Data Conversions: 3 Things to Consider Before Taking the Plunge

The journey from old to new oil and gas software can be an arduous one. On top of the complications that can arise during the data conversion process, many companies come to realize post-conversion that their new software may not be as good of a fit as they believed. But data conversions are costly, time-consuming projects; you really want to get these right the first time.

With over 25 years of experience migrating client data, we’ll be there to help you make the decision that’s best for your business, whether your data comes from industry-standard applications, QuickBooks, legacy software, or any other unsupported systems. Our scoping process is thorough, and we’ll recommend the application we think is the best for you after some conversation about your needs. But before you decide to pull the trigger on a data conversion, here are three important questions your company should consider.

What is my main goal for switching software?

Before doing any research on different oil and gas software solutions, it’s essential that you start with the big picture and identify what exactly you want to accomplish with your new application. Before you work your way into the specifics, you should be able to answer each of these questions:

1. What about our current solution isn’t working for our company?
2. Which of our current software’s problems is the biggest priority to solve?
3. What data do we need to achieve our goal?
4. Have we thoroughly assessed our current workflow for redundancies, inefficiencies, or errors?

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Which specific features am I looking for in my new software?

Once you’ve identified the problems with your current software that you wish to solve, you’re ready to dig in deeper and decide which additional features on the market would be most beneficial to your company. We recommend creating two lists: one for must-have characteristics and features, and one for additional features that would be nice to have. If you don’t know where to start, here is an example with some considerations to think about.

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What is my budget for this project? Are the expensive options worth the cost?

When selecting new software, your focus should not be on the price tag, but on the potential ROI each solution offers. A more expensive solution may be initially harder on your budget than a less expensive option, but that doesn't mean the cheaper option will give you the most bang for your buck. Pricier solutions usually offer additional features, like real-time reporting and configurability, that can make your processes more streamlined, more efficient, and less prone to errors. These solutions also usually offer additional industry-specific modules that provide enhanced functionality: revenue distribution, joint interest billing, production operations, plant accounting, field data capture, division order— the list goes on.

While you may not want to spend too much upfront, you have to weigh the benefits against the cost. Ultimately, a quality oil and gas software solution can help you save time, eliminate errors, maximize your resources , and even reduce your operating costs in the long-term.

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Ready to make the switch?

With over 25 years of experience migrating clients’ data, PetroLedger Financial Service’s accounting professionals will work closely with you to ensure your data conversion will be handled smoothly. Whether you have a couple of wells, or you bring thousands of wells and decades of historical data to the table, our Professional Services team is well-equipped to tackle your conversion. Be sure to check out our Conversion Services page for more information about our conversion process and our Professional Services team.

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