We help companies solve their business problems, whether they are common or complex.
A case in point
An energy commodity trading carve-out sought our help to transition its hydrocarbon accounting for its supply and marketing trading operations for one of the largest crude oil refineries in the world.
The client needed an outside team leader with highly specialized industry accounting and technology expertise to manage the carve-out and startup of trading operations and related settlement processes. In addition, the client needed support to transition its back-office functions to a new business process outsourcing (BPO) provider.
We had provided support to the company in the past, and the client knew we had the ability to identify and deploy even the most hard-to-find talent. Therefore, they turned to us when they had a highly specialized need for an outside team leader with knowledge of hydrocarbon accounting and trading settlement operations who also had experience with their software solutions, RightAngle and SAP.
Despite the highly specific request, SolomonEdwards had the required expertise in our network of skilled professionals.
Our consultant possessed the unique combination of knowledge the client sought. A skilled professional with experience in banking and energy, the individual had knowledge of accounting for a range of energy derivatives, such as oil and gas commodities, swaps and Renewable Identification Numbers (RINs). The consultant also had experience with RightAngle, the client’s energy trading and risk management (ETRM) system, and their SAP ERP solution, which interfaced with the trading platform. Moreover, the consultant was well-versed in back-office accounting operations and highly capable of leading the transition to the BPO.
Support to get ‘up and running’
Our consultant’s specialized skill set was instrumental in helping the client successfully spin off the trading operations and set up the new BPO over an 18-month period. The following are among the key activities that occurred during the engagement:
Billing and settlement processes
Coordinated with traders to develop and implement billing and settlement processes for industry commodities
Process documentation
Established and documented processes for the new standalone company
Process improvements
Implemented process improvements in the accounts receivable function, including an AR dashboard to monitor aged receivables
Tracking
Developed a tracking system for all service-level agreements to ensure accurate recording of related costs and payments to the parent company
Training
Trained employees of the new BPO
Monitoring
Monitored settlements throughout the engagement
Support
Provided post-implementation support during the “hypercare” phase following the BPO transition
Read more about how we utilized our hydrocarbon accounting expertise to help this client successfully spin off their trading operations.
Our highly specialized work with this energy company demonstrates the range of talent and expertise we can deliver. Even when your business problems or needs are complex, we have the knowledge and experience to address them.
