Archive Monthly Archives: June 2015

Death by Spreadsheet

Does the following describe you? You own an oil and gas operating company and to save money you or someone else has setup an elaborate spreadsheet to track your oil and gas disbursements. You’ve spent hours setting up this spreadsheet and have duplcated the sheet for each well you operate.

death_by_spreadsheet

You have the steps memorized.

  • Click on the 1st worksheet
  • Press CTRL+A to select all
  • Press CTRL+C to copy the setup
  • Create a new sheet
  • Click in cell A1 and press CTRL+V to paste into the new sheet.

What happens, heaven forbid, that you are incapacitated or unavailable when the next distribution has to be done. Do you trust someone else with your system?

Here’s a gun, spin the cylinder and pull the trigger. You’ve entered the death by spreadsheet zone.

Here are four reasons you should stop using spreadsheets and consider moving to an oil and gas software instead:

Four Reasons to Stop Using Spreadsheets:

1. It’s inefficient. Spend your time doing what you really need to be doing instead of working on distributions and manually computing everything. With our oil and gas accounting software, once you have your owners/investors, wells and interests set up, the only thing left to do is enter your bills and incoming revenue.

2. They are more prone to errors. Spreadsheets leave room for what I like to call “operator errors.” Mistype one field and there’s no way to catch the mistake until it’s too late. You can spend your time quadruple-checking everything and the tiniest mistakes can still be missed. They are especially prone to errors because you can’t see the formulas by just looking at the sheet. You might have missed a formula or not set the formula to use an absolute cell so when you copied it the formula isn’t looking at the correct cells anymore.

3. Your job is much harder than it has to be. Why manually enter everything each month, figure out the layout and make sure each column has been entered correctly when you can let your oil and gas software compute automatically? Stop reformatting spreadsheets to get the numbers you want. Instantly get the reports you need without having to adjust formulas and rearrange numbers.

4. They don’t really save you money in the long run. When you think about how much time it takes to create, enter and compute your distributions each month. Not to mention all the double and triple checking to tie your numbers, you are paying for it not only in the extra time paid to employees doing the work, but also in the wasted hours you could have been using elsewhere, doing what’s really important to you and your business.

Perhaps this scenario described fits you. Maybe it fits someone else you know. Why not find out more information about our oil and gas accounting software that can simplify your work and make your job easier.

Interested? Find out more about our software packages.

If you are unsure which one may work for your business best, check out our Software Comparision.

We can make the transition between your spreadsheets to our software smoother by converting your spreadsheet data directly into our software. Saving you time on data entry time and giving you all the history and information on your wells you need.

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Source: SherWare Blog