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 over to the wrong column…. the possibiltiies are endless in the tiny, yet time-consuming-to-find mistakes that have been made.
Spend Less Time Fiddling with Spreadsheets
There’s a reason why spreadsheets are so popular across the business world. They’re no-frills and adaptable, so they’re a “good enough” solution for most businesses.
However, their strength is also their biggest weakness: they’re not specifically designed for any one industry.
That’s where oil and gas accounting software enters the scene to help with distributions and joint interest billing. If you’ve never considered it before, dedicated oil and gas software automates processes in a way that spreadsheets can’t match, saving you enormous amounts of time. In fact, once you get your software set up, you can track and list expenses, revenue, and distribution at the click of a button.
Or you could spend hours manually entering all of the information every month and praying the calculations were the same from the last time you opened the spreadsheet.
Keep Your Costs Low by Eliminating Mistakes
In big business, mistakes cost money. In the oil and gas industry, operator mistakes can lead to incorrectly reporting expenses and revenues, erroneously distributing incomes, or simply increasing accounting times.
All of these mistakes can be expensive. With a dedicated accounting software – unlike a spreadsheet – you can streamline the process and have in-system auditing. This ensures you don’t make mistakes, and also makes sure you keep your data safe and backed-up.
Spreadsheets, on the other hand, know nothing about your business. All they know is their own complicated formulas – so if you screw up, they won’t catch it…and neither will you, until it’s already cost you money.
Pick the Right Tool for the Job
Accounting for the oil and gas industry is a specialized beast. It takes specific tools and know-how, and it’s just not feasible for a generic spreadsheet program to give you all of the bells and whistles you need.
To read more about spreadsheet risk and some tips for using spreadsheets if you’re currently using them, check out our free Ebook: Spreadsheet Risk.
Source: SherWare Blog