A case for Oil & Gas Software that Integrates with QuickBooks
Accounting isn’t exactly an easy thing to explain or master. If fact, most businesses probably don’t put a lot of time learning everything there is about accounting and how it affects their business. That’s why there are accountants in the world and programs like QuickBooks that make life easier.
QuickBooks has more than 85 percent of the market share of small businesses needing accounting software. While I couldn’t find an estimate of how many small businesses actually use QuickBooks, I did find that Intuit has over 50,000 accountants, CPAs and other business consultants qualified as QuickBooks Advisors, and that only counts the people inspired and trained to help you use the product. That’s a remarkable number, considering how many more small businesses exist. Of those small businesses, thousands are oil and gas operators, accountants or other businesses that need a better way to track their revenue distributions and joint interest billings and the accounting side too.
We use QuickBooks to run our business at SherWare for the same reason that many of you do. It’s easy to use (read: people like me who haven’t had math since high school, can still figure it out easily), everything can be tracked in one place, and did I mention it’s easy?
In 2001 we launched our first version of integrated accounting software to allow operators to track their revenue distributions, joint interest billing and investors in our software, while keeping track of all their accounting in QuickBooks. Nine years later, it is still our most popular accounting software product we sell.
I’m apt to believe our clients use our software for the same reasons they use QuickBooks. Here are few quotes from actual QuickBooks customers regarding their software from Intuit case studies.
“Having powerful software that allows us to track expenses on specific projects is crucial to our business.”
“We can make things work now the way we want them to work.”
“It now takes minutes to complete tasks that used to take us hours.”
Why our clients use QuickBooks:
From talking with our own clients, I could almost claim those quotes as our own testimonials. Here are some reasons why the partnership between Intuit and SherWare is beneficial to all oil and gas investors out there looking for a better way to handle their day-to-day operations, and why you may even want to consider using QuickBooks as your accounting software instead of spreadsheets or similar software products.
QuickBooks offers users over 100 standard reports right out of the box, not to mention the ability to customize those reports until you’re worn out. The only problem is that QuickBooks isn’t made specifically for the oil and gas industry.
Enter SherWare’s integrated software. Now you have the ability to track all the specific detail about wells, investors, expenses and more directly in QuickBooks without double entering any data. Wells and leases show up on your reports as classes, investors show up as customers, expenses codes specific to your wells and AFEs show up as items and any vendors show up as vendors.
If reporting is as important to you as it is at our business, then you’ll be happy to know that SherWare offers hundreds of industry-specific reports and the ability to add on a custom reporting module to create more until you’re out of report ideas.
We too, like QuickBooks, want you to be able to use the software the way you want to at your business. This is why we offer the ability to set preferences on how you print reports, checks, check stubs, how you report detail, want your owners to show up in lists, if you want to export any report to a different program or format, or if you want to e-mail statements to save costs on paper and mailings.
Most clients use our oil and gas accounting software because of how much time it saves. Today, more than ever, time is such a valuable commodity. Between driving to and from work, eating, actually working and performing jobs around the house, not a lot of time is left for you to do what leisure activities you enjoy. If you no longer have to manually figure out your distributions, interests and how much to payout to your investors, think of how much time you’ve just given yourself.
If you are at all interested in how to streamline your business with our integrated accounting software, sign up for a demo today and take a look at how much easier your job can get.