from all of your royalty interests, and allows you track discrepancies through to collection. Between complete royalty income calculations, organized issue tracking, and powerful management reporting, royaltyITS provides the foundation for the due-course and strategic management of your historical, current and future royalty interests.

Screenshots

Key Features of royaltyITS

• Integrate with Source Systems: We collaborate with you to build repeatable bridges to your source systems to bring all relevant Land, Financial and Well Production data into royaltyITS, and give you the ability to refresh that data on-demand or in a scheduled fashion.
• Link Wells/Tracts to Cost Centres: Create "Reconciliation Points" matching Wells/Tracts to Cost Centres that represent the cross-reference between your royalty generating entities and the cost centres to which income should be booked.
• Calculate Estimates: Quickly calculate an estimate of royalty income for an individual Well or for the entire database.
• Estimates to Actuals Comparison: Using the Reconciliation Points, royaltyITS provides an immediate comparison and variance of what you think you should have been paid to what you have actually received.
• Audit and Analyze: High level variance reports quickly prioritize large discrepancies so you can start to look at potential issues by way of significance as opposed to some other hit-or-miss method. royaltyITS even highlights potential problems in your Land data.
• Raise Issue for Unpaid Income: Raise an issue for identified missing income and start the collection process.
• Track and Collect: Track the progress of the collection proceedings using built-in tools right through to full collection. Functionality includes follow-up reminders, automated emailing of issue information to the offending third party contact, and Management reporting to clearly show what has collected and what is still outstanding.
• Workflow and Audit Trail: Incorporates sound process and provides the facility to document exactly what happened through an audit to avoid capture information corporately.