Going “Green” With Your Oil & Gas Accounting Software
In the American Oil & Gas Reporter magazine’s July 2010 issue, an article was posted about how new technologies and methods reflect the oil and gas industry’s quest to reduce its drilling footprint in America.
“Operators, service contractors, equipment manufacturers, and major university and research laboratories are teaming to devise innovative methods to reduce the environmental footprint of onshore drilling, completion and production operations. Examples include drilling multiple horizontal or directional wells from a single pad using smaller and lighter rigs, well site and road construction using low-impact technologies, […]” writes author Al Pickett, special correspondent for the AOGR.
The phrase environmentally friendly drilling has been coined to reflect the industry’s efforts. Programs such as the Environmentally Friendly Drilling program exist to accomplish everything Pickett wrote about above, as well as control on-site waste management and to educate the public in a way to gain acceptance from the public and regulatory agencies to operate in environmentally sensitive areas, to continue producing energy with oil and gas and to create jobs, according to the Houston Advanced Research Center’s Website.
With such advances being made in the area of drilling and producing in the oil and gas industry, why should how your office operates be any different?
At SherWare we’ve come up with several ways for your office to “go green” and further reduce your footprint in the world as you complete your distributions each month with our oil and gas accounting software.
Three options are: 1) E-mail distribution and joint interest billing statements and reports to your owners instead of physically printing and mailing every one. 2) Use direct deposit to pay your investors instead of cutting and sending out checks each month. 3) In conjunction with direct deposit, we offer Online Reporting, where investors can sign on to your company’s website and download their reports, check stubs and 1099 information at any time – without you having to print anything!
E-mail investor reports & check stubs
About one billion trees worth of paper are thrown away every year in the U.S., according to Recycling Revolution. Imagine how much paper you alone could save if you decided to e-mail statements and reports to your owners and investors instead of having to print and mail them each month?
Every owner distribution statement, joint interest billing statement and owner check stub can be e-mailed to owners automatically after you close a run with any of SherWare’s software packages.
Use Direct Deposit instead of printing checks
An article written by Matylda Czarnecka on GreenTech.com suggests that up to 72 percent of employees in the U.S. receive their paycheck via direct deposit, although only 40 percent of small businesses actually offer it.
Czarnecka claims a company issuing 300 checks twice a month only via direct deposit would save 121 pounds of paper, 1,159 gallons of wastewater and 45 gallons of gas annually, and that is only for one company.
Furthermore, a study she cited found that people who use direct deposit find its environmental benefits motivating.
With the option to pay your investors via direct deposit instead of messing with checks each month, your office could not only reduce the amount of paper used, but also help to motivate others to be environmentally conscious.
After setting up your information with your bank, and collecting your investor’s banking information, the only other step you’ll have to take each month is to transmit your direct deposit file to your bank after you close out your production period and are ready to pay investors.
Post reports online for your owners to download and print themselves
And lastly, as a way to combine the two options and remove a lot of the paperwork at your office, our Online Reporting option allows us to create a website for your business where each owner can sign on to access their owner statements and check stubs for each month, as well as year-end 1099 reports in one location.
Gone is the headache of mailing each month’s statements, as well has having to reprint missing or lost reports for each owner. All reports are stored online for each owner to access at any time.
Combined with our direct deposit module, this option just made your distribution process a whole lot smoother, cheaper and saved a few trees in the process.
If you look at the bottom line, anytime you can reduce resources and cut down on hours needed to complete a task, you save money. It’s a win-win for your business and for the environment.
Are there any other ways we can help make how you operate your business environmentally friendly?
If you are interested in finding out more about our “green” options for our oil and gas distribution software, please sent me an e-mail or leave us a comment!