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.
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:
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.
MUST HAVESWOULD BE NICEField data captureFrequent updates and customer supportReal-Time Reporting and Report AutomationMultiple-format data exportingIntegration with existing systemsRemote access to data and mobile functionalityCloud computingUser friendly and easy to operateSolid platform security and data breach protectionConfigurability for quick implementation
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.
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.
Interested in our services? Let's have a conversation!
Lauren, one of our youngest team members, comes to PetroLedger shortly after obtaining her Digital Media Innovation degree from Texas State University. Armed with knowledge of digital and social media trends, Lauren brings a fresh perspective to PetroLedger’s online identity and ensures that our company reaches new clients.
Nothing is scarier during Halloween season than knowing your 1099 filing deadlines are creeping closer. We know how much of an enormous headache the 1099 filing process is— that’s why it’s one of our most-requested services we offer to our clients. But there’s no need to stress this year: here is how outsourcing your 1099 processing can help you relax this season.
An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.
Our vision at PetroLedger is to be the partner of choice within the oil and gas industry for outsourced accounting and transaction services by employing the best-in-class people and processes across multiple technology platforms. Our most experienced and versatile staff resides in our Professional Services department. If you ask any of our staff, they will say it’s very rewarding to see the before and after version of their books. The PetroLedger team is a set of superheroes that transform and correct your data to better serve your organization.
If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.