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Spreadsheets Just Can’t Cut It

  Spreadsheets have long been the go-to tool for oil and gas companies looking to track expenses and revenue because essentially everyone knows how to work a spreadsheet. But, if you’ve been using spreadsheets to track your distribution processes, you’ll have experienced at some point an error in a formula or the wrong cells copied […]

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Oil & Gas Accounting 101 – Leases

  A mineral lease is a contract between a mineral owner (lessor) and a second party (lessee). The lessor grants to the lessee the exclusive right to drill for and produce oil and gas, or other minerals on the property described in the lease. A lease usually provides for: Cash (lease bonus) payable to the lessor upon the execution of […]

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3 Reasons To Purchase Oil & Gas Software

For small or medium sized oil and gas companies, software is often an overlooked part of their business process. People often assume that software is too costly and does not provide a good return on investment (ROI). Here are some important things that aren’t always at the top of your list to consider when deciding whether to upgrade your […]

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Oil & Gas Accounting 101 – Terminology

  To be able to work effectively in Oil & Gas Accounting, you need to understand some of the terminology for the oil & gas industry. Here are some of the terms you’ll encounter…   Authorization for Expenditure (AFE) – A document shown to investors in a well that will estimate drilling and completion costs. An AFE […]

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Oil and Gas Accounting – Account for What?

As we’ve said in a prior post, “Accounting is Accounting”. This means that all accounting is essentially the same except for what you’re “accounting” for. What are you keeping track of? In the case of oil & gas accounting, you’re keeping track of wells that are being drilling and the products those wells produce over […]

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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 […]

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Oil & Gas Accounting 101 – Chart of Accounts

Accounting for Oil & Gas requires a good set of accounts which are used to keep track of all accounting activities. This list of accounts is called the “Chart of Accounts” and will be every account needed for oil & gas operations accounting. There are two main sections of the chart of accounts, which are, Balance Sheet accounts and […]

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