PowerPlan, provider of accounting, tax and capital budgeting optimization solutions for asset-intensive businesses, has released latest version 10.4.2, which includes a module built specifically for Master Limited Partnerships.
The MLP module offers greater accuracy and availability of data for all stakeholders to improve the K1 filing process while providing financial visibility and reporting for general partners, auditors and unit holders. The module is intended to address the compressed timelines MLPs face between annual accounting close and the issuance of K-1 forms by automating the integration between accounting systems, tax systems and the filing preparers.
More specific enhancements in version 10.4.2 include: a lower level of accounting detail to enable the calculation of forecasted depreciation and tax depreciation and give financial planning, executive management and regulatory officials greater visibility; project-level comparison reporting; and new features and options for calculating ARO processing, project accounting and lessee accounting modules with specific improvements to month-end depreciation calculations.
“We are committed to the growing oil and gas industry and meeting and supporting their unique needs,” stated Russell Groves, vice president of strategy at PowerPlan. “In addition to our new MLP solution, with the addition of several oil and gas experts to our team, we are focused on strengthening our expertise in this area and creating value for our customers.”