Frequently Asked Questions
MineralFile is a reporting software and a second line of defense regarding your financials. You might encourage them to use the program and give you access so you can see for yourself how well things are being managed.
MineralFile includes a series of wizards to walk you through the process. We recommend starting with what’s most valuable to your organization. We also can scan, image and OCR and quickly populate the system quickly for an added cost.
All of the information you put in MineralFile is exportable to many common formats including PDF, CSV and XML. We can export to an organized thumb drive or help migrate to another system.
Yes it can. MineralFile supports a virtually unlimited number of organizational entities should you need to manage family assets under different names. In addition, other family members can access the records online for viewing purposes or to help with day-to-day management tasks.
Excel is good for performing calculations and manipulating equations, but it’s not a database. Furthermore, sizable mineral assets can make what started as a basic spreadsheet turn out to be a mess. Your mineral estate is likely to outlast you. Your heirs will benefit from using a system that guides them through the process even after you’re no longer available to offer your help. MineralFile walks you through the process of tracking your assets from before you execute a mineral lease all the way through to tracking your revenue payments. It helps you to verify your check stubs. Because MineralFile is cloud-based, you can collaborate with other members of you family or company as well. Also, should anything happen to your computer, home or office, your asset records will remain safe.
We believe MineralFile will give out to you, what you put into it. If you are only interested in tracking your wells and the associated revenue, you can do that with MineralFile. However, we think it is best to start with the information from your mineral deed(s).
Unlike other systems adapted from those for operators, MineralFile uses information from your mineral deed(s) to begin creating your digitial assets in the system. This enables you to track your information all the way back to the small unit of your ownership. Other systems begin with your mineral lease or division order. Neither of these methods will give you a total picture of your assets.
Unlike other programs that store data on your personal computer, the information you enter into MineralFile is stored in a state-of-the-art datacenter owned and operated by Amazon Web Services, a recognized leader in high-end server and data hosting. The servers are protected by biometric locks and round-the-clock interior and exterior video surveillance monitoring. Amazon ensures that its power, internet connection and all other crucial components operate at full redundancy. This means that if one system goes down a backup system immediately replaces it. Amazon is also responsible for backing up MineralFile every night to separate geographic locations in the event of an environmental disaster. In addition, all credit card transactions handled by us including your monthly subscription fee are processed using secure 128-bit encryption. This is the same level of encryption used by online bank systems. Keeping your data safe and secure is our highest priority.
Unlike other applications, MineralFile does not charge any up-front or annual maintenance fees to use MineralFile. Instead, we charge a monthly service fee that you pay for as long as you are a customer. In the future we may offer add-on services, but only those users who elect to use them will be billed and those charges will be outlined in advance.
MineralFile charges a percentage of mineral revenue entered into the system.
All MineralFile accounts are protected by a user name and a case-sensitive password. Your account is only accessible by users to whom you give access.