Best oil and gas accounting software – 2018 reviews electricity font generator

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Executives in the oil and gas industry are responsible for monitoring a wide variety of financial operations to ensure profitability in addition to overseeing different kinds of regulatory filings at the state and federal levels. Because of these demands, they need a user-friendly and effective accounting system that meets the field’s unique needs.

In this guide, we’ll break down the energy software tools available in today’s market to help business leaders make decisions and identify trends in the company’s finances. The technology we’ll discuss automates tedious tasks so staff can focus more of their efforts on delivering excellent services and products to customers.

Oil and gas accounting software focuses on tracking energy projects and partnerships, including the acquisition and development of land leases for natural resources. It can also track the status of leases and share it throughout a company while automatically posting land payments to the general ledger.

Provides schedule and dispatch maintenance/repair workers information needed to optimize their routes by skill/location to improve efficiency and quality of service. Also includes the ability to estimate job costs and manage service contracts, inventory and purchasing through the dispatch management feature.

More efficient workflows. Employees are able to save time and effort by using an intuitive system that eliminates the need for duplicate data entry. In a recent survey of accounting software buyers, 36 percent cited a desire to automate business process as a major purchase driver.

Faster decision making. With the dashboards and reporting functionalities we described above, executives can quickly drill down on the company’s finances. This enables them to come up with informed analyses on key performance metrics and make data-driven decisions to benefit the business.

Energy software packages can generate state and federal reports required by auditing government agencies such as the Department of Energy, Environmental Protection Agency or Department of Defense. Sorting profitability by site, activity, crew, geologist/engineer and customer is also a helpful tool in energy accounting systems. Software dispatch systems can help with scheduling and recording load pickups while providing information such as directions and gate combinations.

It’s possible to start answering these questions before you contact any vendors. Simply check out the product profiles on this website to read real user reviews, get system overviews and watch demo videos for dozens of energy accounting systems.

Your ultimate selection will depend on your needs and budget. For example, integrated systems are often more robust and expensive than best-of-breed solutions, so they may not be ideal for smaller companies who only really need core accounting tools.

Pricing for oil and gas accounting software varies from vendor to vendor and it may be influenced by the number of modules a company needs or the amount of users that need to access the solution. Some software licenses require an upfront lump sum (also known as a perpetual license), while others use subscription-based pricing models.

Buyers must choose from cloud-based or on-premise solutions. Cloud software is typically hosted remotely on the vendor’s servers, so it’s especially appealing to smaller businesses with tighter budgets. On-premise systems are more traditional. These are hosted on-site, on the company’s own servers.