The 1st Deadly Sin: Item Mismanagement

In the next installment of Seven Deadly Sins of Oilfield Service Companies, software entrepreneur Jory Lamb says not knowing where your tools are is costing you money. Here’s how to repent.

by Jory Lamb, President & CEO, VistaVu Solutions

In our first article in the previous edition of Well Servicing, I outlined what I consider the Seven Deadly Sins of Oilfield Service Companies.

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ANNOUNCEMENT FOR CANADIAN COMPANIES

Is your business ready for convergence to International Financial Reporting Standards (IFRS)?

The Canadian Accounting Standards Board (AcSB) has confirmed 2011 as the changeover date for Canadian publicly accountable enterprises to start using International Financial Reporting Standards (IFRS) as a replacement for profit-oriented Canadian Generally Accepted Accounting Principles. This undertaking was approved due to the belief that converting to IFRS will:

  • Improve access of Canadian entities to International Capital Markets;
  • Facilitate international transactions such as business combinations and contracts;
  • Provide investors with more comparable information and
  • Improve communication of financial information.
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VISTAVU ANNOUNCEMENTS

NEW FieldVu Version and Features!
VistaVu has recently released our newest version of FieldVu!  In this application, we offer new features in the following areas:

  • Project management
  • Budgeting
  • Field Ticketing
  • Third Party Billing
  • Invoicing

To learn more about how FieldVu can help you better manage your oil field services or product manufacturing business, contact us toll free at 888.300.2727 or email us at vistavu@vistavusolutions.com.

We’ve Done It Again!
We are very pleased to announce that VistaVu Solutions has been awarded to the SAP Top Ten Club for the second time in three years! We at VistaVu Solutions are very excited about this award! Partnering with SAP has proven successful and this award from SAP confirms our dedication to helping small to mid-sized companies see the whole picture.

To learn more about our partnership with SAP and our FieldVu solution, contact us at 888.300.2727.

We're In The News
VistaVu Solutions has been seen all over lately, lending our experience and expertise to many different publications throughout the industry. Readers have seen the advantage of an ERP system, how integration is the key to recession-proofing a business and the importance of Financial Controls. Visit us at www.vistavusolutions.com/news and see what everyone is talking about!

We Look Forward To Seeing You!
We look forward to seeing you at these upcoming trade shows and events! Contact us for more information on where we will be!

PSAC Spring Conference: Red Deer, Alberta, Canada: April 21 - 22
Offshore Technology Conference: Houston, Texas: May 4 - 7
Go Expo: Calgary, Alberta, Canada: June 9 – 11
Oil Sands Trade Show & Conference: Ft. McMurry, Alberta, Canada: Sept 22 - 23
 
     


Black Hills Bentonite

“We expect that Business One will streamline our month-end processes and give us time to do other projects as well.”

Tammy Keeran
Controller
Black Hills Bentonite

The oil and gas industry depends on the drilling gels this company mines and produces. With SAP Business One on their side, the future looks bright.

A company’s accounting staff doesn’t typically look forward to their annual visit from the auditor. While necessary and important, audits have a way of making life just a bit miserable for a short period each year.

When the company auditing Black Hill Bentonite’s 2008 books recently ran into Tammy Keeran, they had this to say.

“They said they were very pleased with the improvements we’ve been making,” says Keeran, the company’s Controller. “For us, we have been very pleased with Business One implementation, and the auditor’s comments were another sign that we’re on the right track.”

Based in Mills, Wyoming, Black Hill Bentonite mines and produces a wide variety of materials used by the North American oil and gas industry, such as drilling gels. In recent decades, the company has made it a practice to overhaul its business software systems every 10 years or so. By the time the most recent 10-year period arrived in 2008, the legacy system was clearly showing its age.

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SAP ARTICLES
Reprinted by permission of SAP America Inc. All rights reserved.

Compete by Creating a Well-Run Company
Building a work team that runs like a well-oiled machine is one of the most surefire ways to protect your company from competition today and in the future. Efficiency and productivity emerge in organizations that focus on making sure that teamwork is possible and that information sharing is routine across an organization. The tight-knit work teams in these companies share information freely and broadly across the organization and, therefore, tend to have happier customers, better employee retention and higher productivity.
Full Story

Going Beyond Just Surviving a Difficult Economy
Difficult economy you ask? As you mumble, “Ernst, you’re the master of the understatement.” Difficult economy? They’re saying this is the deepest and worst economic situation since the Great Depression. It’s all consuming, it’s pervasive, it’s worldwide and it’s yet to see the bottom. That’s what “they” are saying and, if you held the stock of Lehman, Washington Mutual, Wachovia or Bear Stearns, I can see you nodding your head in agreement.
Full Story