Sin #2: Lack of Internal Financial Controls
How to stop runaway spending and take command of your bottom line
Without proper visibility and control over your financials your profitability inevitably suffers. In some oilfield service companies we’ve worked with over the years we’ve seen cases where anybody in the company could write a purchase order for any amount for any purchase. In many cases, operationally these companies were top notch, but they had virtually zero financial discipline. Not only that, but this lack of financial controls also put the company at risk from possible theft, fraud and collusion.
In this exclusive webinar VistaVu's CEO Jory Lamb hosts a discussion with Tammy Keeran, Controller at Black Hills Bentonite on the topic of financial controls within an oilfield services environment. Tammy also shares some best practices that Black Hills Bentonite is doing from a financial controls and process perspective to help keep a handle on cash moving in and out of the business, and to help maximize profitability.
Here’s what you’ll learn:
- Why oilfield service companies are notorious for struggling with Lack of Internal Financial Controls
- How it happens and what it can cost you
- What to do about it and how to fix it
- Proven industry best practices your peers are using to address it