Most mine sites using GEOVIA InSite for Production Management will benefit from it’s Month-End Accounting capabilities. Here are some Tips & Tricks to get the most out of InSite’s month-end procedures and tools.
Month-End Surveys with Daily Production Statistics together in one place
InSite’s Stockpile Management module can bring together all of your daily production measurements as well as last month’s official inventory/survey measurements for an in-shift view of inventory. As soon as information is available about production movements in and out of inventory locations, Stockpile Management can calculate estimated inventories, including Quantities (i.e. Volume, Tonnes) and Qualities (i.e. Density, Grades). This is great for in-shift inventory visualization, but also provides the basis for the month-end production accounting process.
Knowing the opening measurements, inputs, outputs, and then closing measurements provided with a month-end process, InSite has all of the ingredients to help you adjust discrepancies in the detailed daily data from official month-end measurements.
One of the biggest challenges with month-end processes at mine-sites is typically that month-end surveys can take some time to perform and may happen on different days in the month in preparation for month-end. One of the great capabilities of InSite’s Stockpile Management module is that it can help you to convert Survey Periods (typically mid-month to mid-month) to Accounting Periods for financial reporting purposes. Because Stockpile Management recalculates inventories for each day automatically, it can provide the most accurate month-end inventory amount for the last day of the month, even when surveys are provided several days prior.
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Integration with Financial ERP
InSite is a great tool for streamlining, automating, and controlling the month-end accounting process for mining operations. Keep in mind, the outputs of an InSite Month-End can also be automatically synchronized with downstream financial processes and systems (i.e. ERP). This is not only a time-saver, but also provides a robust approach to systematically reconciling month-end information using the most accurate information possible, in a secure and fully auditable way. If your mining organization struggles with accounting regulatory reporting requirements, InSite will certainly improve auditability and streamline auditing processes for you.
Shaun MacRae delivers Enterprise Mine Production Management solutions to the mining industry in North America. He has been working in the mining systems consulting space for the past 10 years, deploying Enterprise Mining solutions in Canada, Mexico, Bulgaria, Australia, South Africa, and the United States. Shaun is currently based in Alberta, Canada and specializes in GEOVIA InSite, Enterprise Architecture, and Project Management for highly scalable Mining Software deployments.