IFS launches next-gen oil and gas accounting solution

IFS, a leading provider of enterprise cloud and Industrial AI software, has launched next-generation oil and gas accounting solution IFS BOLO 15, the latest iteration of IFS BOLO, which possesses the processing power to handle any business scenario

IFS BOLO 15 creates a step change in back-office efficiency through streamlined workflows, a substantial reduction in rework, and the simplification of audits. Powered by IFS.ai and layered with artificial intelligence, this software offers a completely refreshed user interface (UI), multi-layered security and open data access.

IFS Energy & Resources customers can add new AP invoicing capabilities included with the BOLO 15 release to expand their IFS Excalibur, IFS Qbyte, IFS IDEAS, and IFS Enterprise Upstream investments. The AP invoicing module powered by IFS.ai provides open, cutting-edge automation to improve cash flow by increasing productivity through reduced processing time, improved accuracy, and optimised payment cycles. Additionally, vendor relationships are enhanced with a convenient self-service portal.  

Dale McMullin, chief technology officer at IFS Energy & Resources, said, “These advancements and achievements are a testament to our product teams’ innovation and steadfast development toward stronger and more efficient technology. The investment IFS continues to make in the energy and new energy industries is substantial. We’re enabling customers with the tools they need to make an impact in their respective businesses, while also ensuring sustainability is woven into our development practices and the final products we deliver to customers.”