4 Tips To Using Oil & Gas Accounting Software To Increase Quality
When it comes to using a software program for your Oil & Gas accounting, there are several things you should keep in mind to focus your business processes and create a quality financial management system. The following 4 tips help you integrate your software, plan your business systems, and build quality throughout your company:
- Automate Financial Reporting – One of the largest parts of oil and gas industry regulatory and tax compliance is regular and accurate financial reporting. Integrate your financial systems so that required monthly, quarterly and yearly reports are generated and filed automatically; this increases quality through reducing the time your accounting team has to spend on menial data-entry tasks and through maintaining communication with interested parties.
- Obtain Real-Time Information – Use modern accounting software to generate immediate real-time, accurate reports. Management and employees can use this for building a system of communication based upon facts; having financial facts is fundamental for any quality management system, and the right software will give you the financial facts regarding your business all the time.
- Reduce Reconciliation – One of the greatest causes of errors between accounting and management is the need for reconciling different accounts, statements and dedicated business funds. With the right integration, reconciliation becomes a matter of automatic updating, not manual data entry. This enables you to set up sinking funds for capital, emergency funds and automatic bill pay/disbursements without feeling like you might be missing some crucial information.
- Stop Manual Data Entry from Business Systems – Much of your business systems, whether it is operating wells or investing in oil & gas, is manually entered into multiple systems by multiple people, causing room for errors, confusion and delay. The right accounting software will pull data from your wells, creating real-time, automatic updates of costs, revenue and profits owed without any manual data entry.
Although these 4 tips seem like varieties on a theme, automate everything, they are unique parts of your business which often get overlooked when integrating a new accounting software system. And each of these areas (governmental reporting, quality control information, financial planning and site-to business automation) has a drastic effect upon your ability to create quality business systems for your company.
We have software that can help tie all your systems together into a cohesive unit which will help to increase the quality of your business processes.
Source: SherWare Blog