LOE and AP
Every vendor bill coded to the right well.
LOE (lease operating expense): the everyday cost of running a well, like power, chemicals, and pumping. AP (accounts payable): the bills you owe vendors. We code each bill to the right well and get it ready for you to approve.
20 clients and hundreds of wells operated
What you get
What lands on your desk.
- Bills entered and coded Each bill entered with vendor, date, amount, well, AFE, and expense code.
- A short question list Bills we cannot code for sure are flagged, with the one question we need answered.
- An approval step You approve bills before they go into the monthly JIB.
- Vendor payments ready Bills set up to pay on your schedule. You approve every payment before it goes out, unless your agreement says otherwise.
- Shared costs split Costs that cover many wells split across them each month, the way you set.
- Fixes when something lands wrong Coding corrections and new splits, so partner bills come out right.
A bill from Sample Pump Co. has no well on it. Which well does it go to?
Sample Lease F #1
Got it, received.
How it works
Three steps.
Give us access to your books.
We process your books in WolfePak. On QuickBooks or another system? We convert your books to WolfePak first.
Send bills and statements as they come.
Forward vendor bills and buyer check stubs to your RedBird address. Or reply to our text with a photo or a file.
You approve. We close the month.
You approve every payment before it goes out, unless your agreement says otherwise. We close the books, and you get the Monthly Compliance and Close Report.
Compare
The old way vs RedBird.
The old way: Bills sit in a pile until someone has time.
With RedBird: Forward bills as they come, or reply to our text with a photo.
The old way: Costs land on the wrong well.
With RedBird: Each bill coded to the right well, lease, AFE, and expense code.
The old way: Guesses fill the gaps.
With RedBird: We do not guess. We flag the bill and ask the one question we need answered.
The terms, in plain English.
- LOE (lease operating expense)
- The everyday cost of running a producing well: power, chemicals, pumping, repairs, water hauling, and more.
- AP coding
- Putting each line of a bill on the right well, lease, AFE, and expense code, so costs land in the right place and partners are billed right.
- Invoice approval
- A simple way for you to OK bills before they go into the partner bills. You approve every payment before it goes out, unless your agreement says otherwise.
- Shared cost split
- Splitting a cost that covers many wells, like a shared water facility or a field crew, across those wells.
- Coding correction
- Moving a cost that landed on the wrong well, so the partner bills come out right.
Questions.
What is LOE?
LOE means lease operating expense. It is the everyday cost of running a producing well: power, chemicals, pumping, repairs, water hauling, and more.
What if a bill has no well on it?
We do not guess. We flag it and ask you or your field team which well it goes to.
How do I send you bills?
Forward them to your RedBird address, or reply to our text with a photo or a file. A photo of a paper bill from the field works.
Do you pay my vendors?
We get your vendor payments ready. You approve every payment before it goes out, unless your agreement says otherwise.
Do you use my expense codes?
Yes. We use your chart of accounts and expense codes. If you do not have a code list yet, we help you set one up in WolfePak.
Get started
Get your back office off your desk.
Tell us what you need. We look up the public record the state keeps on your operator number. Then we reply to set up a call.
20 clients and hundreds of wells operated