3 Reasons to Integrate Oil & Gas Software with QuickBooks
When considering accounting software for your oil and gas company, what makes the decision to integrate your internal software with Quickbooks® accounting software a good one?
A Quickbooks integrated software solution makes sense for your business when your accountant or bookkeeper uses Quickbooks, when Quickbooks is required for governmental reporting, or when key players use Quickbooks for their accounting needs.
Integrating your software systems with other software programs or systems should be done when it increases communication internally (between departments, employees, etc.) and externally (between your business and your outside accounting firm). Integrating your business critical oil & gas software with QuickBooks helps with communication between you and your accountant since most accountants are familiar with QuickBooks and can actually restore your data and run the reports they need.
Increase Quality Control
The most important reason to integrate your internal accounting software with Quickbooks is to facilitate quality control processes between your business and your bookkeepers and accountants. With automatic integration, you reduce the chance of data errors or information loss between different wells, different departments and your final financial reporting for the month/quarter/year.
With the increased communication available through a Quickbooks and accounting software integration between your company and your accountant, communication gives your management tools to have accurate and real-time financial reports, manage long-term accounting problems and build predictive algorithms to predict financial returns.
Decreasing costs is every business owner’s quest. Costs are usually more under the business’s control than revenues are, so that makes cutting costs a priority. The first way that integrating your oil & gas software with QuickBooks reduces costs is in hiring. Bringing on a new employee is much easier if the accounting system is easy to learn or probably already known by the new hire. This has already been mentioned, but costs are lower when the information provided to your accountant at year-end is organized and in a format they can readily use. QuickBooks helps with this tremendously.
When to Integrate
Since the most important part of using internal software which integrates with external Quickbooks programs is improving your communication processes and systems, the most important question to ask is “Who needs the integration?”
Any software integration should promote communication, increase efficiency and decrease costs. If serving the right relationships, a Quickbooks integrated software system for your oil and gas software firm can increase quality communications.
SherWare’s Disbursement and JIB Manager Integrated Edition is the only oil & gas software that integrates directly with QuickBooks. It handles all the wells, owners and division of interests and let’s QuickBooks handle the accounting. Click the link below to learn more!
Source: SherWare Blog