CALGARY, AB – Black Owl Systems Inc. (“Black Owl”), a Canadian developer of financial accounting software, today announced the official release of “Black Owl Lease”, an innovative solution to help public companies comply with both IFRS and US GAAP financial reporting regulations. Black Owl has created a system that streamlines the lease administration and accounting processes, delivering a robust enterprise solution that can be used with any ERP or accounting system and suitable for organizations of any size.
“There’s the accounting you learn in university, the accounting that you actually do in the real world, and then there’s oil and gas accounting”, said Co-Founder & COO Derek Kautz. “Oil and gas accounting is heavily specialized and requires experience working directly in the industry to fully understand the complexities. These complexities create a challenge when building any accounting software and are largely ignored when not designing specifically for the oil and gas industry.”
Black Owl was created with the oil and gas industry in mind. With all three founding partners having careers based in the industry, they understand the requirements that are unique to the industry and kept those front of mind when they designed the system from the ground up. By factoring in the complex oil and gas accounting requirements, along with the IFRS and US GAAP lease accounting standards, the software aligns with the industry.
Key Features Based on Oil and Gas Requirements:
- The booking method can align with how your Accounts Payables group books actual lease payments, ensuring no additional adjustments are needed to the income statement or depreciation and interest categories. This method also aligns with your company’s existing budget and cost reconciliation processes.
- Lease costs can be allocated to multiple cost centers, joints ventures, or any other cost object you might require. These allocations can be done at any percentage, allowing one lease to hit multiple cost centers as needed.
- Retroactive lease adjustments can be made to any lease allowing the lease schedule to be updated as if it were adjusted in the correct period. The net change from these prior period adjustments can be made to the current posting period, following the procedures that accountants would typically apply to book these types of adjustments.
“As part of Alberta’s growing technology sector, we have access to some of the best software developers in the world. Calgary offers something that is often overlooked, having one of the highest concentrations of head offices in Canada,” said Ken Davies, Founder of the independent oil and gas consultancy, Lumina. “The Canadian oil and gas industry has a strong track record of supporting technology innovation and made-in-Alberta solutions. Black Owl Systems is another excellent example of the technological revolution that is taking place in the Canadian oil and gas industry.”
About Black Owl Systems Inc.
Black Owl Systems Inc. is a Canadian company, developing and delivering innovative accounting solutions designed by accountants, for accountants. The system is built to comply with IFRS 16 and ASC 842 standards but follows the methodologies of standard accounting practices. These applications are developed in Canada using the latest and best technologies to ensure delivery of leading global enterprise solutions.
You can book a complimentary demo at https://www.blackowlsystems.com/contact-us
For further information, contact: Greg Kautz, CPA, CMA, Chief Executive Officer
Phone (403) 512-6970, Email: sales@blackowlsystems.com