Stop Using Spreadsheets to track your Oil & Gas
Picture this: You own an oil and gas operating company and to save money you track your oil and gas disbursements by hand in a spreadsheet. After spending countless hours perfecting the equations and typing in each field every month, you think to yourself, while it may consume most of your time at least you are saving money! So you manually separate each bill and purchaser check each month and divvy it all out among your owners, hoping that you didn’t mistype anything along the way.
Down the road is another operator that you work with from time to time. While he may only have a few more wells or leases than you do, he sure does seem to have a whole lot more time and less stress around his office. When you ask what his secret is, he claims it’s his oil and gas software. You’ve got to be kidding, you think to yourself.
While this analogy isn’t perfect, it does portray how much easier running your operating company could be with an affordable system in place to do most the work for you.
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.
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 Which Product Fits Me Best chart.
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.